Do It Yourself or Hire a Pro?

Scott discusses the importance of Integrating all the pieces of your retirement planning and whether you should hire a financial advisor or just do it yourself. 

What is Integration? 

Integration is the glue that holds your plan together. 

It ensures that your Income Plan, Investment Plan, Insurance, and Income Taxes are all coordinated for the optimal outcome in your retirement. 

Should you hire a professional? 

You might wonder if there a conflict of interest if your professional advisor is making money. 

Investors are often already paying 1%-2% per year just for the investments they make on their own. This is approximately the same as they would pay a financial planner, but they receive no added value for their dollars. 

In fact, hiring a professional financial advisor can save investors up to 3% per year in net return. 

What people see as a cost is, in reality, a value-add. 

What is the bottom line? 

If you love spending your time studying the market, tax laws, financial blogs, and learning what types of accounts you need, then you might try doing it yourself. DIY might be achievable, especially during stable economic times. A professional financial advisor will provide great value in guiding you through more turbulent times such as recent COVID and election year variables. You want a professional by your side to keep your plan moving forward. 

You will either pay in dollars or pay in time. You can go from achievable to optimal by hiring a professional who will seek to integrate all aspects of your retirement planning.

If you have any questions, please don’t hesitate to call us at 844-CARLSON.

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