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7 Signs You Need a Money Manager

Mar 20 2014 Parent Category I

There are several reasons why having a money manager can come in handy. However, in some cases you may require a money manager in order to take care of your finances. Here are seven signs that your finances are in need of someone to look after them.

You Underperformed in the Market

One of the best ways to tell if you need a money manager is if your financial portfolio has failed to meet your expectations. The most critical component when it comes to investing is your portfolio’s relative performance. If the stocks that you invested in performed far worse than the general market then it is likely that something is off about your current financial situation. Turning to a money manager who can help you figure out your portfolio and put together a more fruitful savings plan can be very beneficial, especially if you don’t know why your current portfolio isn’t faring well.

You Aren’t a Professional Investor 

If you aren’t willing to put in a substantial amount of time and energy into finding out the investments you should place into your portfolio then the fact of the matter is you probably won’t be able to perform nearly as well as if you had a money manager to determine the savviest financial moves for you to make. If you aren’t willing to do it yourself, then a money manager is your best option.

Your Investment Plan Requires a Manager 

A majority of investors own retirement assets that they don’t control the selection of individual assets or asset managers to. This is because many retirement plans offer mutual funds that are usually considered to be actively managed by an outside manager. If this is the type of plan that you own then you must hire the best manager per each of your asset classes.

You Want an Expert to Run Your Finances

Knowing that your finances is in the hands of an expert can be reason enough to hire a money manager that knows what he or she is doing. When looking into hiring a money manager, it is important to choose one with great performance results as well as look into how long the manager has run a particular portfolio. Wanting to rest easy knowing that your finances are in good hands is a great reason to put your personal finances in the hands of a money manager.

You Aren’t Good With Money

Some people are just not that savvy when it comes to their finances, if you are one of them that’s okay, however, you shouldn’t let your finances suffer because you don’t know your ups and downs of the financial world. Instead, hire a money manager who will help you work out your finances and get them back on track without you having to worry about understanding the logistics behind it.

You Have a Financial Goal 

If you have a specific goal that you want to reach and you want to make sure that you reach it then hiring a money manager can ensure that it gets done. Often times, people simply don’t have the motivation in order to complete a financial goal, and so putting it in the capable hands of a financial manager can give you the push you need in order to complete even the most daunting financial tasks so that you can complete your goals in a reasonable amount of time.

You Want to Retire Comfortably

If you want to guarantee an easy life for yourself upon retirement then hiring a money manager is a good way to ensure that your financial freedom is secured later on down the road. Retiring can be one of the most daunting things in life. You may find yourself stressing about your financial future when you are no longer willing or able to work. If you are worried about not having a substantial enough nest egg in order to ensure that you can have a comfortable if not leisurely retirement then a money manager can go a long way. Money managers will help you determine exactly which path you need to take in order to ensure you have a successful retirement plan in place.