Don’t DIY – A Financial Advisor Can Help You Start Building Wealth More Easily – ValueWalk
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Despite the turbulent economic conditions caused by the pandemic, many people became better positioned financially. The average 401(k) balance reached record highs at the end of 2021, the personal savings rate spiked throughout 2020 and 2021, and credit card debt dropped in 2020.
If you’re someone who has thrived, you’re probably thinking that you should learn how to make smart investment decisions. Maybe you’ve even considered hiring a financial advisor to help. However, deciding exactly when to hire a financial advisor can be challenging.
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DG’s Concentrated Strategy Slumps -24.9% YTD
DG Value Partners Concentrated Fund Class returned -3.8% in the month of May, according to a copy of the fund’s monthly investor update, which ValueWalk has been able to review. Following these declines, the fund’s year-to-date return is -24.9%. The Concentrated Fund Class is a concentrated version of the firm’s flagship value strategy. With $95 Read More
Maybe you think your financial situation isn’t complex enough, or you don’t have enough assets to justify hiring a financial advisor. Maybe you don’t trust advisors because of a bad experience, or you don’t want your financial situation to be judged by a total stranger. Maybe you think that you can make financial investment decisions and create a financial plan on your own or with the help of robo advisors (tools that allow you to invest in a diversified portfolio with an asset allocation based on your answers to a risk tolerance questionnaire and the date you need the funds).
However, not everything in your portfolio can be reduced to an algorithm. Life is often more complex than goals-based investing tools alone can handle, which is why 84% of Americans would prefer to work with humans when making financial investment decisions.
Most likely, however, you’re probably struggling with the decision to hire a financial advisor because you don’t know where to start. Many people call themselves financial advisors, promising to help you start building wealth or create a financial plan, but there’s no standard definition. An “advisor” could specialize in taxes, insurance, or stocks, or they could have an alphabet soup of designations, such as CFP, CFA, CPA, AEP, ChFC, or AFA.
Many factors could stop you from ever getting help with your finances. But doing so can take a lot of pressure off you. If you’re among the 73% …….