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Research results show working with a financial advisor may bring people more confidence about their finances and may result in more money to spend in retirement. So, wondering whether to hire a professional wealth manager or financial advisor, look closely at the research.1
Behavioral Finance clearly reveals that hunter-gatherer brains have a natural tendency that is ill-suited to successful investing.2 People continually do the wrong thing when left to their own devices. Problematic behavior includes Anchoring [think—hanging on to a bad investment, hoping it will get back to the original investment], Herd Behavior [think—lemmings who follow each other over a cliff], Emotional Gap [think—letting your feelings rule over rational investment decisions], and more.
A trustworthy financial advisor may help people make more rational decisions and avoid self-destructive financial mistakes. Moreover, advisors generally encourage their clients to save more, budget their spending and focus on better investments with safety and long-term appreciation.
What about cost? Good advice may come at a price. Free strategies off the internet or from some canned program may help. But such ideas may not apply as expected and often may do more harm than good. Choose a fiduciary advisor who is committed to always acting in client’s best interests. Interview 2 or 3, picking the one who best fits the desired situation, client personality, and needs.
A good advisor may be worth every penny.
D.L. Harris & Associates Insurance Services, Inc. dba Harris & Associates is a Registered Investment Adviser (“Harris & Associates”). This article is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Harris & Associates and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Harris & Associates unless a client service agreement is in place.
1 In the Voya Retirement Revealed1 study of 4,050 working Americans, just 28% of study respondents work with a financial advisor. And yet working regularly with a financial advisor can have a profoundly positive end result on retirement and investment behaviors, actions, confidence and results. All data in this report were revealed in that study. Partnering with ORC International, The Voya Retirement Research Institute examined attitudes and activities of 4,050 adults age with a household income of $40,000 or higher, who were employed full time. Data gathering via an online panel took place in the Fall of 2011.
2 Investopedia – “What is Behavioral Finance?” May 24, 2022. Adam Hayes https://clicktime.cloud.postoffice.net/clicktime.php?U=https%3A%2F%2Fwww.in vestopedia.com%2Fterms%2Fb%2Fbehavioralfinance.asp%23%3A%7E%3Atext%3DBeh avioral%2520finance%2520is%2520an%2520area,the%2520influence%2520of%2520psy chological%2520biases&E=dave%40harrisadvisory.com&X=XID040AHXanv0910Xd2& T=HRSA&HV=U,E,X,T&H=24dfd44a568c993899c4728f27c469a035a6095d
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