Reasons to be your own Financial Adviser?

I cannot afford financial advice

People often have this excuse that they cannot spare much money to save in the first place; affording a separate adviser on top of that is not their cup of tea. As a matter of fact, there are many financial products with which you do not pay anything extra, because you are already paying for their advice even without paying! I am referring to agents here. (Read about Commission agents earn here and here.) They receive commissions on the product by the company you bought or invested in. This goes to the people who often ask the agents only, to suggest any good investment scheme.

And the commission is financed out of the charges you pay for the product. The only advantage that you get with this is that the charges for the advice are split over the life of the product and you do not feel the pain. But actually you are paying. So, better look out for products that do not have huge commission structures built in or shout for a commission rebate. This will be a win-win situation for both you and the Agent (Financial adviser)

I am not wealthy enough to have an adviser

 However large or small are the savings that you have, you have to invest wisely. What I think is, the smaller the amount that you have as savings, the safer you should be while investing and making the right financial decisions while some are totally not as smaller the investment, smaller is the commission they get on the investments. since you cannot afford to make mistakes. Some of the financial advisers are even willing to give time to the smaller clients. Maybe they think that as they grow bigger, they will grow with them 

Advisers are just pushy Sales People

Fraud from an adviser is a rare possibility but there are other ways in which an adviser can let you down. The commission system that we talked of in the Point 1 is a less ideal way to pay an adviser who is supposed to have your best interests at heart. What I mean by this is, there are in-built incentives for advisers to recommend products to you that generate commissions rather than those which do not. You benefit from that or not, that is a different story.

I will save Money handling my own Finances

Whether you pay fees or your adviser receives commissions, it is true that you have to pay from your hard earned savings to your financial adviser. So, can you save that money by doing this job yourself?