Managing your own finances vs. having a Financial Coach Posted on November 11, 2020
Here’s how you can weigh up what is right for you.
You need to assess your skill set, your training and your appetite to continually develop your financial acumen.
Consider home DIY as an analogy. If you’ve done it all your life, had a great teacher along the way, go to courses, seek industry information, and have access to use the best tools, you’re probably going to be OK. Perhaps not as good as a builder or tradesperson, but it will pass muster. If you don’t have those things, it makes sense to invest in a skilled tradesperson. Equally, you might feel confident with smaller jobs around the house, but save the bigger and more complex projects for a professional.
The 2020 ASX Investor Study recently revealed that just 27 per cent of investors sought and received advice from professional, qualified and trusted Financial Advisors. Those who did, added 5.3% to their year-on-year value.
The study showed that Financial Advisors provide more measured responses to environmental conditions. By removing the emotion and cutting through the noise to reach the facts, more technical recommendations are made.
The second biggest contributor to the value was the tax efficiencies through adequate investment structures. This was expected to add around 1.5 per cent per annum to client balances.
Everything is scaleable and fluid. The best way to get ahead is to get started.
Contact us to book a complementary introduction session where you can ask questions and we can discuss options that will suit your circumstances: 4320 0500.
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