Poll: Have you ever used the services of a professional financial advisor? Thread poster: ProZ.com Staff
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This forum topic is for the discussion of the poll question "Have you ever used the services of a professional financial advisor?".
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| | | | neilmac
Spain
Local time: 12:36
Spanish to English
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I have a "gestor" or agent who does my tax returns for me. He keeps reminding me to put enough money aside to be able to pay my VAT and income tax every three months, but that's about all the financial advice I need or get.
| | | | | Yes, and definitely worth it | Oct 8, 2018 |
To begin with, my tax man gives me very good suggestions on ways to reduce my tax burden. The first time he did my taxes, he saved me $9,000, compared with what I was expecting to pay.
For two years I also worked under the tutelage of Phil Laut (now deceased), author of "Money is My Friend." Based on Phil's advice, I tripled my translation income and have maintained that level ever since.
On the other hand, about 30 years ago I worked with a financial adviser with disas... See more To begin with, my tax man gives me very good suggestions on ways to reduce my tax burden. The first time he did my taxes, he saved me $9,000, compared with what I was expecting to pay.
For two years I also worked under the tutelage of Phil Laut (now deceased), author of "Money is My Friend." Based on Phil's advice, I tripled my translation income and have maintained that level ever since.
On the other hand, about 30 years ago I worked with a financial adviser with disastrous results. He had me investing in real estate when I could barely make ends meet. Several of my friends lost even more than I did. So many people were up in arms that he went into hiding.
[Edited at 2018-10-09 07:23 GMT] ▲ Collapse
| | | | | Yes, and it wasn't worth it | Oct 8, 2018 |
I have tried with a couple of different chartered accountants, but none of them understood my business situation and made several mistakes.
One of them, a big firm who caters for big Danish companies, charged a lot of money, and still did not deliver any better. E.g. concerning GDPR, pension, foreign income, etc.
Now I am using an inexpensive accounting program with chat support and training my daughter (who is studying computer science) to do the bookkeeping and keeping an ey... See more I have tried with a couple of different chartered accountants, but none of them understood my business situation and made several mistakes.
One of them, a big firm who caters for big Danish companies, charged a lot of money, and still did not deliver any better. E.g. concerning GDPR, pension, foreign income, etc.
Now I am using an inexpensive accounting program with chat support and training my daughter (who is studying computer science) to do the bookkeeping and keeping an eye on the regulations. ▲ Collapse
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It depends on what is meant by professional financial adviser! I have an accountant and he has saved me some money advising me on several occasions regarding expenses which I thought I couldn’t include on my tax return. Some years ago one of my brothers was working with a financial adviser and they both wanted me to invest in a stock plan. I hesitated a lot and finally said no. My gut feeling was right because unfortunately my brother and many others like him lost a lot of money…
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It's hard to keep up with tax changes, which seem to be the key factor in how you invest the money you make.
In the UK, for example, if you leave your money in the bank you will earn interest of maybe 1%.
If you put it in a pension, the government adds 20% before you even get to thinking about where to invest it...
| | | | EvaVer (X) 
Local time: 12:36
Czech to French
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| Yes, it depends | Oct 8, 2018 |
Teresa Borges wrote:
It depends on what is meant by professional financial adviser!
I have used tax advisors, but not for my business - I can manage that. It was about inheritance.
And I have personal bankers in my various banks who advise me on my investments, does that count?
| | | | Tina Vonhof (X)
Canada
Local time: 04:36
Dutch to English
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For many years now I have had both an accountant who does my taxes and a financial advisor who manages my retirement savings. Both do a terrific job and i wouldn't want to be without them. My understanding of finances is limited and I gladly leave that up to the experts.
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Mario Freitas
Brazil
Local time: 07:36
Member (2014)
English to Portuguese
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100% of what such professionals can do, they only do and charge for it because many people are afraid of doing things on their own or believe they can't do it. Once they find out how simple and easy it is, they'll never pay for a "professional" to do it again. But most people keep paying them and refusing to learn how to do it.
There's nothing wrong with it if you prefer to pay for it than to learn it. I pay for pizzas instead of making them at home. I doubt very much I would be able to ma... See more 100% of what such professionals can do, they only do and charge for it because many people are afraid of doing things on their own or believe they can't do it. Once they find out how simple and easy it is, they'll never pay for a "professional" to do it again. But most people keep paying them and refusing to learn how to do it.
There's nothing wrong with it if you prefer to pay for it than to learn it. I pay for pizzas instead of making them at home. I doubt very much I would be able to make such delicious pizzas without the propper experience and equipment. But I won't pay for people to come into my place to install machines, make electrical or piping repairs, and the like. I learned how to do it and bought the tools.
Now, if the finance/accounting job fits into the pizza or into the repairs category, it depends a lot on the person and their individual level of self-assurance in these matters.
[Edited at 2018-10-09 18:24 GMT] ▲ Collapse
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