Middle Aged Man in his restaurant after meeting with his financial advisorJeremy has been an entrepreneur since high school. His pride and joy is the restaurant he opened upon graduating and has built into a successful enterprise over the past two decades. When we met, he reported that he promised himself for the last five years that early retirement was just around the corner. He wants more time to spend with his beautiful family.

Jeremy’s aspiration, what we at Entrust call making work optional, is lofty. It requires a finely-tuned financial game-plan to make it happen. You will not be surprised to learn that Jeremy has no financial game-plan because, like virtually all entrepreneurs, he spends all his time working on his business.

Not having the time to devote to creating your personal financial game-plan–or preferring to delegate your long-term financial success so you can spend your time doing what you love–is the first indicator that it is time for you to hire a competent financial advisor. Jeremy contacted Entrust when he was finally able to admit to himself that he had neither the time, nor the interest, in formulating his own game-plan for long-term financial success. We assured him that he was not alone in his lack of interest. After all, everyone has different interests, passions and talents.

Our discussion continued with consideration of two other common indications that financial expertise is needed: an individual’s so-called “financial goals” are actually vague hopes; an individual’s portfolio of investments is just a collection of accounts and holdings, selected with no rhyme or reason.

Let’s take a closer look at the three indicators:

  • You never get around to handling your personal finances.
    Most of us prefer to hire an expert to handle complex matters for us. We recognize that while we can look on the internet for information, that does not mean we have the skill required to be the best advocate for ourselves in all matters. For instance, do we really want to drill our own teeth or perform our own surgery–just because “we could”?
  • Your “financial goals” are actually vague hopes.
    A comfortable retirement and/or the desire to pay for four years of college for your children are admirable aspirations, but they are not achievable goals unless they are: quantified, have a step-by-step plan for implementation, have specific timelines for achievement, are monitored, and may be revised as needed. How many of us have the time to consistently fulfill these facets for goal-achievement?
  • Your investment portfolio is really a collection of accounts and holdings without rhyme or reason. This can happen for a variety of reasons, but most often it is due to a lack of a disciplined investment plan strategy. Especially in today’s climate of changing jobs many times over a career, inheriting money, divorce, as well as other life events, it is easy to accumulate financial clutter. But it is not easy to move from clutter to better portfolio results.

Whether you are trying to build wealth, preserve wealth, or make work optional like Jeremy, partnering with the right financial expert is often vital to your peace-of-mind and long-term success. Now is the time to confirm that your financial advisor relationship is right for you; take advantage of our Second Opinion Service today.

Lindsay Briggs

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