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If you're not working with a financial advisor, will you really do it yourself?

Updated: Sep 28, 2021

Properly managing your investments and making the right financial decisions takes time, skill, and effort. It's not a one-time thing, either. For now, let's set aside the skills, we'll get to that later. Time is our most precious commodity. There are plenty of things in life you could do, maybe run a marathon or learn a new language, but it doesn't mean you're going to do it.

Busy executives, business owners, working parents, and caretakers have a lot on their plate. Finding time to research financial questions, evaluate your options, and execute a decision takes time. (Perhaps this is why over half of 401(k) investors are invested in just one target-date fund!)

Even if you could make the time, perhaps you'd rather not if it takes time away from other things you rather do. Personal finance isn't interesting to everyone! And it doesn't have to be. But if you're neglecting your finances, it's likely worth it to hire a wealth advisor. Time is money, and there's a cost to delaying good financial decisions or prolonging poor ones.

If you're wondering if you need a financial advisor or if you should do it yourself, consider whether DIY investing is a realistic option. What changed so you now feel you can devote more time and energy to your investments than you have before? Do-it-yourself can easily turn into no-one-does-it. We all have a home project or two to prove it. So if your to-do list is endless and you never quite have time to tackle your personal finances, you might need a financial advisor.


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