The article concerns the question Why You Need Experts Managing Your Money. Managing your money is one of the most important jobs that you will ever have, sadly most people have no qualifications for it at all. This is where the services of a professional money manager can really come in handy. Of course you don’t have to have an expert managing your money, if you really want to you can do it yourself. However there are a lot of benefits to using the services of an expert.
The main reason that you need experts to manage your money is that most people really don’t know how to do it. For some reason it is a subject that is rarely taught in school beyond the most rudimentary level. That means that you are either going to have to figure out how to do it on your own or you are going to have to let somebody else do it for you. Most people would be better off having somebody else do it for them as they really don’t have the time to learn how to manage their money properly.
One of the other challenges that can come with trying to manage your own money is that you will likely not have the time to do it properly. Most people rush into investment decisions because they really don’t have the time to properly examine them. If you look at the Fisher Investments press release you will see they know what to do in order to make an investment decision (by hiring loads of talented people for their company, that is!). In all honesty do you think that you would put that much time and effort into an investment decision? The truth is most people wouldn’t which is why they are better off letting an expert who would do it.
People tend to have a very emotional attachment to their money which is only natural. Unfortunately this emotional attachment tends to lead us to make bad decisions. The two worst things for an investor are fear and greed, they almost always result in a loss. This may actually be the best reason to higher a professional money manager, he has no emotional attachment to your money. This means that he is likely to make better decisions which will keep you from suffering a large loss.
While a professional money manager can be a great benefit you have to make sure that the person that you hire actually has your best interest at heart, often they don’t. Many so called money managers are actually sales people who are looking to sell you are product. If you want to get unbiased advice you are going to have to make sure that you pay for it. In general your money manager should be paid a percentage of the size of your portfolio. This will ensure that his interests and yours are aligned since the more that you make the more that he will make.