There is a mountain of evidence that people who use a financial advisor have greater financial success than those that don’t.

A recent industry white paper suggested that advisors can potentially add up to 3% in annual client returns. That 3% in added value only pertains to investment returns and does not include acknowledged but less quantifiable value for advice and strategic planning.

Why, then, are people still choosing not to work with an advisor? We’ve come up with four excuses people give, as well as our responses to each.

“I believe I can do better on my own.”

Do-it-yourselfers (“DIYers”) are often very intelligent people who have succeeded in their professions and therefore think they have the smarts to get better results than professional money managers. The reality is that the vast majority of people have neither the time nor the aptitude to efficiently handle their own finances. More importantly, even if they had the time, knowledge and desire, people often lack objectivity when it comes to their personal finances. Humans are driven by emotions like fear and greed, and emotional decisions are usually not the best decisions, particularly in the financial sphere.

“I don’t want to pay additional costs; I want to keep the money in my pocket.”

Financial advisors get paid for their services, and people fear this added cost will rob them of money that they’ve earned. We believe that cost is only an issue in the absence of value. The real question: Are you better off, net of costs? The evidence is an overwhelming yes. People who use advisors generally save more money in the long run. If your advisor can’t demonstrate how he or she adds value for the fee they charge, find one who can.

“I don’t know if I can trust someone else with my money.”

With Bernie Madoff and bad behavior on Wall Street making headlines, it’s no wonder people don’t know whom they can trust. How do you know your advisor’s advice is in your best interest? In our opinion, you should work with a Registered Investment Advisor (RIA). RIAs have a fiduciary responsibility to be an advocate for the client. They are held to a higher standard and by law must give their clients advice that’s in the client’s best interest.

“I’m uncomfortable sharing my financial data.”

Most of us are uncomfortable sharing personal financial information, especially in this age of identity theft. But that discomfort seems a small price to pay for all the good that financial advice may do for you. Potentially enhancing investment returns, reducing risk, identifying values and goals, reducing taxes, saving you time, helping make sure you maximize your Social Security benefits, providing comfortable retirement income and leaving a legacy for loved ones is just a small sampling of the benefits a financial advisor can provide.

Many people have many reasons why they think it’s a good idea to not work with a financial advisor. Yet perhaps the most compelling argument for why you should be working with a financial advisor is the fact that some of the most financially successful people use financial professionals to help manage their money. Think of the most financially savvy person you respect. If they work with an advisor, then it’s likely you, too, will find value working with one.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Working with a financial advisor does not assure success or protect against loss.

This article originally appeared in the ;St. Paul Pioneer Press on October 5, 2014. You may view ;the article here.