Pays to engage good advisor

LESSON: ADVICE GETS DIVIDENDS IN LONG RUN

- Matthew Marrian

In an age where self-sufficiency is celebrated, the rise of the DIY (do-it-yourself) investor is no surprise. Armed with access to an avalanche of online resources, a trading app, and a belief in their own financial acumen, many individuals are eager to take control of their investments.

However, the same people who wouldn't hesitate to pay for a personal trainer, a dietitian, or even a high-end barista often hesitate at the idea of paying for professional financial advice despite the profound long-term impact it can have on their wealth.

The illusion of control and the cost of overconfidence

I once had a client, who prided himself on being a self-taught investor.

He had done well in a bull market, picking stocks that seemed to rise endlessly. However, when volatility struck, his confidence turned into panic.