Making the Most of a Financial Adviser’s Knowledge

If you’ve ever had a plumbing problem, you can always go online and try to figure out the solution yourself.  But if you’ve ever done that, you sometimes find that, for anything other than the simplest of problems, you may be in over your head.  When you have a plumber come out, you expect them to have two things: a knowledge of the situation so that they can help you out, and the tools needed to do the job.

Finances are no different.  It can be tempting to try to do things on your own, but there are also professionals out there who are already trained to deal with your financial situation.  Whether someone is just out of high school and looking to get started investing, or a person has been managing their own investments for decades, there are numerous reasons to turn to a financial adviser for help.  Both novices and experts can experience benefits from having a financial adviser helping to manage their investments.

Some people like to manage their own investments.  They enjoy following the stock market and seeing how the investments they’ve made pay off.  For them, it may make sense to carve off a small portfolio that they can manage and hire a financial adviser for the rest.  The financial adviser usually has access to (and keeps abreast of) the latest technology and has more resources to remain up to date on what you can invest in and how to do it.

Changing Technology 

Technology changes at a rapid pace, and it can often feel overwhelming trying to keep up with the changes.  For better or for worse, just about everything that used to require a phone call, or in-person visit can now be done online.  There is greater access to information than ever before, as well as more investment opportunities.  But what do you do if you aren’t able to keep up with the dizzying speed at which things are changing?

If you’ve ever gone into a brokerage account to do a trade, and you’re faced with options like VWAP, GTC, or FOK, you might be able to do some research to figure out what each acronym stands for.  But if you find yourself having to research every term or spending all your time trying to figure out the program that you’re supposed to use, it might be time to turn to a professional.

A financial adviser should have the technology in place to be able to handle all of your investing needs.  In addition, with the emergence of financial planning software that may be too expensive for an individual to invest in, you can have access to even greater resources than if you try to go it alone.

Relying upon a financial professional can help you to navigate our ever-changing world.  Particularly with the way that technology has contributed to increased market volatility, a financial adviser can guide you through both calm and turbulent times.  It’s their job to keep up with the technology so that you don’t have to.

Investment Proficiency

Let’s face facts.  Not everyone knows the ins and outs of every investment, and few people care to make it their sole focus.  A good financial adviser should be able to explain different investments in a way that you’re able to understand.  Knowing the intricacies of different investment vehicles is their job so that you don’t have to make it yours.  Not an expert on stocks, bonds, cryptocurrencies, or high-yield CDs?  You don’t have to be.

Most individuals tend to be “specialists.”  They know a lot about one or two areas of their financial picture, a bit about a few others, and admittedly not a lot about the rest.  It takes time to become proficient in all areas, and most people don’t have the time or desire to dedicate their life to that.

Presented with an investment opportunity that may be new to you?  Chances are that it’s not new to your financial adviser.  Not only do they have experience with it, but they can explain the pros and cons to you as well.

If you choose a good financial adviser, you don’t need to learn the nuts and bolts of everything.  The key is to make sure that you’re working with someone who can explain things on your level (whatever that level may be).  Trust is a part of any good relationship, and that’s just as true in financial relationships.  

How to Get Started

No matter what your stage of life, it’s always a good idea to have someone to advise you on your finances.  A professional financial adviser can give you clear, objective advice and put a plan in place to ensure that your financial goals are met.  Find someone that you’re comfortable with and let them help you on your financial journey.

About Chase Investment Counsel

Chase Investment Counsel is a family and employee-owned boutique wealth management firm that offers personalized investment services. Our clients include career professionals, those nearing or in retirement, and families experiencing financial transitions such as generational wealth transfer, widowhood, divorce, or sale of a business. Chase’s active, disciplined investment management team is focused on selecting individual stocks and bonds targeted to each investor’s specific financial goals and risk tolerance. Established in 1957 in Charlottesville, VA, Chase Investment Counsel manages more than $300 million in assets.