Do you need a financial planner?

See which of the following statements best describes you to find out if you need financial advice from a planner.

Some people are comfortable managing their own financial affairs, while others are happier letting someone else sweat the details. Whether you need the services of a financial planner depends on many factors: your time, your interest in and knowledge of financial matters, and your ability to make money decisions and live with the consequences.

See which of the following statements best describe you, then consult the key to see whether you would benefit from engaging a financial advisor.

1. I read the business section with great interest and follow the performance of individual companies and the stock market.

2. I enjoy discussing business news with friends and colleagues.

3. I am more comfortable handling money than my spouse or partner and take the lead in managing our family finances.

4. I like to make decisions at work. I’m willing to take responsibility for the bad calls I make as well as the good ones.

5. When I start a project or plan a trip, I enjoy researching it first.

6. I am confident that when I have the right information, I will make good decisions and succeed at any task I take on.

7. Before I make important decisions, I like to consult other people and get their opinions.

8. I am comfortable making day-to-day decisions about spending and saving, but when a large amount of money is at stake, I lose sleep over it.

9. I don’t know where the money will come from to finance for my kids’ education and my retirement.

10. I feel I don’t have enough time to manage all my responsibilities, and am reluctant to take on more challenges.

Key
If statements one through six best describe you, your habits and preferences, you can handle your own finances most of the time. You may wish to consult a professional when you face a new or very complicated financial decision.

If statements seven through 10 sum you up best, you are likely to benefit from professional help in developing a financial plan and executing it.

If you find that some of the first six and some of the last four statements apply to you, you could do your own financial planning or hire a professional, depending on how complicated your tax and investment affairs are and whether you can afford a planner’s services.