Tag Archives: professional advice

Bursting the Myth of Financial Planning (2) – Access to a professional and trustworthy advisor

There are benefits of involvement of a professional financial adviser/planner in your planning.halle for blogHaving somebody as an outsider looking at your financial matters from an objective bases without any emotional attachment can create enormous shift in your financial well-being. As sometimes it is hard to make a rational decision when you are emotionally attached to that decision and its outcome. Under emotional distress, people make poor choices. This appears based on a failure to think things through, caused by emotional distress. All human beings, with emotions we cannot control ourselves, and without them we cannot make decisions either.

That is why having a financial adviser/ planner on your side is very important. Now, with more complex regulations and complex financial instruments you as an investor need an adviser who can provide client-centered expertise in assessing the state of your finances and developing risk-aware strategies to help you meet your goals.

On the other hand, you might need to make sure the adviser have the required skills, knowledge and understanding of what gets involved in your financial matters. The most importantly the person must understand you, your values and your unique set of goals well. Knowing the adviser understands you and your needs, this lead to have your adviser as a listener or sounding board, as someone to whom you can unburden your greatest fears.

A good adviser will listen to your fears, tease out the issues driving those feelings and provide practical long-term answers. An adviser can become your architect, helping you to build a long-term wealth management strategyy that caters to your own risk appetites and lifelong goals.

Even when the strategy is in place, doubts and fears will inevitably arise in your mind. At this point the adviser becomes a coach and helps keeping you on track. Beyond this, an adviser will be a kind of lighthouse keeper or guardian, scanning the horizon for issues that may affect you, your financial life, and keep you informed.

Nothing can stop you having a trustworthy adviser, the choice is yours.

Halle Yilmaz is a financial adviser and business consultant. As a financial adviser, she gives solid advice that can create rapid and lasting results for her clients. Sign up for her free E-Book and download “7 Steps to Healthy Wealth Management.” Follow Halle on Twitter @halleyilmaz

Is Financial Planning really for wealthier?

Some people have misconception that financial advice is only for wealthy people. They feel that there is no need for them to consult a financial adviser.

However, we know that we all need shelter, butter and bread on the table and much more; we all have dreams and goals. We also know that there is scarcity with financial resources. It means we must use our resources more effectively and efficiently by employing appropriate strategies and monitoring their performance to make sure that results match our plans.

It is true that financially wealthy people have financial advisers as they have the mindset to clearly define set of goals and act upon them. They value the professional advice and guidance in order to achieve their goals more effectively.

Failing to plan is the same as planning to fail. Unfortunately, many individuals do not plan. Rather, they just let their financial life happen to them.

Although it is very crucial to step back periodically and set realistic goals for how we want to manage our money and resources, most do not take the time to look ahead and make plans for the future. As a result, we focus on paying monthly bills, rather than planning to achieve a desired goal.

There might be lots of reason behind this attitude, and I believe the most important one is our mindset.

People in general have

  • Fear of making wrong decision. This shows up especially if we do not have enough information or lack of understanding of something in order to make informative decisions.
  • Fear of something being sold to us that we might not need it at all
  • Fear of changing existing habit over a new one and not sure if the new one is good for us.

All is coming from lack of clarity, understanding and therefore of low self-esteem.

However, we all know that

  • economic environment continuously changes
  • our age, social status and life cycle change
  • regulations in each industry , country and at global level change
  • our goals and dreams change
  • the risk tolerance level of each of us changes

In this continuously changing social -economic environment if we want to improve and sustain our financial lives we need to keep ourselves up to date, and if necessary make some adjustments with our options.

No matter what the size of the problem or issue is, consulting to a competent and trustworthy adviser or expert saves you time, money and improve your financial situation significantly. Even if you don’t need an ongoing relationship with an adviser or consultant, there are times when you have financial questions or just want someone you trust to assure you that you’re on the right track is priceless experience .