Advice for physical and financial health - don't wait until there is a problem before seeking help.
The link below contains a short piece comparing financial advice to a doctor's advice. The parallel is they both need to make optimal decisions based on the information presented, without knowing how the future will unfold.
Here are some takeaways from the article (created by our partners at eMoney).
Future outcomes are, by definition, uncertain. To create the best possible results, focus on the process. Use the best available data in an unbiased, honest, client-centered way.
Focus on the whole person - both physically and financially. (Mentally is another component). Providing appropriate financial advice requires a full understanding of clients and their assets. Too often, we seek medical advice for single situations and are treated for that very specific thing, without consideration of the bigger picture. Financial advice should include the big picture, not just individual aspects.
The author indicates a correlation between life uncertainty and financial uncertainty. A financial advisor would say one of the biggest financial risks is outliving your assets. Financial planning should include a probabilistic look into a client's investment portfolio across various market conditions and lifespans.
Not specifically mentioned, but important, is that we often seek medical advice once there is a problem, so treatments are reactive. Preventative care helps reduce the probability of bad physical outcomes. Don't wait for cash flow problems, credit card debt, or any other difficult financial situation before having a financial plan in place. Be proactive in your planning.
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