6 REASONS WHY YOU NEED TO HIRE A FINANCIAL PLANNER

The way you manage your finances can determine if you achieve financial success or you end up with an endless string of debts. Fortunately, if you find it an uphill task to manage your finances, you can always hire the services of a financial planner. This professional will help you with organizing your finances, making savings and investment decisions, budgeting, tax planning, insurance planning estate planning, for retirement planning so that you can achieve your financial goals.

1. All time dedicated attention

Professional financial /investment advisors put in all their time and potential to managing their clients' financial potential. Their functional abilities can be truly advantageous with their vast knowledge &contacts, their approach to investment opportunities, overall experience and vocational expertise.

2. Thorough and consistent review of your investments

We might sometimes doubt on giving up complete control over our financial investments into an outsider's control. This gives rise to our suspicion on hiring money managers. How do we take care of this common apprehension? You can always ask a second opinion with another financial advisor.

3. Save time and reduce stress

Managing our investments on our own, can sometimes be an obstacle to meeting the above goals. Wondering why? Because that requires a greater amount of time, research and persistence to invest for making strategic decisions. An efficient financial/investment advisor will proactively take all your finance management responsibilities upon their shoulders.

4. Plan for your retirement

A financial planner can advise you on the best retirement plan to take and help you to design it based on your retirement vision. The advisor can help you to estimate the living expenses you will need in future, based on what you intend your ideal retirement to be, both financially and lifestyle wise. You will determine the amount of money you need to live a comfortable lifestyle when you retire, the expenses you are likely to incur during retirement, and changes in the cost of expenses such as insurance that is likely to occur by the time you retire. Based on these, you can then devise a retirement plan with the help of a financial advisor, which will estimate your retirement needs.

5. Help in insurance review

A financial planner can advise you on the type and the amount of insurance you need such as life insurance, health insurance, and property insurance. With this information, you will not end up taking up insurance you do not need or you fail to take insurance that you need. You will also insure at the right amount without over or under insuring.

6. Identify your biases

This is a biggie. Many of us think we don't really have any...which is exactly the point. One big one: women tend to be more risk-averse than men. That is neither good or bad of itself but it is something that should be tested and pushed a bit, given that women as a group also earn less and live longer than men. As a result, they could perhaps tolerate a bit more risk.

Yes, Financial Advisors cost. But if they are able to provide the services above -- and particularly if they can do it earlier in one's investing life -- their value can be meaningful.