LOS ANGELES, CA, UNITED STATES, Aug. 26, 2022 /EINPresswire.com/ — Harris & Associates, a Registered Investment Advisor, states that the best investment returns are often earned when people hire a professional.
Research results show that working with a financial advisor can give people more confidence about their finances and can result in more money to spend in retirement. So when wondering whether you should hire a professional wealth manager or financial advisor, take a close look at the research.1
Behavioral finance clearly reveals that the hunter-gatherer brain has a natural bias that is not conducive to successful investing.2 People consistently do the wrong thing when left to their own devices. Problem behavior includes Anchoring [think—hanging on to a bad investment, hoping it will get back to the original investment]Herd behavior [think—lemmings who follow each other over a cliff]The Emotional Gap [think—letting your feelings rule over rational investment decisions]and more.
A trusted financial advisor can help people make more rational decisions and avoid self-defeating financial mistakes. Additionally, advisors generally encourage their clients to save more, budget their expenses, and focus on better investments with long-term safety and appreciation.
What about the cost? Good advice can come at a price. Free strategies off the internet or from some canned program can help. But such ideas may not be implemented as expected and can often do more harm than good. Choose a fiduciary advisor who is committed to always acting in the client’s best interest. 2 or 3 interviews, choosing the one that best suits the desired situation, the client’s personality and needs.
A good advisor can be worth every penny.
Disclosure:
DL Harris & Associates Insurance Services, Inc. dba Harris & Associates is a registered investment advisor (“Harris & Associates”). This article is for informational purposes only. Advisory services are offered to clients or prospective clients only when Harris & Associates and its representatives are properly licensed or exempt from licensing. Past performance is no guarantee of future returns. Investment involves risk and potential loss of principal. No advice can be given by Harris & Associates unless a client service agreement is in place.
1 In the Voya Retirement Revealed1 study of 4,050 working Americans, only 28% of survey respondents work with a financial advisor. And yet working regularly with a financial advisor can have a profoundly positive end result on behaviors, actions, confidence, and retirement and investment outcomes. All data in this report were discovered in that study. In partnership with ORC International, the Voya Retirement Research Institute examined the attitudes and activities of 4,050 adults with household incomes of $40,000 or more who were employed full-time. Data collection via an online panel took place in the fall of 2011.
2 Investopedia – “What is Behavioral Finance?” May 24, 2022. Adam Hayes https://clicktime.cloud.postoffice.net/clicktime.php?U=https%3A%2F%2Fwww.in vestopedia.com%2Fterms%2Fb%2Fbehavioralfinance.asp%23%3A% 7E %3Atext%3DBeh avioral%2520finance%2520is%2520an%2520area,the%2520influence%2520of%2520psy chological%2520biases&E=dave%40harrisadvisory.com&X=XID040AHXanv0910Xd2& T=HRSA&HV=U,E,X,T&H=24dfd44a568c993899c4728f27c469a035a6095d
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