Are you worried about the continuing pandemic, the next election, the prices of gas, or the downturn in the markets? Though there will always be problems like this in the world (I call it the ‘apocalypse du jour’ scenario), it’s still easy to get stressed about what’s currently going on and how it might affect your financial stability or future.
Your Advisor Should Do the Worrying for You
One of the best things about having a financial advisor you can trust is that they do all the financial worrying for you. While you concentrate on your business, your family, and taking care of your mental health, your advisor can take the steps necessary to ensure your finances are secure and that you’re set for when the economy recovers (or for the next apocalypse du jour.)
But Your Advisor Needs to be the RIGHT One
Now, when I say you can lay all your financial worries at the feet of your advisor, I should mention one big caveat—your advisor needs to be the right one or you’ll be in a world of hurt (and could be in for some big financial trouble.)
Unfortunately, chaotic times tend to bring out the wrong types of advisors who prey on those who are stressed by the market. Instead of being a calming influence who provides guidance and advice, these advisors are peddling products to “solve” whatever crisis it is we’re currently experiencing. They’re going to tell you to buy certain stocks or other assets to offset the market. At heart, they’re just salespeople who are trying to make a buck off your fear.
What Type of Advisor Do You Need?
No matter what’s going on in the world, your best bet is always to go with a fiduciary who is obligated to put your best interests first. This becomes even more important when there is chaos in the world or when the market takes a dip. Why? Because they won’t let you make rash decisions, nor will they let you stick your head in the sand and hope it all passes quickly. And they especially won’t try to sell you a bunch of stuff that is going to pad their wallets but not do a whole lot for—or even damage–your portfolio.
A fiduciary will help you take the long view. Instead of stressing about the current market, they’ll help you see where you want to be five, ten, and 15 years from now and will show you how the decisions you make now will help you get there.
Do you find yourself experiencing anxiety about your finances? Is your advisor doing more harm than good or is he or she pushing to buy products that you’re not sure are in your best interest? If so, now is the right time to make a change. One of the main goals of your advisor should always be to provide you peace of mind and help you make a plan that fits with your long-term goals.
Want to talk more? Please reach out. I’d love to help.