Financial Advice Is Worth More Than Just Money
Paying someone to help make better money decisions seems counterintuitive to some people. It can feel like giving away something valuable so that someone else can tell you how to find valuable things. Why not just cut out the middleman and keep the money in your pocket?
There is more value in receiving professional help than a simple transactional exchange, though. While the primary reason for seeking help from a financial advisor might be to make smarter money decisions, the relationship also adds value through ongoing support, encouragement, and accountability.
It is not all that different from seeking a coach to help improve performance in a sport, hobby, or career. The coach is there to help you see where you currently are, where you would like to be, and identify strategies for reaching success while avoiding roadblocks.
People typically need coaches when a) they want to get started but do not know how, or b) know enough to recognize that without help they will not improve.
Consider the tennis coach. The demand for tennis coaches is mostly broken into two categories: novices who need help just to be able to participate and experienced players who realize that they need help to move to the next level.
The first group includes a lot of children and teens, but also adults who want a new activity for the summer or to revisit an old hobby. They are looking for the basics that will allow them to be able to participate.
The second group is smaller, but more dedicated. They are experienced enough to know that without help they will not improve – or may even decline as interest wanes. This category contains both amateur and professional players, and even the best players in the world rely on coaches to keep them ready for competition.
The same is likely true for almost any kind of coach. The golf pro at the country club, the acting teacher, the martial arts instructor – the audience for the service either needs help getting started or is experienced enough to know that they need help reaching the next level.
Leonardo DiCaprio has an acting coach, LeBron James has a trainer, Ram Dass had a guru. At one point they were novices who needed help getting started, then they became world famous in their fields ... and needed help getting better.
Hiring a financial advisor can be similar to the coaching examples above. People need help when they want to make better decisions but do not know how, or when they know that they cannot reach their goals without assistance. The relationship is about money, sure, but it is also about motivation, strategy, accountability, and long-term progress.
Is something holding you back from taking the first steps to improve your financial life? Have you reached a point where an accountability, motivational, and strategy partner would help you reach the next level? An ongoing relationship with a financial advisor might prove more valuable than just a dollar amount.
Iseler Financial, LLC | Registered Investment Advisor | Durham NC