As advisor and client, we should agree on one point. If your financial plan fails, I probably won’t suffer much. Especially not if the advice is reasonable and I have documented it.
An advisor is important for product acquisition and can help with other important aspects, too. Experience-based oversight is perhaps the real value in the relationship.
That value includes:
You are the planner. The advisor is an assistant. A tool to use. Learn how to use said tool and learn the process where the tools fit. All the regulation in the world may make you feel better but it does not absolve you of responsibility for your own outcomes. Understand the soft values above and how they help you. Advisors typically are paid only for products and not for those other values. Be careful you do not throw away things that matter to you in the search for lower product fees.
Regulation may hurt you. Already advisors are being fussy about who they take on as a client. Many require a client to know more and who are able to make reasoned decisions.
Do not rely on others. Pack your own parachute.
Don Shaughnessy arranges life insurance for people who understand the value of a life insured estate. He can be reached at The Protectors Group, a large insurance, employee benefits, and investment agency in Peterborough, Ontario. In previous careers, he has been a partner in a large international public accounting firm, CEO of a software start-up, a partner in an energy management system importer, and briefly in the restaurant business.
Please be in touch if I can help you. email@example.com 866-285-7772