How you invest depends on a number of factors, including how much time you have, how much involvement you want in the day-to-day management of your investments and, just as importantly, the complexity of your financial situation. Understanding the type of investor you are can help you determine what type of investment approach is best suited for you as you create a plan that reflects your comfort level and your financial goals. Read on to see how much guidance you may need when it comes to investing.

Full guidance

If you prefer to rely on a professional to help you make decisions regarding all aspects of your portfolio or if you have more complex financial needs, a financial advisor can help you craft and execute an investment plan. They can also keep you updated on how your portfolio is adhering to the plan and make adjustments as necessary. Individuals who don’t feel comfortable making investment decisions on their own may also benefit from talking with a financial advisor about different investing strategies.

Some guidance

If you are a more experienced investor, you can use a financial advisor in a more limited capacity. Your financial advisor can provide the resources you need to make informed investment decisions, including objective advice and guidance based on your needs, goals, and today’s investing environment. Such knowledge may help you steer clear of major missteps but leave you in control over your investments. 

No guidance

If you prefer to remain autonomous, you can formulate an investment plan based on your own research. Some self-directed investors feel confident they can increase their investment returns by maintaining full control over their assets, although they will still conduct transactions through an online brokerage account. This approach requires more confidence and a grasp of market variables, such as price volatility and inflation risks, that could impact your investments. If you don’t feel you have the necessary knowledge or time to be a self-directed investor, you might be more comfortable working with a financial advisor.

Once you know the level of guidance you’re looking for, you can begin to determine what type of help you may need and the investment strategies you want to implement.

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