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Value of a Financial Advisor

8:09 PM  Pisstol Aer   Labels: ,
“The ING Retirement Research Institute recently conducted a study of the value of using a financial professional when saving for retirement (view a copy at ING Advisor Study).  The research also leveraged the concept of "peer comparison" and ING's peer-based behavioral finance web-tool - www.INGCompareMe.com.  In summary, the study analyzed data on thousands of consumers who visited the ING tool and answered a question about using a financial professional.  It found that those who said they spent time with a financial professional also reported significantly higher retirement savings.” The report is easy to read with lots of graphics: http://ing.us/rri/ing-studies/value-of-advice
Please note that the results are simply correlational; they do not “prove” that working with an advisor will boost your savings.  Typically consumers don’t feel the need to consult an advisor until they have amassed a certain minimum net worth.  Note also that the definition of “advisor” is loosely defined by consumers who chose to participate in this study. It is a self-selected convenience sample rather than a statistically valid random sample. Nonetheless, the results are worth noting.  My main concern is that consumers choose their “advisor” very carefully. 

A great resource for choosing financial is Charles A. Jaffe’s book: The Right Way to Hire Financial Help: A complete guide to choosing and managing brokers, financial planners, insurance agents, lawyers, tax preparers, bankers and real estate agents. Friends who have borrowed it have given very positive reports. There are some preliminary chapters: "How to start looking for help" "Your first meeting with an advisor" etc. and then chapters on hiring specific professionals: planner, brokers, insurance agents, accountants, tax preparers, attorneys, etc. Available: USU Library: HG179.5 J 34
Logan Library: 332.6 jaf c1

People like to know how they compare to others. To find out check out ING’s peer-based behavioral finance web-tool - www.INGCompareMe.com. Don’t put a lot of stock in the profile as most people will estimate their answers (I certainly did) but the website can give you some perspective on how you stand. But frankly, keep in mind the poor saving and investing habits of many Americans and that many respondents to this poll with guess and also answer on the optimistic side. But if you find you compare unfavorably to your peers… maybe it’s time to do something.  The website is fun and easy to use. Check out additional resources: http://ing.us/individuals/my-financial-life
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Value of a Financial Advisor
Value of a Financial Advisor
Reviewed by Pisstol Aer
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Rating : 4.5