If you are evaluating whether or not you need a financial advisor,
first take this simple quiz and give yourself 1 point for each yes
answer.
1. Do you save at least 10% of your monthly income?
2. Have you eliminated your consumer debt?
3. Do you systematically track your finances?
4. After your taxes are prepared, do you feel like you have taken all the deductions you are entitled to?
5. Have you had a tax-planning appointment with a professional in the past year?
6. Is your will current and have you reevaluated it in the past 4 years?
7. Has your life insurance policy been reevaluated in the past 4 years by an objective professional?
8. Have you written out your short-term and long-term goals?
9. Are your investments structured to meet your short-term and long-term goal
10. Are you completely satisfied with the return on your portfolio?
Scored 1-2, you may be "Just Starting" or, if you are over 30, you may be feeling "Financially Dysfunctional."
Your
finances need attention. You would benefit from an advisor who can be
understanding, yet gives firm direction and follows up regularly to
assure you have implemented your plan. At this point your financial
home is built on a mixture of mud and sand. If you are married or over
30, its time to get realistic about the track you are on. That light at
the end of tunnel may very well be a train.
Scored 3-5, you may be a Resistor.
Do
you avoid dealing with finances? Do you find yourself confused by the
profusion of (often contradictory) financial information in the press,
on the web, on the best-seller list, etc.? Often a lack of financial
education makes people feel "Financially Impaired." You can benefit
from an advisor who will take the time to help you understand your
finances, and explain why the fundamentals are important. You need
education and assistance in implementing your plan. A financial advisor
may provide the training wheels you need until you are more comfortable
with your finances.
Scored 6-8, you are likely a Validator.
You
like to stay in control of your own affairs but know you need some
coaching.
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