Do you love discounts? Silly question to ask. Just see the line in front of stores which offer discounts. The same holds true for investments. Many investors do not like paying commission to mutual fund distributors and financial advisors. They believe this is a waste of money. Why not invest in direct plans of mutual fund schemes and save on commissions paid to mutual fund distributors? You may save 0.5% to 1% a year in commissions, if you invest in the direct plan of mutual fund schemes.
If you feel capable enough to invest in direct plan mutual funds, or make any investments or attain financial goals on your own without the help of a financial advisor, you are free to go ahead. What does this mean? You have to make the right financial decisions at the right time. You cannot say job and career, social commitments or your family responsibilities, prevent you from doing so. You have to dedicate money and mainly time to your investment decisions.
Many financial advisors face the same problems, ordinary investors like you face. They have not started SIPs when they were supposed to. They did not invest in stocks during the 2008 to 2009 lows, which was a lifetime opportunity. They did not sell stocks or buy tax free bonds when they were supposed to. These financial advisors had money and market knowledge. They were also investment savvy. What they did not have was time. Financial advisors help you attain financial goals and dedicate their time. This might prove costly for them as they lose the opportunity to invest for themselves. You are busy with your career and family responsibilities. This means you definitely need a financial advisor.