Who will PROTECT you from your emotional decisions?
We all do it, we make irrational decisions based on emotion. So how can we protect ourselves from, well, ourselves?
It is SO important to have someone watching your financial back. To look at the big picture and give you sound advice on the market. This could protect you from irrational decisions (more like reactions) to random short term swings in the market. Or investment decisions made on pretty names.
Want to BOOST your net worth? Get an advisor
Long term studies show that there is a strong positive correlation between the use of a professional advisor and subsequent net worth. What’s more interesting is that the significance is stronger for those who have used an advisor for 10 years or more.
Going steady with your advisor
Choosing a professional financial advisor is a big decision and should be treated as such. You should view this as a long term business relationship for your personal wealth. No one will care more about the outcome than you, however, you need a professional to bring you the facts without the emotion.
I say this should be a long term relationship as you may not see the real benefits in the first year. It may take several years for the true benefits to shine through. So it’s important to pick an advisor and stick with them.
What if I back the wrong horse?
Although you should take your time in choosing your advisor and then stick with them, this doesn’t mean that their performance shouldn’t be reviewed regularly. Agree on a long term plan upfront and then review it regularly. Stipulate some KPI’s that you need to achieve, and ask your advisor what they think they need to achieve for you. Write ALL of this down and use it as an agenda for your reviews.
Who’s on YOUR side?
As your wealth grows it will pay to have a team that you can rely on, an advisor, accountants and in some cases solicitors.
Peter Di Tommaso Chartered Accountants take a team approach: we have a team of accountants, financial planners, loans and leasing experts as well as our support team all going in to bat for YOU. This gives you peace of mind in knowing that there is no ‘single-point-of-failure’ you have a team of people working for you and we use the latest software to track and ensure all of your projects are progressing as expected. PLUS with so many of us we’re always quick to respond whenever you need.
PETER DI TOMMASO CHARTERED ACCOUNTANTS
821 Gympie Road, Lawnton Q 4501 | P: (07) 3285 1388