Should You Use a Financial Advisor? YES

December 21, 2018 | Ben Lemoine

Should You Use a Financial Advisor? YES

Photo of Mission Fed financial advisors.

You can certainly manage your money yourself, just like you can remodel your bathroom yourself, or try to repair that auto leak yourself. In all three scenarios, the DIY approach can be brilliant and cost effective, but if you’re as handy as I am, I let the auto shop fix my car and the professionals remodel the bathroom or anything else in my house for that matter. Mastering personal finance and managing investment goals requires many hours of research and learning. For most, it’s not worth the time and ongoing effort.

Financial Advisors assist clients with saving, investing, and growing their money. Whether you are trying to buy a house, save for retirement, or grow your investment portfolio, they provide you with a macro view of your money and the interplay of your various assets. Some specialize in retirement or estate planning, while some others consult on a range of financial matters.

Financial advisors are not stockbrokers, tax accountants, or insurance agents. While they may point you in the right direction with products that make sense for your situation and steer you away from products that are not in your best interest, Advisors are trained to look at the big picture and be informed on products and investments available in the marketplace.

As you get older and wealthier, your financial goals—and options—get more complicated. A financial professional can save you time and avoid costly mistakes.

An overlooked benefit, and potentially the most crucial, is Financial Advisors keep you disciplined about your financial strategies. Based on your goals, they’ll provide you with the strategy and make you stick to it. Procrastination can kill financial goals and dreams as time is everyone biggest asset when investing, so it pays to have someone keep you on track.

How to Find the Right Financial Advisor

A licensed Financial Advisor immediately adds credibility. It is important not to mistake credibility with guarantee. When picking your Advisor, ask for references or even better, get a reference from a friend who is happy with his/her experience. When looking for a Financial Advisor reference, try to find someone in the same stage of life as you (e.g. kids, age, about to retire, etc…) that has had a positive experience with this professional.

Here are some tips to help you find the right financial advisor:

  • Look for a financial adviser who is certified and licensed. They're regulated, and require continuing education on different aspects of financial planning.
  • Consider the advisor’s pay structure. Are they paid on commission on or on advisory fees? Understanding this allows you to manage conflicts of interest, if any.
  • Are you comfortable working with this person? Financial advisors should listen to your financial goals and plans and craft a plan unique to you. If you don’t feel they have your best interests in mind, continue your search.

Mission Fed has knowledgeable financial advisors through CUSO Financial Services, L.P.* that are ready to help you meet you financial goals, or as we like to call them, Mission Fed Moments. Visit us online today to make an appointment at your local branch.

* Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. References to any specific commercial products, processes, or services, or the use of any trade, firm, or corporation name in this article by Mission Federal Credit Union is for the information and convenience of its readers and does not constitute endorsement, control or warranty by Mission Federal Credit Union.

Picture of Ben Lemoine

Ben Lemoine

Ben Lemoine is VP, Finance and Treasury Manager at Mission Federal Credit Union. He has over 12 years of experience in Investment Portfolio Management, Asset Liability Management, and Capital Markets. Ben received a Bachelor of Business Administration degree in Economics and a Master of Business Administration in Finance, both from the University of Georgia’s Terry College of Business. He also holds FINRA Series 7 and Series 63 licenses. Ben is fluent in French and German.

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