Dale Ishida Suezaki and Taylor Easley are financial advisers with Morgan Stanley, 329-7979. This article is published for general information purposes and is not an offer or a solicitation to sell or buy any securities or commodities. Any particular investment
Dale Ishida Suezaki and Taylor Easley, Financial Advisers
The role of a financial advisor
Just as a good doctor can evaluate a patient’s physical health, from the small symptoms of a sprained ankle to the more serious but less apparent symptoms of heart disease, a good financial adviser can evaluate the financial health of an investor. Many intelligent investors may self-medicate with stocks, mutual funds, mortgages and IRAs — and yet may miss bigger issues like estate planning. They may approach their finances piece-meal, without an overall strategy. Only when they come in for a check-up with a financial professional can they get the information they need to decide if they are financially healthy or in need of changes.
Usually there are four emotional, rather than rational, reasons why many people avoid discussing their full and true financial lives with their financial advisers: fear, embarrassment, confidence and privacy. Fear of bad news can lock people in paralysis and procrastination as they worry they haven’t saved enough for retirement or haven’t managed their affairs well. Embarrassment over what they fear can be seen as ignorance of the complex financial industry can leave people feeling overwhelmed.
When we go to the doctor, we are not embarrassed that we don’t know enough about health issues, medications or diseases to manage our own health. Yet investors are often embarrassed that they don’t know enough about financial instruments and investments. Why should they expect that of themselves?
Seasoned investors sometimes diminish their opportunities for growing their wealth because they are confident that they are on top of it all. Rarely, though, does an investor have his financial house fully in order. A good financial adviser will help uncover any deficiencies and suggest ways to fix them.
Wealthy investors can be overly protective of their privacy and therefore parcel their investments among different advisers or substitute their accountant for a financial adviser. The result can be an uncoordinated strategy based more on tax advice than full financial service.
Like the coach of a team, a financial adviser helps coordinate the players such as the investor’s accountant, attorney, money managers and trustees — to get to the goal line. A coach can also offer valuable knowledge and experience to help an investor get the most out of his team. Few people are equipped to be their own coach, and the more complex their investments are, the more critical is the need for a good financial adviser.
Today’s financial advisers are doctors and coaches for investors who need assistance to get their portfolios on the right track to reach their goals. Go to your doctor for an annual physical checkup, but also go to a qualified financial adviser for a full annual financial checkup.
Dale Ishida Suezaki and Taylor Easley are financial advisers with Morgan Stanley, 329-7979. This article is published for general information purposes and is not an offer or a solicitation to sell or buy any securities or commodities. Any particular investment should be analyzed based on its terms and risks as they relate to your specific circumstances and objectives.
