Take advice!Peter Dougherty says there are many good reasons to hire an advisor in Spain.

HAVE  you thought about hiring a financial advisor, but not done so? You are not alone. You are not alone. Here are a few of our reasons.

We believe we’re not rich enough

There are many financial planners who have portfolio minimums. But there are some firms, including the one I work for, that accept new clients without regard to their investment amount. We do this at BISSAN Wealth Management because financial planning involves more than investing. 

We don’t have enough time 

Some people may think they don’t have time to work with a financial advisor. Ironically, an effective financial planner will actually save you time. A good financial planner will fix your lights more efficiently and in less time than an electrician. A financial planner will need to talk to us for a while to understand our goals and circumstances. But once they are up and running, they don’t require much time.

We think we can handle it ourselves

Most likely, you can do it on your own. You can do it yourself, but be honest. Will you take the time to evaluate and then make important financial decisions? And will you monitor your results over time and make periodic changes? Are you willing to drive and maintain your investment vehicles and talk yourself out of buying cryptocurrency at midnight?

There are many reasons to hire an advisor.  Many people prefer to run their own plans, but they hire a financial advisor to act as an objective third-party to determine if they are on the right track.  Others find they do not enjoy the planning process and have little patience for it — they happily turn over the responsibility to a qualified advisor.

We do not think we can afford a consultant

Many of us are willing to invest in the hope that future returns will exceed the initial investment. Hiring a financial advisor should also be considered.

According to studies, those of us who work with a financial planner enjoy better financial outcomes as well as a greater sense of personal wellbeing than those that don’t. 

These benefits are not a result of picking the best investments. They come from helping clients to choose an appropriate asset mix, to avoid behavioral errors, to improve tax efficiency and to achieve comprehensive planning goals.

We view financial advisors as ‘salespeople’ 

It’s no secret that many financial advisors work as salespeople. But many are not — instead, they are interested in our goals, ambitions and values.  

Ask lots of questions when you’re looking for an advisor. Has the advisor obtained credentials such as the European Financial Planner certificate in Spain or the Certified Financial Planner® certification in the US? Is their firm authorized and supervised by the CNMV (Comisión Nacional del Mercado de Valores), the financial regulatory authority in Spain? What is the advisor’s process for working together? Find someone who can help you to evaluate your needs and anticipate changes. They should also be able to help you change course if necessary.

Too many choices

Many of us are hesitant to hire a financial advisor because we feel overwhelmed with the many options available. If this is you, then here are some steps that we can take.

    1. Interview two to three financial planners.

    2. To learn more about each company’s methodology, their pricing, etc., set up a complimentary video-call with them.

    3. Select a planner who’s services are in line with your situation and with whom personally you feel comfortable. 

We can do it all on our own financially, without the assistance of a financial adviser. We can also cut our hair ourselves. Although it might work, the results are better when we leave the sharp objects to a professional. 

Peter Dougherty works as a Financial Advisor at BISSAN in Spain. He holds an MBA in finance from Columbia University in New York and an MS in Spanish taxation (Máster en Fiscalidad y Tributación) from Nebrija University in Spain. He is a European Financial Planner (EFP) in Spain and is CERTIFIED FINANCIAL PLANNER™ Professionals and a Chartered Retirement Planning Counselor® in the United States. 

Click here for more information  

Click here to read more Business & Finance News from the Olive Press.

Click here to read more Business & Finance News from The Olive Press.