Do you actually need a financial adviser?

A strange question to see on a financial adviser’s blog, right? You could be forgiven for thinking that my answer may be ever-so-slightly conflicted.

Robin Powell in his excellent blog, The Evidence-Based Investor, does a good job of answering it in this post and in particular, nails it with this line:

“The simple answer is no, you don’t need a financial adviser. That said, there isn’t anyone who wouldn’t benefit from good advice.”

He also makes the valid point that time spent managing one’s own  finances could be spent following other, dare I say more enjoyable, pursuits.

A perfect illustration of this came from one of my clients. He is a partner in a private equity firm and is more than capable of looking after his own affairs.

However, he also works long hours and has 3 young children. Something he said to me in the early stages of our work together has stuck with me:

“Ross, the time I free up  to spend with my children when I would otherwise be managing my finances is worth far more to me than the fee that I pay you to do it for me.”