What you can’t delegate
- Health and wellness
- Relationships
- Career and skill development
- Spiritual and emotional growth
- How much you spend vs save
- Things that you enjoy doing
What you can delegate
- Everything else
One thing we can all agree on that our time on Earth is finite. We only have a brief window to focus on the things that are important to us or that we enjoy.
That’s why it so important to delegate where and when you can. After all, modern capitalistic societies are built on specialization and delegation. For example, I don’t build or fix my own car. I don’t mine or refine the fuel required for it to run. Thankfully, I can delegate all of that.
And obviously, I’m biased, but when it comes to financial advisors, I think many people ignore the benefits of delegation. They focus solely on the cost of the advisor and ignore the cost of their own time and energy.
And beyond saving time and energy, working with a financial advisor can offer a host of other benefits such as: lower stress, accountability, help fighting against inertia, a trusted 2nd opinion, and avoidance of big financial mistakes.
On the flip side, many financial advisors simply cost too much. For many, the cost of delegation is too high when compared to the benefits. The typical 1%-of-assets fee structure often doesn’t make sense for many people.
Thankfully there are many alternative fee models gaining popularity. Flat fees, hourly fees, one-time fees, advice only. All of these arrangements can offer people the ability to access help at a reasonable cost.
My hope is that we’ll continue to see the financial advisory industry move in the direction of great service at a reasonable fee.
