Here’s why I am so bullish on the financial advisory industry

OK, not all financial advisors wear capes. But many are superheroes to their clients.

Advisors, however, do wear many hats because they play a key role in the lives of their clients as they help align their money with life goals. An advisor is someone who will help you cultivate confidence with your finances.

In addition to providing financial guidance, a large part of a financial advisor’s career is managing the client relationship. Indeed, financial professionals say they spend a great deal of their time playing the role of therapist, dealing with marital distress and serving as an emotional confidant to clients.

As a financial journalist, I have covered personal finance and the financial advisory industry for more than 25 years. I have met countless financial professionals along the way and have made connections with many advisors. The bottom line: I am bullish when it comes to financial advisors.

Let me share a personal story to explain why.

About 20 years ago, my wife passed away at the age of 44 after a three-year battle with cancer. I became a single dad to my then 14-year-old son and 10-year-old daughter.

A day or so before my wife’s funeral, I received a package from my insurance company. It contained a total control account document detailing the settlement options offered to me.

A few hours later, I got a call from my insurance agent. He started to explain the options and basically was urging me to up my insurance to protect my kids since I was now a single parent.

My head was spinning, and I told the agent the timing was not right to discuss this. My financial advisor attended the funeral services, and I told him about the conversation I had with my insurance agent.

He asked for the agent’s name and phone number. After a bit of back-and-forth, I passed it along.

A few days later, I discovered my advisor called the agent and told him to leave me alone and to allow me my space to grieve and to take care of my kids.

He told me to put the insurance paperwork away and, when the time was right, we could go over my options together when I was ready. He took the time to help me, with no financial benefit for him.

To be sure, your relationship with an advisor can bring valuable insight that can go beyond money issues.

But when it comes to money and reaching your financial goals, it’s a comfortable feeling having a trusted financial professional by your side. Because let’s be honest: creating a personal financial game plan can be daunting.

There are so many investment options, all of which carry some form of risk. And, of course, there are many types of retirement plans to choose from, each with their own set of tax consequences.

The seemingly endless number of choices can make it overwhelming for many investors.

The bottom line is…