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  FINANCIAL ADVISOR'S VIEW


9 REASONS TO ENGAGE THE SERVICES OF A FINANCIAL PLANNER

As an independent and educated gauge, your advisor fulfils the important, and
often indispensable, role of financial touchstone.
9 July 2019 16:01   /  By  Craig Torr - Crue Invest (Pty) Ltd

Nowadays, we are time-poor and information overloaded. Picture: Shutterstock

In an age of DIY- everything, it is easy to be convinced you can go-it-alone
when it comes to financial planning. With all the information ever known to
mankind just a Google search away, it goes without saying that everything you
need to know about financial planning is there for the taking. Being time-poor
and information overloaded are just a few reasons why you should consider
engaging the services of a professional advisor.

 * Saving you time

Financial services is one of the most heavily regulated industries in South
Africa, and rightly so. With literally thousands of unit trusts, retirement
funds and insurance companies to choose from, stringent regulation is essential
to ensure investors are protected from criminals. Tight regulation also means
that the industry is administratively intensive to the point of being laborious.
Financial planning is expansive in that it covers a myriad of areas including
risk protection, tax advice, local and offshore investing, estate structuring,
retirement funding, financial management, medical aid and more. Although it is
possible to research, construct and implement your own financial plan, the
exercise will undoubtedly be an all-consuming one. On the other hand, an
independent advisor will be able to more succinctly identify your needs, narrow
down the available options and sift through the noise. If she is truly
independent, she will be in a position to recommend a range of solutions that
meet your requirements and price point.

 * Saving you money

As the financial planning industry has matured, a number of highly professional
fee-based practices have emerged. Rather than charging large upfront
commissions, fee-based practices charge a professional fee in return for
independent financial advice. There are a number of professional fee structures
available, so it is important to fully understand how your advisor charges to
ensure you are getting a good deal. Many professional practices charge an
upfront planning fee which covers the development costs of your plan, together
with a fee charged as a percentage of assets under advice. Many firms have
negotiated favourable investment fees through multi-managers and asset managers,
meaning you are able to invest more cost-effectively through the planning
practice. In addition to benefiting from more favourable fees, employing the
services of an advisor can help you avoid making expensive financial planning
mistakes such as not making use of available tax breaks, not using continuation
options or investing too conservatively for your needs.

 * Holding you to account

Like your annual visit to the dentist, committing to meet (at least) annually
with your financial advisor can be a big ask. Any advisor worth their weight
will insist on reviewing your financial plan every twelve months, and more
regularly if circumstances dictate. Major life events such as marriage, a
property purchase, change in employment, the birth of a child, divorce or
retrenchment may necessitate more frequent meetings with your advisor in order
to recalibrate your plan and re-set the course. Your planner should prompt and
encourage you to engage with him on a regular basis. If you are paying your
advisor an ongoing professional fee, there should be no additional charges as
and when you need to engage his services.

 * Controlling your emotions

The old Wall Street saying that ‘financial markets are driven by two powerful
emotions – greed and fear’ remains true today. Add to this an element of
confusion and it is easy to see how investors can make irrational decisions in
times of market volatility. Simply put, in times of crisis, it is human instinct
to take remedial action. While we are programmed to identify problems and find
solutions, investing calls on us to respond somewhat differently. Although it is
only natural for investors, in times of political and economic uncertainty, to
panic – the correct course of action is most likely to do nothing at all. A good
financial advisor will actively engage with you through times of market
uncertainty, remind you of your long-term goals, educate you on the reasons for
short-term volatility and encourage you to remain focused on your objectives.

 * Making informed decisions

In an era of fake news, it can be difficult for even the most discerning
individual to uncover the facts of a situation – with cryptocurrencies being a
case in point. Amidst the Bitcoin hype, it remained almost impossible to
substantiate facts, verify information or find a reliable explanation of how
cryptocurrencies worked. As a result, many investors bought cryptocurrencies
with little or no information as to what they were buying into. Making
uninformed decisions can cost you dearly and unnecessarily derail your financial
plan. With scams and corruption at an unprecedented high, a financial advisor
plays an important role in helping you to research, assess and make informed
decisions about how and where to invest.

 * Understanding legal intricacies

The broad scope of financial planning means that it covers a range of
legislation, including tax, marriage and divorce, contract, insurance, property,
deceased estates, succession, retirement and more. Each area of financial
planning has its own set of legal intricacies and complexities which are best
navigated together with a qualified advisor. Not fully understanding, for
instance, the legal implications of setting up a trust, gifting assets to a
child or withdrawing from a pension fund can have far-reaching, and often
irreversible, financial consequences. A qualified financial advisor that holds a
CFP® designation should have a solid understanding of these areas of legislation
as they pertain to financial planning.

 * Reducing your tax burden

A key role of any financial advisor is to help you structure your financial
portfolio in the most tax-efficient manner. By understanding income tax,
donations tax, CGT, transfer duty and estate duty in the context of your
financial plan, your advisor will help you structure your estate optimally for
your benefit and for the benefit of your heirs.

 * Making it personal

Personal financial management is the cornerstone of financial planning and is
something a good financial advisor will be able to assist you with. Most
financial advisors are able to provide clients with advanced budgeting, money
management and debt reduction tools, together with advice on how to allocate
expenses, cut costs and budget for medium- and long-term goals. Through regular
interactions with your advisor, budgeting and money management should become
habitual. Find an advisor who is happy to take the time to work through your
budget and help you achieve your goals.

 * Having a trusted guide

One of the greatest benefits of partnering with a financial advisor is teamwork.
Having a trusted and well-informed partner to help you navigate the legal,
financial and administrative complexities of the industry is comforting. As a
guide and mentor, an advisor can prevent you from second-guessing your decisions
and deviating from your path. As an independent and educated gauge, your advisor
fulfils the important, and often indispensable, role of financial touchstone.

Was this article by Craig helpful?
 



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CRAIG TORR

Crue Invest (Pty) Ltd
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Craig Torr read for his B.Comm degree at Nelson Mandela University. He is a
Certified Financial Planning® professional and is passionate about helping
clients create sustainable wealth. Craig is a founding director and shareholder
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