Managing Finances: Do it yourself or consult a professional?

In an era of DIY projects on Pinterest and online tutorials, it can be tempting to try and tackle a number of things on your own, including your own personal finances.

But is it really the best idea to manage your finances all by yourself? Often, the answer is no.

A financial and investment professional helps clients choose the right path and solutions to best achieve their financial goals, and while many people only turn to a professional resource in the event of a big life change—an inheritance, monetary settlement, sale of a business, divorce, handling of an estate, estate planning, transfer of wealth or the special needs of a family member—a financial and investment professional can also help with taxes, budgeting, and retirement planning.

Hear from Trust and Investment Services

Heather Gutmann, Vice President and Senior Trust Officer at Town and Country Bank, says utilizing a professional is essential when managing your finances because selected investments need to be monitored, as well as events, performance, reports, and factors that affect the markets. Additionally, ongoing trades and adjustments need to be made in order to maximize financial growth potential.

From assessing a client’s individual needs to reviewing their funds daily, customizing their target asset allocation, and providing ongoing advice necessary to manage investments over time, financial and investment professionals strive to create a personal relationship with clients to help ensure that they reach their financial goals.

Financial and investment professionals also have the advantage of being objective when it comes to investing your money. That’s something that can be very hard to do on your own, even if you are highly skilled and can devote a lot of time to wealth management.

“It’s hard to be impartial or take the emotion out of investing for yourself,” says Gutmann.

Ultimately, when it comes to managing wealth, Gutmann says it’s best to turn to a professional.

“Quite simply, I don’t believe individuals have the time, expertise, dedication or bias to manage their own wealth,” she says, whereas an individual with professional experience has the necessary skills to help clients build, preserve and transfer wealth to future generations.

Contact us today!

Town and Country Bank provides personal financial planning services, in addition to a trust and investments team with over 66 years of combined experience in the investment management field. For more information, visit TownandCountryBank.com or call 1-866-787-3100.