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Do it Yourself or Investment Advisor? Outcomes Improve With Professional Advice
The Benefits of Having an Investment Advisor on Your Side
Taking the DIY approach can be a fiscally responsible and perfectly acceptable way of approaching a variety of projects. But when the project is complex and requires a great deal of skill to pull off, it is valuable to bring in a professional. When it comes to retirement planning or building up investments for other things in life, taking the DIY route is risky. Working with an investment advisor can ensure you have all the right information you need for your investment planning.
Dan Danford, a frequent contributor to Investopedia, writes in a new column about the joys of the do-it-yourself process and the realities of the complex investment planning that requires a professional investment advisor. Using the analogy of lawn maintenance, Danford dives into the DIY vs. hiring a professional lawn service approach.
â€śIf you want a lawn to look nice and enhance the value of your home,â€ť Danford said, â€śyou can do-it-yourself or you can hire a lawn service. Either approach can create stunning results, but thatâ€™s where the similarities end.â€ť
Danford argues that to take care of your lawn, you must purchase all the necessary tools and know how to use them if you want to see a greener lawn. A mower, irrigation system or hoses, fertilizer, grass seed, organic applications, nutrients, blower, spreader, etc. â€“ these are the tools that will cost you a lot of money, not to mention the man hours you have to put in, to make that lawn lush and green.
Granted, some people really enjoy the process of caring for their lawn. Perhaps they find it meditative or an activity shared by the family. And the results are satisfying, if theyâ€™ve done it right. The risk is that if you make a mistake, it could take years for the lawn to recover, just as it would if you make a DIY investment mistake.
When you hire a professional lawn service, it â€śrequires less personal attention,â€ť Danford said. â€śThey just show up when something needs doing and they take care of it. They own and maintain the equipment, provide supplies and hire the required labor.â€ť
The investment business offers similar parallels. A full discretionary investment management service offers many more tiers of options than a DIY investor can gain access to. You can spend time and money on the necessary tools to make an investment plan, and perhaps come up with a solid one, but the money (fees) you put toward an investment advisor who does this full time can offer more promising results.
â€śMany investors would be far ahead to let professionals do their heavy lifting,â€ť Danford said. â€śA green thumb â€“ in lawns or money â€“ grows ever greener with quality professional help.
Danford and his team at Family Investment Center have the tools required to assist you in your investments. They will discuss your options with you and assist you in making fact-driven decisions regarding your financial future.