I read this headline recently and wanted to share it with you. Here’s the short version.
- About 1 in 4 literally have no emergency savings.
- We are more worried about paying for our next vacation than about saving enough for retirement.
- Millions of us hide money from our spouses and partners.
- We prioritize paying the wrong bills first.
- We’ve racked up $1 trillion in credit card debt — and that’s just a fraction of what we owe.
Very few of our clients suffer from these five issues, but we have had people coming through our doors who are searching for help to get out of debt and on the path to financial stability.
But even people who save and invest and have given serious though to retirement are not necessarily good at making investment decisions.
Having the right instincts and putting money in an investment account doesn’t mean that you are making the best decisions. Navigating the complex world of modern investing is both a skill and an art that most people do not have the time or patience to learn.
That’s why more and more people are turning from brokers to independent Registered Investment Advisors (RIAs), fiduciaries who manage portfolios for a fee. Turning the selection of investments over to an RIA, receiving regular reports of progress toward their financial goals, makes sense to people who understand the benefits of using professionals to accomplish complex tasks.