Do I Need a Financial Planner?

We often get asked this question. Do I really need a financial planner? Is it worth it? What will a financial planner do that I can’t? When we respond, we’ll often use a few different analogies. Think of buying a new car. You get advice from other people and the car dealer and work out which model is best for you based on what your needs are at the time. The car runs beautifully for a while but what happens if you don’t take it in for a service? Things start to go wrong. Or what if your needs change? What if you have more children or your job changes and you are now commuting a lot more so you need a more fuel efficient car? If you don’t change your car, it won’t fit in with the changing needs of your life. Look at financial planning from that point of view. Getting that initial advice is great but if you don’t have someone to help you as things change, it’s all a little pointless. Let’s look at another analogy. You’re re-designing your backyard. You get advice on what to plant and where based on what you need at the time. It all makes sense. Yet forgetting to water the plants, not fertilising them and basically neglecting the garden will lead to overgrowth, weeds and the plants dying. But how did you expect them to survive? Why would you have an expectation that something will thrive without constant monitoring? It’s the same thing with financial planning. How can you expect your financial health to prosper if you don’t keep...