Successful executives are generally highly intelligent, well-educated and handle complex operations themselves. So we often get the question – Do I really need a financial planner?
Strictly speaking, maybe not.
Let’s start off with two things.
What most people need is a financial planner – someone to work out what they want from life, how much money they will need to do what they want to do, and when they’re going to need it.
To answer the opening question: you may regret it if you don’t. As General Patton said: ‘a good plan today is better than a perfect plan tomorrow’. Day in and day out, we see the irreparable damage of people who have taken investment advice from a financial salesperson or a friend rather than a financial planner.
Now, choosing a financial planner is a choice, because much like many professional services, it’s entirely possible to do it yourself.
The rules of building wealth and how to invest successfully are remarkably simple.
But it’s extremely rare for us to review and not find a costly error which is why, having a good financial planner, at the right time, may add immense value and convenience while paving the way for you to achieve your future financial goals faster and preparing for a financially secure retirement.
Financial planners can help prioritize the things that are most important to you and sift through the endless ambiguity on investing and insurance in order to find solutions that align to your unique goals.
It’s also about guiding you onto the right path and pulling you back when you veer off track, all while being an unbiased soundboard for any doubts or fears and reminding you to stay the course to achieve your long-term financial goals.
Good financial planners remove the drudgery so you have more time to do the things you enjoy.
Can a financial planner really help you reach your goals?
‘Time is money’ for most of the high-earning international executives.
Having a good financial planning expert on your side not only helps you spend your time doing the things you enjoy with your family but more importantly helps you make the right decisions and stay on the right track to achieving your life financial goals.
Canadian neuropsychologist and executive coach, Dr. Moira Somers, wrote a book called: Advice that Sticks: How to Give Financial Advice that People Will Follow.
She gives several reasons why people need advice:
- Reduce complexity
There is a lot of complicated information out there. Experts help simplify this by understanding what is relevant to you and your individual needs.
- Take action
Sometimes when faced with too many choices, people suffer from ‘decisional paralyses. Having a financial expert will encourage you to make a decision.
- Save time
Delegating a few of your financial responsibilities will free up more of your time and energy.
- Offload unpleasantness
Getting someone to do the tasks that feel more like chores, will relieve you.
- Make someone else happy
Seeking advice can indirectly benefit other people – especially for major life events like marriage and education.
- Increase confidence
During doubtful and challenging times, a financial expert will reassure you of your goals and plans.
- Help make better trade-offs
A financial planner can help find the balance between what you want and what you can afford.
- Receive encouragement
Changing your financial habits can be difficult. A financial expert can keep you motivated along the way.
- Have someone to blame
Research suggests some people delegate primarily to waive responsibility and blame rather than to purely obtain good advice.
- Feel safer
Studies show our brains process difficult financial decisions better when we receive advice from an expert.
So, to answer the question above, a financial planner can definitely help you reach your financial goals and live the lifestyle you always dreamed of having for you and your family.