Do you have to be rich to afford a financial planner?
The simple answer to the headline’s question is a clear majority No.
But even so, even just a small percentage of Indians have a professional advising them on financial matters. There is no doubt that there is an abundance of free financial advice available from friends, colleagues, and, of course, the internet. But we Indians are still not used to paying for financial advice in the same way that we do for medical and legal advice.
This is due to a variety of factors. The first is that most people believe they can handle things on their own.
Another major reason, or rather misunderstanding, is that people believe that investment advice and financial planning are only for the wealthy and are also very expensive.
That, however, is not the all case. You don’t have to be rich to hire a financial planner.
I must be fair here and admit that not everyone requires the services of an advisor or a financial planner. However, some people require proper guidance and direction in order to give their goalless and random portfolios some direction.
A proper goal-based plan that is diligently implemented can result in significantly better financial outcomes. A financial plan allows you to stay on track with your financial goals and maintain control over your income, expenses, and investments.
Most people with large portfolios (and qualify as ‘rich’) have some sort of advisor advising them. If not as a primary source of advice, then as a secondary source. However, I believe that a small set of actionable investment advice from a good advisor can be extremely beneficial from the less.
I’ve said it before and will say it again: financial planning is about making the best use of your limited financial resources to achieve your financial goals.
Can’t I do it on my own?
You certainly can. It’s not exactly rocket science to plan your finances. As a result, anyone can do it. However, not everyone is successful in this endeavour. And the reason is not a lack of skill or a lack of a money-management mindset, but rather a lack of time and effort.
Managing your investments, aligning them with your goals, reviewing and making course corrections on a regular basis—all of this takes time, skill, and effort. And, unfortunately, most of us are busier than we have ever been. So, if this is your situation, consider carefully whether you will be able to handle it on your own.
If the answer is yes, proceed. However, if you believe it will be difficult to juggle everything on your own, seek professional advice.
And if you don’t know about “What is Financial Planning & How to do it?” Then Read this….
Conclusion
Most people can talk a lot about their goals and ambitions. However, when it comes to financial planning for these goals, very few are prepared to articulate these things and create a clear plan to achieve these goals. And this is where a good financial advisor can help by guiding them and planning their investments in such a way that their chances of reaching their goals are greatly increased.
You may still not be sure whether you need to hire an advisor or not. You can contact our experts for an advise, contact us
