Investment Advice, Who Needs It? Experts Say that Most of Us Do!
The Wall Street Journal’s Michael Pollock lists seven pointers to help investors keep their portfolios on course and their emotions in check. (Please see: “How to Rest Easy in a Crazy Market”) One of his key points is to seek advice. “An financial adviser or planner can help you realistically access your risk tolerance and tailor your investment strategy to it,” states Pollock. Further, that “Advisers…not only aid in creating a strategy, but will help you avoid shooting yourself in the foot by abandoning it at the worst time.”
Amazingly, a great many investors fail to seek the advice they need to structure and implement a successful investment strategy, even when it is readily available! Karen Blumenthal points out that, “Survey after survey shows that formal advice leads investors to increase their savings, diversify their holdings and continue holding stocks even when the market takes a plunge.” (Please see: “Thanks but No Thanks on 401 (k) Advice”) Sadly, however, she goes on to point out that, “Only about a quarter of the people who have access to advice through their retirement plans actually take advantage of it…”
What is my advice? Don’t fall into these traps. If you have a good adviser, stay in close touch with him or her to maximize the likelihood that you will achieve favorable investment results. If you do not have a good adviser, I may be able to help you find one. Many of my clients have a lot of good advisers, but they do not have the time, inclination or experience to relish extracting maximum value from them. In these situations you may need a Private Investment Counselor to help you achieve your goals (Please see: Reynolds Group, Private Investment Counselors.