Andile Jonas, Head of Marketing at Momentum Savings, doesn’t want to wear his own financial overall.

We all know that for do-it-yourself jobs around the home, your tools must be up to the job. We also know that a gap in knowledge, mostly the practical know-how, can be costly. Not everyone has the experience to change a broken window or to fix a hinge on a cupboard door. Even with something relatively simple such as painting, it can be a challenge to be a novice. A professional doesn’t make a mess and uses much less paint to get the job done.

In a way it’s similar with financial advice. Even if you have a bit of an interest in the investment and insurance worlds and how they work, it can be challenging to know it all.

The first problem is that we may have blind spots. Can you do proper analysis of your own needs? Will we know which factors to consider when we must plan? For instance, for investments, do I know how weary I am of risk, and do I realise that not investing may be the biggest risk of all? And for insurance, how do I calculate what I get for what I put in before it’s too late? Who can decipher the fine print?

We may also not know where the best place to start is: Medical aid, retirement or life insurance for my young family? And my older family? The circumstances and needs of every person changes often, too.

Taking emotional decisions is something else we must be cognizant of. Can we be objective when it comes to our family, and who will need what protection or extra help? And are we fair in how we come to the decision?

But wait, isn’t it cheaper to do it yourself? Yes, you won’t pay yourself commission. But that’s the “pay” for the services you receive, just like you’ll pay your doctor for their medical expertise. And you must insist on seeing your financial adviser very often so that they can make sure you are still on the right track. The problem is that wrong decisions can be costly. A sensible warning against a “too good to be true” investment is worth its weight in gold. So is a warning against jumping ship just because the markets are volatile.

Plus, do you have time to compare the available products in the market, and the ins and outs of asset managers and insurers? Who offers what at what cost? It’s a financial adviser’s job to stay on top of what’s happening in the market, and in the investment markets. They also have experience, which will save you time and money.

This is a list of more things a financial adviser should do for you:

• They can calculate how much you will need and give you peace of mind.
• They can advise on tax-efficient products and retirement.
• They will have a plan with debt and can help with estate planning.
• They must assess how you are progressing and when you should adjust.
• They can be the voice of reason.

Best of all is, just as we dodge those little jobs around the house, we often don’t want to face our finances. That’s why a financial adviser’s regular visits are so handy. And their toolbox will surprise you: It can project your future growth, warn you about regulations and hit the tax nail on the head.