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DIY or Hire a Financial Advisor: 3 Considerations

DIY or Hire a Financial Advisor: 3 Considerations

3 May 2022

In recent decades, much has been made of the do-it-yourself (DIY) movement. The internet has opened up new avenues for individuals to expand their personal agency and do just about anything on their own. 

However, even if you take pride in maximizing your agency and being self-reliant, it is still in your interest to lean on a proven professional for financial guidance. The assistance of a CERTIFIED FINANCIAL PLANNER™ (CFP®) makes it that much easier to reach your financial aims on your timeline without costly setbacks.

 

An Akron-Canton, OH, financial advisor at McGervey Wealth Management gladly supports DIY investors.  

 

Let’s take a closer look at the merits of comprehensive financial planning performed by planners.

Consider the Value of Your Time

If you are like most professionals and retirees, you don’t have the time necessary to perform your due diligence in researching investment opportunities for comprehensive financial planning. Even if you are retired, you have better things to do with your time than worry about whether your money is invested correctly.  

Our financial professionals invest the time necessary to develop a sound financial plan for your unique financial situation and aims. This plan is centered on risk management and investment diversification, which sets the stage for financial success in bull and bear markets. 

Instead of setting initial projections and sticking to them, we continue to actively manage your hard-earned money on your behalf to navigate the dynamics of the market and the economy. Our team of CFPs pays close attention to the domestic economy and the global economy to invest your assets accordingly.

If you are still tempted to perform DIY financial planning, take a moment to consider just how much time such an endeavor would require. DIY financial planning would consume hours of your time every single week without exception. From reading through financial news to researching new investment opportunities and rebalancing your portfolio based on market performance and economic alterations, there is too much information (TMI) for the average person to consume.  

Our financial advisors are here to do all the work on your behalf so you can spend your limited free time having fun, enjoying your family’s company, and living the good life.  Lean on us to worry about the details of comprehensive financial planning, and you will be liberated to live life to the fullest rather than worrying about your financial future.

CFPs Provide Legitimate Value

There is a common misconception that CFPs perform an initial review of a client’s finances, allocate investing dollars accordingly, and rarely if ever, return to that specific client’s file for a review unless there is an opportunity to upsell a product or service for a commission. Our financial planners are fiduciaries, meaning we owe a duty of care to our clients. This ensures there are no conflicts of interest.

Entrust our team to manage your investment portfolio actively, and you won’t have to divide your attention between your job, your family, and your money. Instead of making money by upselling products or services that benefit our bottom line, we charge a flat fee, so the focus is solely on expanding your financial nest egg.

The value of a CFP extends well beyond active investment management throughout the year. Our professionals maintain open lines of communication with you, the client. Meet with our team, and you will find we back investment decisions with facts and figures rather than initial projections that gradually become outdated and inaccurate.  

Our solid judgment matters just as much as our knowledge and skill in the context of investing. Instead of letting emotions shape investing decisions (common with DIY investing), our team of professionals uses logic, reason, facts, and statistics. Our investment decisions are made in accordance with your unique risk tolerance, timeline for retirement, and overarching economic factors.

Strategic and Timely Pivoting

Some of those who take the DIY route in the context of financial planning assume they can set and forget their investments. Though a set it and forget it approach has the potential to work with comparably low-risk and straightforward investments such as CDs, money market accounts, and bonds, most people need more than these low-risk investment vehicles for a truly comprehensive financial plan.

The right investment mix for your financial picture will be unique to you and you only. However, if you are like most people, you aren’t aware of the optimal mix of stocks, bonds, CDs, ETFs, mutual funds, and other securities necessary to pave a path toward retirement.

Our financial professionals will closely review your financial situation and factor in your timeline for retirement and other financial goals to develop a comprehensive financial plan for you. Instead of setting the plan in stone, we will amend it when necessary, shifting assets to new securities and actively managing your portfolio as necessary.  

Our strategic pivots also occur in response to significant life events. If you get married, have a baby, earn a promotion, buy a house or start a business, meet with one of our planners to alter your comprehensive financial plan accordingly.

Make the Most of Your Free Time

kayaker exploring during free timeTake a moment to consider the time and energy necessary to perform the work detailed above. Though it is certainly within the realm of possibility for you to develop a comprehensive understanding of investment securities and keep your finger on the pulse of the market and domestic and global economies, doing so would consume you.  

Instead of spending your free time away from work attempting to become an amateur financial advisor, lean on the proven professionals to do the work on your behalf. Though fiduciary, fee-only CFPs charge a flat fee, that fee is worth every penny. It ensures your hard-earned money is managed with prudence and foresight by a professional who makes decisions with strictly your financial interest in mind.  

Reach out to us today to learn more about how our experienced CFPs can help you chart a course toward a comfortable retirement. We look forward to learning about your financial life and ambitions. 

 

Let’s discuss your DIY personal finances successes and challenges. Get financial advice from McGervey in Canton, Ohio, to focus on your long-term financial success!

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More About the Author: E. Michael McGervey, CFP®, CRPC®

Mike is passionate and skilled at helping clients solve complex financial challenges. He’s known for his thoughtful communication, educational approach, and exceptional customized service. Mike has been a sought-after source for financial television, magazines, and newspapers looking for insightful analysis. His expertise has been featured by CNBC, FOX Business and...