1) You Don’t Have the Expertise
Today, we live in a complicated world. Things are very complicated in financial planning. “You don’t know what you don’t know” is an appropriate quote. And so it is with financial planning. It doesn’t take much these days to have a complicated financial picture. Sure, the more assets you have, the more complex it can become. However, a family that is self-employed or owns a small business and have young children brings with it a certain level of complexity. For example, they would need to determine if they have appropriate life and disability and property insurance. They would also need to see that they have set up their retirement and education plans. Additionally, they would need an estate plan. One of the keys of this would be would become the guardian of their minor children if they passed away.
2) You Don’t Have the Time
Today, we all live very busy lives. Work, family, yard work, golf league on Thursday night and, well, before you know it, another week has gone by. The weeks add up and turn into months. Then the months turn into years. Financial planning, who has time for that? If you’re busy with work, family and some personal time do you really want to be spending your Friday nights reading the Wall Street Journal to figure out what you should be doing? I would hope not. We only have so much time in the day. If you don’t have the time to dedicate to your financial planning, you’ll need to hire a financial advisor.
3) You Don’t have the Inclination
Some folks gravitate towards markets and investing. Others, not so much. And that’s what makes the world go around. We are all different. Some people just don’t have the inclination to keep up with their investments or review if their life insurance policy is still appropriate. That’s understandable. But someone should be handling these affairs for you if you’re not going to be doing them.
If you don’t have the expertise, time or inclination you should hire yourself a Financial Advisor. Collaborate with your Financial Advisor, don’t delegate. Collaborating means you will work together. Delegate means you will hand off the job to your advisor. You don’t want to do that. You want to work together and build a working relationship going forward.
The information contained in this report does not purport to be a complete description of the securities, markets or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the forgoing material is accurate or complete. Any opinions are those of Thomas F. Scanlon, CPA, CFP and not those necessarily those of RJFS or Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Tax preparation and accounting services are provided by Borgida & Company, P.C., not as a service of Raymond James. You should discuss your tax or legal matters with the appropriate professional. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.