Let's
face it. Bill Gates has a financial adviser. Steve Jobs had a financial
adviser. Jack Ma of Alibaba.com probably has a financial adviser or a set of
them. One can think that maybe "hey, having a financial adviser can help
me manage my finances better."
Wrong.
As with all types of employment, being the boss means you know the job of your
underlings. To make an informed decision, seeing how cogs move and affect other
cogs is crucial to switch their functions for optimum performance.
So
it's advisable not to always hire a financial adviser because...
Not What You Both Had In Mind
You
know the end goals of your money. It would be to grow enough to outlive you or
at least go with you as you continue to age until death. A financial adviser
may not quickly understand this. It might even be the case that he or she might
mess up your financial needs.
It's Quite Easy To Self-Manage
It
is understandable that at an elderly age, your final career is in investing and
being an investor. You won't always do what you love as an engineer,
administrative assistant or even a computer programmer. You'll be investing and
creating income opportunities for yourself.
Beginning
with your career today is better. It is you who would be caring much for your
portfolio than other financial advisers. And they probably have other clients
like you to worry about.
Can Be Quite Expensive
Being
a specialised service that involves much money, confidentiality and expensive
decisions, financial advisers are costly employees. They're as much as an
investment.
Despite their position as top-ranking folk, they can employ legal
ways that could have you lose money, or even put it at their own advantage.
You
might say your financial adviser is trustworthy, but that's what the other
individuals scammed by their financial advisers also said.
