The benefits of a financial service advisor

Well before entering the financial service world, I had long been an advocate for enlisting the help of an experienced advisor. Aside from those tangible benefits, such as diversification and proactive retirement planning, there’s also some serious personal ROI involved – less stress and wasted time.

Whether you need in-depth investment advice or simply just a sanity check every once in a while, having a trusted expert at your side will always prove useful. Not just for you, but for your loved ones, future generations and even your community, seeing as finances influence nearly every aspect of our lives.

If you’re sceptical, or still on the fence about teaming up with a financial expert, I’ve recently curated a few points below which might be worth considering.

Access to inside knowledge

Enlisting the financial service of an experienced advisor or wealth manager is key to ensuring you have a solid financial plan in place. Although we now have instant access to DIY investment information at our fingertips, a professional help cut through the noise, sift out fact from fiction, and generally ensure that you receive the correct data-driven information at the right time.

Using their skills, knowledge, and access to specialised tools and resources, a good advisor will be better equipped to ensure your plan stays updated and you’re still on track to reaching your goals. Furthermore, financial laws and regulations are constantly evolving, which can impact your financial plan. Gaining access to someone who already lives and breathes this landscape can save you time and mental energy.

Emotional guardrails

The guidance and support from a trusted advisor at your side can also prove invaluable during life’s unexpected mishaps. Emotions can wreck even the most water-tight financial plan, so allowing them to be your buffer (or emotional guardrail) to protect you from yourself will always prove invaluable.

As someone who regularly consults with my own ‘money mentor’, even I find it difficult sometimes to look objectively at my portfolio. It’s always worth having someone with the foresight to ask the right questions and help you think objectively about your finances.

Financial awareness

It takes time to understand the ins and outs of finance, but working with an expert will set you on the right path to developing a greater sense of know-how and confidence. Financial literacy is something I’ve always considered a priority across my network of clients. In my mind, it’s one of the most valuable perks of exceptional financial service – how much you’ll actually learn.

Saving money and time

Aside from gaining access to expert knowledge, another primary benefit of consulting a financial advisor is efficiency. Even if you already feel relatively confident about managing your own money, trying to do everything yourself will put you on a sure path to burnout.

As someone who knows this industry like the back of my hand, there is also a mountain of paperwork involved in financial processes, which even the most detailed-orientated individual would scoff at. An experienced fiduciary can walk you through processes constructively, allowing you to free up more time to focus on activities or tasks you enjoy.

Peace of mind

If you’re an investor who wants to stay in South Africa but is concerned about civic unrest, service disruptions, greylisting, and a weakening rand, then enlisting a trusted professional to help grow and safeguard your wealth is a smart move.

A qualified and experienced financial advisor is better equipped with the knowledge to maximise the value of your money, which given the country’s current economic and political challenges, isn’t just nice to have – it’s a necessity.

As someone who understands the context of South Africa, my goal has always been to support my country in any way I can. However, I also advocate directly investing offshore, where you can access a wider range of investment opportunities which also deliver significant returns. Being an independent adviser, I’m also not at the mercy of my service providers. This freedom allows me to recommend a broader range of financial solutions from across the market, providing greater peace of mind for those I serve.

Diversification

While investing and planning for retirement can prove challenging, inadequate portfolio diversification is easily one of the most common investor mistakes. A good advisor or wealth manager will be able to implement a diverse investment strategy that aims to reduce your investment risk while ensuring that financial returns are maximised.

As an advocate of mixing in different asset classes across different geographies, all South Africans should be aware that they can transfer up to R1 million offshore per calendar year without obtaining a Foreign Tax Clearance Certificate. This process is relatively easy if done through a reliable advisor or wealth manager.

Ensure the best financial service

Contrary to what some still might believe, you don’t need to be mega-wealthy to enlist a financial service expert. What you do need, however, is to be smart about who you choose to help manage your portfolio.

Aside from being registered with the Financial Services Conduct Authority (FSCA), reputable companies or individuals will also have high visibility with professional websites and marketing collateral. I’ve further detailed some essential criteria here, but user reviews also prove helpful, as do recent awards and accolades.

Recently, my team at Carrick Wealth won two categories at the prestigious 2022 International Investment Awards: Excellence in Advisory Best Practice for Africa and Excellence in Client Service (Advisers) for Africa. We also had individual team members being commended in no less than four categories – including myself, who took 3rd place for Emerging Talent of the Year. These notable achievements help us retain a reputable brand name, ensuring our authenticity and solidifying our services as reputed and trusted by our clients.

Overall, the primary benefit of an experienced advisor will come in the form of a holistic, personal financial plan, which is exactly what I provide. If you’re interested in my financial service, don’t hesitate to contact me. I’ll get back to you within 24 hours

I’m Giles Maynard. I provide individual investment and wealth management services for private clients and companies. I have been trusted by clients, large and small to manage, protect, and preserve their wealth. How can I help you with yours?