Seventy-eight percent. That’s the number of people who admitted to not consulting with a financial advisor on a yearly basis, according to a 2013 survey by the Consumer Federation of America.
For Bobby Woolfolk, a senior financial services representative with the Wall Street-based firm First Investors Corporation, it’s a number that’s way too high.
“You get a professional when you have a toothache: you go to the dentist. When you’re sick, you go to the doctor. We use professionals in almost any other aspect of our lives when we need them, but for some reason, we don’t tend to think we need one for something that’s about as important as anything, our financial well-being,” Woolfolk said.
As a 13-year veteran of the financial industry, Woolfolk said he has seen firsthand the value a financial advisor can offer in the constantly shifting economic world we live in today. According to Woolfolk, there are at lest three major benefits offered by consulting an advisor and devising a strategy.
In accordance with a new year, Woolfolk fittingly referenced failed budget resolutions as an unfortunate predicament that is common to most who go financially unassisted. It’s a problem that he feels can be combatted by sitting down with a financial advisor, creating a budget and developing some old-fashioned discipline.
Woolfolk said that, with an advisor, a process that can normally take weeks is boiled down and completed in a matter of hours. By seeing exactly where their money is going, individuals are able to make more educated and rewarding choices.
“People don’t tend to that on their own,” Woolfolk said. “A financial advisor can sit down with you and make up a budget. When you realize where every dollar is going, you realize how many dollars fall through the cracks every month.”
To read the entire story, see the Jan. 30 edition of The Central Virginian.