투자 관리에서 재무 고문의 가치

### 재무 설계사의 가치: 지속적인 사용의 이유에 대한 이해
* 💼 저비용 ETF의 효과에도 불구하고 여전히 많은 개인이 **투자 관리 및 조언을 위해 재무 고문**을 고용하고 있습니다.
* 🤔 Morning Star의 연구에 따르면 사람들이 재정 고문을 고용하는 주된 이유는 **재정 관리의 불편함을 해소하고 특정 목표를 달성**하기 위해서이며, 재정적 동기보다는 **비재정적 동기가 더 많은 것**으로 나타났습니다.
* 📊 연구에 따르면 신뢰는 투자자가 위험을 감수하고 잠재적으로 더 높은 수익을 올릴 수 있게 해주기 때문에 **재무 고문을 고용하는 결정에 중요한 역할**을 합니다.
* 🧠 특히 재정 상황이 복잡해지면서 개인은 재정적 기술을 습득하는 데 시간을 투자하기보다는 **재정적 결정을 고문에게 위임**하는 것을 선호하는 경우가 많습니다.
* 📈 2020년 연구에 따르면 생애 초기에 재무 설계사를 만나면 **평생 복지가 1.07% 향상**될 수 있으며, 이는 위임의 장기적인 이점을 강조합니다.
* 🔍 재정 고문을 고용하면 안심할 수 있고 인지 기능 저하의 영향을 완화할 수 있지만, **지불 구조와 신탁 기준**을 고려하여 고문을 신중하게 선택하는 것이 중요합니다.
* 💬 재무 고문을 고용하는 이유를 이해하면 개인이 재무 관리에 대한 정보에 입각한 결정을 내리고 **전문 지식의 필요성과 관련 비용의 균형**을 맞추는 데 도움이 될 수 있습니다.
* 🗣 벤 펠릭스는 시청자들이 재무 설계사와 자신의 경험을 공유하도록 장려하며, **전문적인 재무 지도의 관련성과 가치에 대한 지속적인 대화**를 강조합니다.

사람들은 저비용 ETF의 효과에도 불구하고 주로 신뢰와 마음의 안정을 위해 재무 고문을 고용합니다.

most financial advisers can't outperform a simple low-cost ETF portfolio that costs a fraction of a percentage point to own. In many ways, index funds have effectively solved investing. Yet, many people continue to delegate their investment management and financial decision-making to financial advisors. Why? I'm Ben Felix, portfolio manager at PWL Capital, and I'm going to tell you why people still hire financial advisors despite investing being functionally solved. I want to specify what I mean by a financial adviser before I start. I'm talking about someone who manages your investments for you and provides you with ongoing financial advice. This is different from something like a fee-only financial planner who might charge you an hourly rate but will not manage your investments for you. Financial advisors allow you to delegate the majority of your investing and financial decision-making and the related ongoing tasks, and they monitor your financial situation. Financial advice is a credence good, a good that is hard to value even after the service has been provided. But the fact that many people continue to

hire financial advisers does suggest that it's worth something. In a study conducted by Morning Star, 312 individual responses to the question please list some reasons why you hired your financial adviser were manually analyzed and sorted into various financial and emotional motivations. The top motivations were to alleviate discomfort in handling financial issues and the desire to achieve a specific goal. The next most common motivation was behavioral coaching. Overall, non-financial motivations were identified more frequently than financial ones as the reason that people hired their financial adviser. This suggests that purely quantitative assessments of financial advice could miss the mark. Similarly, only looking at the cost of fees while ignoring perceived benefits may paint an incomplete picture. A similar study from Morning Star analyzed 620 responses to the question please list some reasons why you continue to have a financial adviser. In this case, discomfort handling finances as a broad category with specific reasons like peace of mind and money makes me nervous was the top overall response, followed by the quality of the advice and behavior coaching.

Finally, a 2020 study titled The Needs and Wants in Financial Advice: Human versus Robo Advising uses a broad survey to elicit investor needs and their satisfaction in the context of financial advice. In line with the Morning Star survey analysis, the authors find evidence that people hire financial advisers to satisfy needs, including purchasing peace of mind, having access to the opinions of an expert, and delegating financial decisions. Even for people who use Robo advisors, the authors find that the possibility to reach out to and interact with humans is greatly valued. They classify investor needs into five categories: the need for knowledge, trust, personal improvement, delegation, and investment performance. They find that the most important need is trust, followed by self-improvement and knowledge, while the least important is investment performance. This finding aligns with a 2015 paper in the Journal of Finance titled Money Doctors, where the authors suggest that trust in an investment manager reduces an investor's perception of the riskiness of a given investment. They suggest that the central

point of trust-mediated money management is that it enables investors to take risks and earn returns that they might otherwise not obtain. The proceeding information suggests that trust-based peace of mind is one of the primary services that investors are purchasing when they hire a financial adviser. Investing in financial decision-making is scary for a lot of people. Canadian astronaut Chris Hadfield once told me the greatest antidote for fear is competence. If people can gain the necessary skills and knowledge, they might not need a financial adviser at all. That's of course true of any skill, but gaining skills comes at a cost. This trade-off is addressed in the context of financial advice in a 2016 paper in the Journal of Financial Economics titled Time is Money: Rational Life Cycle Inertia and the Delegation of Investment Management. The author showed that the empirically observed investor inertia, where investors devote only sparse attention to their finances, can be explained by the time costs required for being actively engaged in managing them. To address inertia, people can either relegate their portfolio management and financial decisions or use their time to

gain the necessary skills to manage their own finances. The opportunity cost of time is different for everyone, which is one of the focuses of this paper. The authors build and solve a realistically calibrated life cycle model where the time cost required to manage one's portfolio is traded off with the opportunity to accumulate job-specific knowledge and to enjoy leisure time. Investors in the model have the option to delegate their portfolio management for a fee. The attractiveness of delegation varies over the life cycle. In related research, the authors show that consumers are always better off when given access to a financial adviser, but these gains decline with age. Specifically, they find that workers can expect a 1.07% improvement in lifetime welfare when they have an opportunity to delegate their financial decisions to an adviser from the start of their working lives. On the other hand, when the delegation option is introduced just prior to retirement at age 60, the lifetime welfare gain is tiny, only 0.02%. They conclude that it is better for investors to have an early

opportunity to hire financial advisers since access to financial delegation early in life can produce important improvements in wealth and well-being. It's also worth noting that delegation's ability to improve wealth and well-being is increasingly relevant with increasing complexity. A single person saving just enough to max out their TFSA and investing in asset allocation ETFs doesn't have that much learning to do in order to manage their finances. But someone with a family, taxable investments, maybe even a family trust or a corporation would have a much steeper learning curve, increasing the benefits of delegation. Retired investors may gain less from delegation, but another relevant issue is the potential for cognitive decline. Research has found that older people tend to underestimate their own cognitive decline and that those who have experienced a severe cognitive decline but are unaware of it are more likely to suffer wealth losses compared to those who are aware or did not experience a severe decline. The 20124 study Are older people aware of their cognitive decline misperception and financial decision-making examines

data from the health and retirement study, a representative panel of the US population age 50 plus, to study the relationships between self-ratings of memory changes, assessed changes in memory performance, and wealth changes across waves of the survey. The results suggest a causal role of unawareness of cognitive decline for wealth losses, and that wealth losses among unaware respondents mainly reflect a decrease in the value of their riskier assets, like their stocks. They also find that wealth losses are concentrated in the highest wealth quartile. The authors interpret their findings as the effects of overconfidence, where people who have experienced cognitive decline but did not realize it end up making poor financial decisions. On the topic of hiring a financial adviser, the authors do point out that delegation itself is not necessarily the solution, since deciding who to delegate to itself requires non-trivial cognitive skills. This is an important point. Other researchers found that more financially literate people are more likely to seek financial help from professionals, and that this effect is more pronounced in older individuals and those with more wealth and more complex financial situations. This

result implies that financial literacy and financial advisory services are complementary rather than substitutes for each other, and that you should keep watching my videos. Something that I have observed working at PW Capital is that highly capable and financially literate people do often make the decision to delegate for many reasons. A common one is increasing complexity coincident with the peak of a busy career. Another common reason is to provide continuity for a less financially literate spouse in the event of an unexpected death or cognitive decline. There are also behavioral reasons for hiring a financial adviser. Some research has suggested that financial advisers act as a commitment device for good financial decisions. One study found that German brokerage clients with self-control issues were more likely to delegate their decisions to financial advisers, and that overtrading for these investors decreased, their investment biases were mitigated, and their performance was improved. Another study of German investors found that financial advice improves savings behavior, particularly for households with low self-control, and increases their allocation to stocks. It is worth noting

that not all financial advisers are the same, and many of them do have severe conflicts of interest affecting the advice that they give. When seeking out a financial adviser, it's very important to ask how they are paid. In general, advice from someone receiving commissions in exchange for selling you financial products is at severe risk of being affected by conflicts of interest. Fee-based financial advisers, who charge a direct fee for their ongoing advice, mitigate many of these conflicts. It is also worth asking if the advisor is held to a fiduciary standard. A fiduciary is required to act in your best interest, which seems like it should be table stakes for something as important as financial advice, but it is not. In Canada, there is no statutory fiduciary standard for financial advisers, but some professionals, including those registered as portfolio managers, are highly likely to be held to a fiduciary standard by the courts. Hiring a financial adviser can make sense if delegation is valuable to you. This can be the case if you're comfortable with investing in financial

decision-making or if you're comfortable but simply do not want to dedicate the time to managing them yourself. For many people, the choice to delegate is rational due to the opportunity cost of time, which could alternatively be dedicated to acquiring job-specific skills or leisure. This is increasingly true with rising income, specialized skills, and as financial situations get increasingly complex. Hiring a financial advisor can also make sense to mitigate the risk of cognitive decline affecting your household's financial decisions as you age. An act is a commitment device to reduce unwanted financial behaviors. I'd be curious to know from those watching why they do or do not have a financial adviser. You can tell me in the comments. Thanks for watching. I'm Ben Felix, portfolio manager at PWL Capital. If you want to learn more about how PWL helps Canadians delegate their investing and financial decision-making, you can book a meeting with us below.

Why Would Anyone Hire a Financial Advisor?

I post videos on investing, financial decision-making, and living a good life.

My name is Ben Felix. I am a Portfolio Manager and the Head of Research at PWL Capital. I am a CFA charterholder and CFP professional. I am securities licensed in Canada by CIRO.

All channel content is produced and owned by PWL Capital Inc.


Ben Felix

저비용 ETF가 투자 관리에 효과적임에도 불구하고 여전히 많은 사람들이 재무 고문을 고용하고 있습니다.

어드바이저를 고용하는 가장 큰 동기는 재정적 문제에 대한 불편함 해소, 특정 목표 달성, 행동 코칭을 받기 위해서입니다.

재정적 동기보다 비재무적 동기가 더 많았는데, 이는 재무 자문의 가치가 단순히 정량적 평가와 수수료를 넘어서는 것임을 시사합니다.

2020년 연구에 따르면 사람들은 안심하고 전문가의 의견을 구하고 결정을 위임하기 위해 재무 고문을 고용하며, 가장 중요한 것은 신뢰라고 합니다.

로보 어드바이저 사용자들도 사람과 소통할 수 있는 기능을 중요하게 생각합니다.

이 연구는 투자 매니저에 대한 신뢰가 투자 위험에 대한 인식을 감소시킨다는 점을 시사하며, 금융 의사 결정에 있어 신뢰에 기반한 마음의 평화가 중요하다는 점을 강조합니다.

개인 재무 관리는 매우 중요하며, 시간의 기회비용은 개인마다 다릅니다.

생애주기 모델에 따르면 포트폴리오 관리를 유료로 위임하는 것이 특히 경력 초기에 제공될 때 유익할 수 있습니다.

직장 생활을 시작할 때부터 재무 설계사의 도움을 받으면 평생 복지가 1.

07% 향상되는 반면, 은퇴가 가까워지면 그 혜택은 크게 줄어듭니다.

인지 기능 저하가 자산 손실에 미치는 영향

건강과 은퇴 연구는 인지 능력 저하를 인지하지 못하는 것과 자산 손실 사이의 인과 관계를 밝혀냈는데, 특히 자산이 가장 높은 4분위수에서 두드러졌습니다.

인지하지 못한 응답자의 자산 손실은 주로 주식과 같은 위험 자산의 가치 하락으로 인한 것입니다.

금융 지식과 자문 서비스는 상호 보완적인 관계로, 금융 지식이 있는 개인은 전문가의 도움을 구할 가능성이 높으며, 재정 고문을 고용하는 것도 더 나은 재무 결정을 내리는 데 도움이 될 수 있습니다.

올바른 재무 설계사 선택의 중요성

모든 재정 고문이 동일한 것은 아니며, 많은 재정 고문은 조언에 영향을 미칠 수 있는 이해 상충이 있습니다.

수수료 기반 어드바이저와 신탁 기준을 준수하는 어드바이저는 이러한 갈등을 완화하는 데 도움이 될 수 있습니다.

재정 고문을 고용하는 것은 특히 재정 상황이 복잡해짐에 따라 재정적 의사 결정을 위임하려는 사람들에게 도움이 될 수 있습니다.