Would you risk it all and do it yourself?

If your car’s transmission stopped working, would you fix it yourself? If you needed your tonsils out, would you remove them yourself? If your bathroom flooded, would you repair the plumbing yourself? If you were planning for your future, would you do all the investing yourself? Most people would answer ‘no’ to the first three questions but ‘yes’ to the last.

Most people do not seek out the professional advice of a financial advisor.  A financial advisor is a professional who gives you guidance on your investments and financial plan. More than two thirds of Canadians worry about money and finances, but shockingly 69% still do not have a plan. This is where a financial advisor can provide knowledge and expertise to help you prepare for today and the future.

Take charge of your finances and be armed with solid financial information as well as a plan to help you secure a more comfortable future. With proper financial advice, you can be better prepared for the unexpected and make adjustments as you move through different life stages. Working continuously throughout your career and even into retirement can improve your accumulation of assets. Households are more likely to accumulate 1.58 times more financial assets after working with an advisor for a period of four to six years. That number continues to grow to 1.99 times after seven to fourteen years, and to 2.73 times after fifteen years.  Households who have been with a financial advisor for 15 years or more accumulated, on average, 290% more assets (almost 4 times) more than non-advised households. Advised households also saved, on average, 10.8% annually compared to non-advised households, saving only 6.7%. Professional financial advice will help ensure that you are making the best decisions to grow your wealth and meet your goals.

With a financial advisor, you can also avoid emotional financial decisions when the markets take a turn for the worst. Financial advisors help you maintain your long-term strategy so you can retire when you want to. Households who stopped working with an advisor lost, on average 34.2% of their assets while those working with an advisor say their assets increase by 26%. It is typically reported that people who partner with an advisor feel more financially prepared for what life brings and are more likely to reach their goals than those who don’t work with an advisor.

Working with a financial advisor can help you gain confidence in your current financial situation, your financial future and in your ability to fund a comfortable retirement.  Approximately 50% of households with a financial plan feel that they are on track to retire when they want, compared to only 22% of households who have no financial plan. Furthermore, 74% of advised households feel confident they will have enough money to retire comfortable, compared to 52% of non-advised households.

A financial plan will plan for the future unexpected changes. A job loss, prolonged illness or sudden death, the decision to go back to school or travel the world are just some examples of unexpected life events that can send alter your finances. Feeling secure in your financial  plan can help you successfully navigate through life’s rough patches, protect your family, and keep your wealth intact.

So I would ask you again, would you risk it and do your own investing? Take charge of your financial future and gain the sense of empowerment that comes with having a financial plan by working with a financial advisor. Contact me today to help you develop a more disciplined approach to saving and investing.

 

Aaron Buchner B.Sc (hons)

Financial Advisor

Susan Creasy Financial Inc.