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The High Cost of NOT Having a Financial Advisor

Planning for your long-term goals — especially retirement — can be a lot like driving a car with faulty airbags. In 2019 alone, tens of thousands of cars from at least 5 different auto manufacturers have been recalled because the airbags are in danger of deploying “inadvertently.” Something as minor as driving over a pothole could trigger the airbag.

Imagine driving a car like that… knowing that the airbag could pop out and hit you or a passenger in the head at any moment, without warning. How long would you continue driving that car?

 You wouldn’t put up with that very long — especially when the manufacturer recall gives you the option to get it fixed for free.

Research Doesn’t Lie

Here’s the thing…

According to research, 96% of people who haven’t retired yet are concerned about their post-retirement finances. Retirees aren’t much better: 89% are nervous about their finances over the long-term. You might say they’re worried their plans might blow up in their faces at any time, just like a defective airbag.

But even though that 9 out of 10 people are concerned about their finances, only 52% of pre-retirees and 44% of retirees consult a financial planner or adviser.

You know what? Maybe that’s not surprising. Because unlike recalled cars, financial planning may have a cost attached. It may require you to make some changes in behavior to reach long-term goals. And who wants to change? Instead, they keep moving steadily toward retirement time, feeling anxiety and uncertainty about how they’re going to make it after they stop working.

Reaching out to an adviser is a powerful way to counteract the fear and stress that comes with not knowing what the future will hold — and not knowing what to do now to adequately prepare. So, if for no other reason, most people should consider speaking with a financial adviser for the peace of mind and clarity the conversations can bring. For many, the peace of mind alone (both for themselves and their families) would be worth the cost. But the benefit of speaking with an adviser go far beyond reducing stress and boosting confidence.

A study by HSBC called “The Future of Retirement,” found that people who met with a financial planner accumulated, on average, nearly 2.5 times more retirement savings than those who hadn’t made a plan. That’s the difference between having $200,000 and half a million dollars. Or between $500k and $1.25 million for your retirement. And the earlier you get started, the more time you give your money to grow and compound.

Yes, it’s true that financial advisers and planners have fees, and that might be intimidating for some. But these days, there are advisers to fit virtually any income level. You don’t have to be a six-figure earner to afford financial advice. And, again, when you think about the additional savings and investment returns that may be possible with the help of a professional, those fees may pale in comparison. Trying to avoid paying for financial advice is like squeezing your fists tightly to avoid dropping quarters… and letting your dollar bills fall to the ground.

We encourage you to speak with a financial professional as soon as it makes sense for you to do so. An adviser can walk you through your options and help you build a plan that fits your personal situation and your goals.

Freeman Capital Advisors is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. 

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