It’s OK If You Don’t Need A Full-Time Advisor

Let’s be real. Asking for help is hard.

It’s difficult because it often requires a bit of self-awareness and putting your pride to the side.  

For example, the piano is one of the most beautiful instruments to me. When played well, it is one of the few instruments that can invoke several emotions in just one song. You can go from sonder and reminiscent to being moved enough to get on your feet without a word ever being shared. 

And for over two years now, it has been my dream to hop on a vacant piano and play my favorite songs. 

I thought my passion alone would be enough to keep me dedicated to the art, but I was wrong. 

Boy, was I wrong. 

So, I decided to check out a local music school to take what little I knew to the next level. 

Needless to say, besides the teacher, I was the oldest in the room. I was surrounded by children who seemed to have come out of the womb speaking two languages and playing their instruments. I felt like Billy Madison going back to 5th grade. 

I was in the far right corner of the room with the other piano students, warming up our hands and doing simple scaling techniques to get a feel for the keys on the aged terra-cotta Steinway. 

Then, when it was time to recite what we’d been practicing, this 10-year-old kid Reggie was up first. He sat down, observing the keys, put his hands in place, and played a perfect Beethoven-esque opus. 

He stands up, I guess proud of what he just did, and turns with a smirk on his smug little face and says, “You’re up.”

I played the choppiest rendition of Twinkle Twinkle Little Star. 

I exploded with, “I don’t need this, Reggie! I’m a CFP. You still have to ask to go to the bathroom!” 

… He said I was immature. 

Needless to say, it can be hard to admit when it’s time to call in a professional. 

This is where a lot of highly qualified professionals in other fields can get themselves into trouble. 

A lot of smart people suffer from something called the Dunning-Kruger effect and don’t even know it. Essentially, this is when you think you know a lot about a topic but don’t recognize that you don’t know as much as you thought you did. 

Neil Degrasse Tyson recently said, “What can happen is, if you’re a fan of a subject—a hobbyist—it’s possible to know enough about that subject to think you’re right. But not enough about that subject to know that you’re wrong.”

Your new discipline may not be rocket science, but becoming an expert in anything requires time, patience, and concentration. 

I needed to hire a piano teacher not just to show me where to place my fingers but to help me see my blind spots— test my level of strength, memory, and improvisation skills to eventually throw down the same way Reggie could—and instill a level of discipline I did not yet have. 

And honestly, it’s not too far off from what a financial advisor can do for so many people. Regardless of your perceived knowledge of market topics, your experience while doing it on your own, or the trust you hold in the profession, we do much more than watch CNBC all day and advise people on how to beat a 5% Treasury Bill. 

The truth is that not everyone needs the traditional role of a full-time financial advisor. 

What you probably need is financial direction. More and more people these days are taking control of their financial situation. And in a world of infinite information, you could get a lot farther today with a Google search than you could in the past, asking friends, “Who’s your guy (or gal)?”

Whether you’re coming to see us because you want to make sense of what you’ve been doing/not doing, the cost of making a mistake with your family’s wealth has become too considerable or, you no longer want to do it alone, it could be time to offload this responsibility to a professional.

Of course you’re interested in the economy and markets when the decisions that are made on Capital Hill can have very real effects on your financial picture. How could you not? However, we’re not here to replace you. Instead, we’re here to compliment your learning experiences.

This is why I love Liftoff; our hybrid robo-advisor service gives investors the best of both worlds: low-cost professional portfolio management with access to Certified Financial Planners. I’ve spoken with dozens of clients over the years, even if only a few times, and left a lasting impression for the better (I hope). 

Of course, this is a service, and it is only right for certain people. Sometimes, you need more of a personal touch than the occasional oversight.

The decision to hire a piano teacher was tough. Still, it was crucial if I ever wanted to elevate my playing status, whereas employing a financial advisor is not a sign of weakness but an aspiration to do better going forward. 

Financial advisors are not all created equally, but when you find the right one, I doubt you’ll look back and regret your decision.

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