Episode 21 - Who Needs a Financial Advisor?

Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them. 

Meet the voices behind Making Margin:

• Nick
• Jeff
• Natalie
• Drew

Today’s topic is all about who actually needs financial advice. 

• Because of resolutions, a lot of people start looking at what a good financial advisor does at the start of the new year.
• We’re trying to redefine what a financial advisor can provide and to whom they can provide it.
  
   

Discussion Topics:

1. According to Advice That Sticks there are a few main reasons why people initially seek out an advisor: 
   1. Confirmation for a decision they are making
   2. A solution to a long standing problem
   3. A solution to a new problem (i.e. inheritance)
   4. Wanting help or guidance during an emotional time (i.e. divorce)
2. People think that most of the conversations we have with clients is surrounding investments, when in reality we primarily discuss their personal goals and things outside of the typical portfolio of stocks and bonds. One of our main goals is to help people avoid mistakes, and that doesn’t just mean investment mistakes. 
3. The person that doesn’t need an investment advisor is the person that has the time, knowledge, and desire. If you don’t have all 3 then it is probably worth outsourcing.
4. A financial advisor provides an unattached and unemotional approach to investments.

Take Away:  More people could find significant value in a good financial advisor than you might think. Traditionally, high-quality advisors were reserved only for the uber-wealthy, while the rest of us were stuck with product salesman masquerading as advisors. That’s changed, though, and now a solid financial plan is available to just about everyone.

Resources:

Advice That Sticks by Moira Somers