Financial advice from a professional advisor who takes the time to understand your personal circumstances can help you achieve your long and short term financial goals.
One study found that financial advisors add value by:
- bringing discipline to your financial behaviour and
- promoting increased savings and “retirement readiness.”
Households that work with an advisor tend to have higher asset values compared to those that do not.
Another study shows that financial advice can help by:
- reducing wealth volatility.
Advisors can add value with insurance selection, tax planning, and asset allocation.
Benefiting from financial advice is not about getting hot stock tips. It is not simply increasing your return on a given investment.
It is about having a suitable, overarching plan for your finances.
It is also about developing sound financial habits.