Investment Advice: Google vs Financial Planner

Investment Advice: Google vs Financial Planner

Mutual Funds
by 5paisa Research Team Last Updated: 2022-08-24T15:42:34+05:30

When it comes to technology, we are ahead of the curve. Many people nowadays just Google things and try to organise their budget. So, can it take the place of a financial planner? Let us investigate. 

Around the world, search engines such as Yahoo exist. However, Google has risen to the top of all other search engines around the globe. There were also advertisements running around us that said, "Do you want to know something? Then simply Google it." 

We must all accept that Google is an excellent source of information. Then, it might be anything, from philosophy to history. You might also use Google to find interesting articles on personal finance. 

This is why many people are searching for Do It Yourself (DIY) personal finance and financial planning resources on the internet. Their main reasoning is that they believe they are paying a financial advisor for services that they can perform themselves.  

Is it thus reasonable to handle your finances? The response is a resounding 'No.' Why? This is because Google just provides information and not advice, and there is a significant gap between the two.  

We can define knowledge as something "good to know" and advise as something "good to do." As a result, always seek counsel rather than information. The reason for this is that information is extremely general.  

However, counsel is really specific. This implies that if you seek guidance, the financial planner will make recommendations based on your specific financial state and circumstances. Information, however, is not tailored to your circumstances.  

Psychology is important in personal financial management. We, as humans, carry a lot of emotional prejudices with us. We have emotions that must be justified to achieve the best results. 

When you DIY and Google it, the main thing you need to do is work through your emotions with the assistance of a professional. A financial planner, on the other hand, may assist you in gaining control of your emotions. 

As previously said, Google is an excellent source of information. However, it will never be able to replace a financial planner. So, utilise Google as your knowledge source and engage a financial advisor to assist you with personal financial management. He would not only take you to your financial goals but also financial independence. 

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