Can you be a “do-it-yourself” financial advisor?

We live in a “do-it-yourself” world. Want to know how to fix your dryer? Hop on YouTube and get it fixed in a jiffy. Want to learn how to decorate cookies for your child’s birthday party? There’s a video tutorial for that too! But, what if you want to build and manage your own financial portfolio or be your own financial advisor? Can you be a “do-it-yourself” financial advisor?

It’s an interesting question to consider. Everywhere you look there are advertisements that would indicate you could. However, being a financial advisor is not just managing $7 trades and watching a stock ticker. A good financial advisor will be much more than someone that tells you what stocks to invest in or recommend mutual funds. A proper financial advisor comes alongside their client at different stages of life and helps them identify and work toward a lifetime financial plan. This includes helping the client have a clear understanding of what goals are possible and what it will take to achieve those goals. A good financial advisor will make sure his or her clients have a very clear understanding of their market situation and help advise their clients when the evening news is telling them to expect Armageddon! The kind of financial advisor you should look for is the one that will help their clients understand the reality of fad investments and see if and how it does or doesn’t fit in their mutually agreed on financial plan.

Of course, there are some things that a financial advisor cannot do. They cannot predict what the economy will do consistently. They cannot time or forecast what the market will do with any regularity. Finally, they cannot predict how a stock or mutual fund will perform. These 3 things cannot be done by any financial advisor, nor can they be done by ANYONE! It is impossible for any human to do these things, and anyone that would tell a client otherwise, most likely does not have their best interests in mind. 

A great financial advisor will help their clients build a plan and work with them to maintain their focus on that plan throughout their lifetime. Many times, the true value of a financial advisor is found in the planning and accountability they provide. This is the kind of financial advisor we strive to be at Viewpoint Financial. We seek to partner with our clients and help them fulfill their financial and retirement plans. So, if you believe that something as important as your financial future shouldn’t be left to yourself, give us a call today and let us be there for you. After all, isn’t your retirement plan more important than fixing your dryer or decorating some cookies?