Created: March 30, 2022
Modified: September 9, 2022

Episode 66: What Are the Pros and Cons of DIY Financial Planning?

Today’s question is, “What Are the Pros and Cons of DIY Financial Planning?”

The Pros of DIY Financial Planning

Let’s talk about some of the pros of do-it-yourself financial planning. On the top of that list is what you would expect; lower fees. It’s very important to make sure that the fees on your investments are not too high, and we at Johnson Brunetti certainly agree with that.

Number 2 on the list of pros is control. A lot of folks out there have always managed their investments themselves. They get themselves to retirement. And even though the stakes are bigger at that point in their lives, they still have a little bit of trouble giving up control of managing their investments.

The Cons of DIY Financial Planning

Now for some of the cons of do-it-yourself financial planning. At the top of the list is time. Many of the folks that we speak with and work with when they retire or if they’re already retired, want to make sure that they have enough time to live their lifestyle and travel and spend time with their family and their grandchildren. Right one of the things to ask yourself is, do you have enough time to really be managing properly your assets?

Next, if you’re managing your money yourself, are your options limited as an individual investor? Certainly, you have access to tons of stocks and mutual funds that are out there. But are you limiting your scope of available tools and strategies that might be available to you if you were working with a competent financial advisor?

Another con is that without a financial advisor, you lack the benefit of having a coach. When it comes down to it if you’re doing things yourself, you don’t have any type of coach or sounding board. Think about some of the most successful athletes and business people out there. Tiger Woods, Tim Cook, the CEO of Apple. Do those folks have a coach? Absolutely, they do. One of the most important things that we help people out with is by being a sounding board and being somebody that they can talk to and keeping their emotions in check. Oftentimes, people get too emotional with their investments, certainly when they’re going down in value, and might do things that are against their self-interest. We also help keep the greed that might happen when investments are going up in check to a certain degree.

Finally, is your retirement plan as comprehensive as it can be if you’re managing things yourself? As an individual investor, you might be very astute in regards to researching stocks and mutual funds and exchange-traded funds. But are you thinking about all aspects of your financial life, taxes, estate planning, distribution, planning?

Take-Aways

Request our booklet: The Value of an Objective Opinion
Get Your FREE Copy!

Oftentimes, if you’re working where with a very competent holistic financial planner, they’re helping to make sure that all bases are covered in terms of your full financial plan. Be honest with yourself about the amount of time you have to dedicate to managing your finances. Also, keep in mind the benefit you may get from having a professional financial coach help you navigate your retirement income plan.

Thanks for joining me and I hope you found this information helpful!

P.S. If you enjoyed this topic and want to learn more, download your copy of our guide, “The Value of An Objective Opinion”.

P.P.S. Feel free to submit questions here for a chance to have them answered!

  • Sandy and Thomas C.
    Sandy & Thomas C. are clients of Johnson Brunetti and received no compensation for their statement.

    “We always felt our financial needs were in very capable hands. Alex Angst is great to work with. Our advisor always made us feel he had our best interests at heart and explained things so we could understand them.”

  • Lisa D.
    Lisa D. is a client of Johnson Brunetti and received no compensation for her statement.

    “Working with Johnson Brunetti has had a positive impact on my life by providing me with the knowledge, confidence, and peace of mind to move forward with my retirement plans. The process of getting to this point, through their guidance, has been informative and pleasurable.”

  • Ken D.
    Ken D. is a client of Johnson Brunetti and received no compensation for his statement.

    “I view your company as one that puts my interests first. I think that is very uncommon and very refreshing. “

  • Jeanne P.
    Jeanne P. is a client of Johnson Brunetti and received no compensation for her statement.

    “Matt does an awesome job! So easy to understand and he listens to our concerns and addresses them! happy I chose your firm!”

  • Anonymous
    This testimonial was provided by a client of Johnson Brunetti and received no compensation for their statement.

    “I have been pleased with the help and service I have received from the company. I have met several team members on Eric’s team and have found all of them very well prepared to meet with me when reviewing my portfolio. I always feel that I am an important customer and appreciate that very much. I hope the firm continues to focus on the customer and maintains its great service. I think you do a great job for someone like me!!!! I’m happy I chose your firm!”

Johnson Brunetti
Welcome to Our New Website!
Everything was designed with you in mind, making our retirement planning resources more easily accessible to you.
Check out your new resource center, where everything can be organized by article type or topic
Are you ready to speak with a financial advisor?
Johnson Brunetti

Investment Advisory Services offered through JB Capital, LLC.
Insurance Products offered through JN Financial, LLC.
Atlanta • Boston • Hartford | Tel: 800-208-7233

JB Capital LLC is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. Information presented is for educational purposes only and is not intended as an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.

JB Capital's Form ADV | Disclaimer | Privacy Notice | Client Relationship Summary

*Information about our Affiliation with the UConn Huskies

Johnson Brunetti is a sponsor of WFSB Better Money, WCVB Better Money Boston, WSB-TV Better Money Atlanta, WTNH Money Wisdom, and WTIC Money Wisdom.