10. Attempting to Go It Alone
Deciding where, when and how to invest your money takes a huge set of skills, including:
- Understanding your current financial situation and tax commitments
- Exploring your financial vision, goals and objectives
- Knowing the style of investor you are
- Understanding the various risks around your family and your finances
- Assessing your attitude to investment risk
- Looking for opportunities to build structural safety around your finances
- Building a dynamic financial model that allows you to forecast what you future finances could look like, and examining alternative scenarios
- Formulating your bespoke financial plan
- Opening and managing accounts, policies and funds
- Liaising with professional advisers
- Regularly reviewing performance against goals and objectives adjusting your plan
To do all this on top of your increased partner commitments will mean working evenings and weekends just to keep up!
That’s why many new law partners choose a different path: they seek out a professional financial advisor with all the skills, experience and time required to construct a bespoke financial plan that meets their needs.
For best results, hire a pro
Like all modern professionals you are working very hard, putting in long hours. You then carve out as much time as possible with your loved ones—friends, spouse and children. Occasionally, you get some exercise in. Be honest: when do you have time to consider all the issues and challenges relating to your family’s finances? And even if you did decide to ‘DIY’ the research and decision making around portfolio construction, is that really the best use of your time?
Obviously we’re biased on this subject. But we see everyday how a professional financial advisor can dedicate the time to making sure that you achieve your goals without sacrificing other commitments or burning out when you should be directing all that energy into your new role.
Just as clients come to you for assistance where they do not have the domain knowledge, experience and skills necessary to get a good outcome, you should seek the same outstanding care for yourself.
A financial professional has done this many times before and can get the results you need.
That’s just good sense.
If you would like to have a chat about this or any of the topics raised in our financial planning for lawyers content, please get in touch with me, I would be happy to help. You can book a 15 minute no-obligation call free of charge here.