Can You DIY Financial Planning?

Today’s Prep:

What reasons might someone debate going DIY when it comes to a financial plan? Is it better to go to an advisor or is sometimes DIY right for you?

(Click the featured times below to jump forward in the episode)

Equipping Points:

When it comes to weighing out the decision between working with a financial advisor and doing it yourself, what are common reasons why people consider DIY? Are these reasons valid or should you always work with a financial advisor?

Think you can do it yourself? If you’re in the accumulation stage of retirement planning and saving, you might be right. Depending on your situation, it could be fine to do parts of it yourself. But when you get closer to retirement age and the distribution stage, you may want to talk with an advisor to make sure you’re getting the best value.

Is having a financial advisor just too pricey? Instead of thinking only of the fees, consider whether it’s a worthwhile for the value. Maybe the cost is high, but will it ultimately mean more money in your pocket or accounts when they show you the right things to do with your investments.

Are financial advisors or things like trusts only for rich people? Sure, rich people usually have financial advisors, but even if you don’t consider yourself rich, there may be a lot of ways a financial advisor can still help. Everyone can benefit from talking to an advisor. When you get to a certain dollar amount, a financial advisor can provide more value to you.

Don’t assume that if you ignore it, things will all just magically work out. While you need to consider what’s right for you, don’t just put it off. Take advantage of the retirement readiness review to see what might be most beneficial for you.

Listen to the entire episode or click on the timestamps below to hear common DIY debates.

[1:13] – What would you say to, “It’s not that hard, I can do it”?

[2:54] – “Having a financial advisor costs too much.”

[4:31] – “Financial advisors or a trust are just for rich people and I’m not rich.”

[6:46] – “If I ignore it, it will all work out in the end.”

 

Today’s Takeaway:

Everyone can benefit from talking to an advisor.

-Eric Peterson

Related Resources:

Financial Fill in the Blank

Estate & Legacy Planning FAQs

Managing Your Risk Aversion

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

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