In this day and age, most people visit a doctor if they are experiencing health problems, rather than diagnosing and treating the problems on their own.
The same could be said if you find yourself in trouble with the law, and likely turn to an attorney who will help you navigate the ultra nuanced legal world.
Yet when it comes to managing money and personal finances, it appears as though many more people than not decide to go at it alone, and forgo the services of a financial advisor or other financial professional.
A recent poll from CNBC and SurveyMonkey showed that the decision to avoid professional financial help outweighs the decision to utilize it. Basically, more folks said they prefer to manage their own money than to retain the services of a financial advisor.
According to the 2,776 people polled, only one percent say they use a financial advisor for managing their money while a whopping 76 percent said they do that task on their own.
The reasons were varied: some said they felt as though they could handle things themselves since there is a plethora of information to be found online in the digital/Internet age.
Others, such as younger individuals, said that their high amount of debt from things like student loans make it nearly impossible to put aside any money for investing, meaning having a money manager seems pointless.
And still others envisioned having a personal financial advisor as a very expensive endeavor, only reserved for the richest among us.
Coming away from this, what people need to realize, and what financial advisors need to make prospective clients aware of, is that most everyone living today could benefit from the advice of a financial professional, since the advice is specifically tailored to the needs of that individual, and that individual alone.
Plus, it is simply untrue that only the super wealthy have financial advisors; like most everything else today, there is a range out there as far as how much services in the professional financial advice sphere cost.
First, it depends on what title the financial advisor holds, since different types of financial advisors get paid in different ways, i.e.) commissions versus flat-fee.
And furthermore, it is going to depend on what type of financial advice is being sought, i.e.) strictly investment/stock market decisions versus other types of financial planning and household budgeting, for instance.
And sure, there are some financial advisors out there who only cater toward the super rich. But there are a good many others who aid and assist average middle-income Americans, and even those with little income.
Financial advice is not a one-sized-fits-all industry, and as such, folks will find a wide range of professionals out there catering toward different people depending on their income levels, what there specific needs are, and how much they can afford in professional financial services.
The moral of the story is just because you think you have no use for a financial advisor, or just because you think you will not be able to afford one, doesn’t make either one of those things true.