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Is a financial adviser really needed?

Yes, unless one has the time, interest and discipline, and doesn't suffer from optimism bias.

People in their 20s and 30s have a longer time horizon and can embrace more risk for potentially greater returns. Those in their 40s and 50s typically have more assets and greater financial obligations. They have a moderate time horizon and should embrace somewhat less risk. People closer to retirement should be taking even less risk.

MANY investors are not sure whether they need a financial adviser. New changes in law such as the fiduciary standard in the United States and technology such as robo-advisers have added layers of complication to the answer to the question: Do you need a financial adviser?

To know, you...

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