Times Change. Markets Change. The Need for Advice Remains.
It seems many people I know are getting hip and knee replacement surgeries lately. New methods and technologies have made this operation “almost” an outpatient procedure for otherwise healthy individuals. Rather than spend a week in the hospital and then weeks in a rehab center with a machine pushing your leg back and forth like surgeries of old, patients are up on their feet quickly and generally sent home to rehabilitate after only a night or two in the hospital. Much of the pre-op procedures and post-op instructions are focused on infection control. Patients are kept away from sicker populations. Antibiotic soap is used for several days prior to surgery. Hospital stays are cut short to help prevent people from being exposed to communicable diseases that could impact recovery.
So what does this have to do with finances? Well, it reminds us that times change. The methods and processes that were once done may have been changed, enhanced, streamlined, or even eliminated. There may be new products, new services, new technologies, new regulations, new demographic trends. It’s so important for financial advisors to be dedicated to continued learning - just because something was always done a certain way does not mean it remains the best way. Investors also might strive to keep pace with change when it comes to managing their finances.
One thing that does not change is the need for advice. I remember being in the industry in the mid-1990s when web-based investment companies launched and everyone was flocking to invest online themselves - then the markets turned and people realized the value of advice. While some may keep an online D.I.Y. account for “play money” they might keep their serious money - the college money, the retirement money, the money that “counts” - with someone more experienced than themselves - a financial advisor.
Times change. Markets change. Have you discussed your portfolio with a financial advisor lately?
Todd A. Slingerland, CFP®