Have you been stressed about your financial situation and are not sure what you should do next? If so, you should consider finding someone who can help. However, sometimes finding a Financial Advisor or Money Coach can be confusing if you don’t know where to start.
I’m going to help you with that today. Most people underestimate the impact that an excellent financial plan can have on their life. There is a famous quote that is often attributed to Benjamin Franklin that says,
“Failure to plan is simply a plan to fail.”
This is particularly emphasized when it comes to money because starting early can put you years ahead when you apply very basic principles of how your money grows over time. More on that concept later. Today we’re talking about who can help you organize and manage your finances.
A Financial Advisor will help you understand how to manage your finances better (obviously), provides structure for how you should be saving, spending and will offer advice on your relationship with money. Wait, I have a relationship with money? Oh, yes you do! Advisors will help you make the best decisions for your financial well-being today and set you up for future financial success.
Some of the decisions they can help you manage include the following:
- Savings and budget advice
- Debt management
- Insurance and legacy planning
- Financial goal setting and monitoring
- Building an effective and prosperous financial plan
- Provide advice when making financial decisions
Now, you can read the list above and go, blah, blah, blah. Or, you can read that list and start making excuses like…I’ve never been good with money…I have so much debt I’m embarrassed to tell anyone!…How can I set financial goals when I’m just not sure where to begin? This is how we start to change your relationship with money! Right here, right now. You get better and learn about money! You set a plan to pay off your debt! You decide to meet with an expert who will help you. It is possible!
When you make a Financial Advisor part of your team, you are paying for guidance on how to accomplish not just one piece of your finances (like retirement) but ALL aspects of your finances. You can have peace of mind and you can be an excellent steward of your money.
All of this is possible when you manage your money well and have a plan. A Financial Advisor or Money Coach helps you develop a customized plan and holds you accountable.
If you are looking for financial peace of mind, here are some ways to find the best Advisor for your specific situation:
- Ask for a referral / recommendation from your friends, neighbors or relative! Typically, if they trust and like their Advisor you may too.
- Seek an Advisor who is a holistic Financial Planner. This means they will give you advice on basic financial planning, protection management (insurances), legacy planning, tax strategies and investment management.
- Inquire about the type of licenses they hold and with which firms. Ask if they are a broker (able to sell multiple products at multiple firms) or captive to selling only their company products?
- Seek a licensed Financial Advisor if you are looking to move investment accounts. You can check their securities licenses here: https://brokercheck.finra.org. And, of course check out their company website and/or a LinkedIn profile. If an Advisor has letters after their name, they are good test takers! No seriously, the more knowledge the better.
- Seek an Advisor who has “fiduciary” responsibility to you, meaning the licensing agencies that hold their licenses require them to put your best interest first.
- Ask them how they are paid. Some are paid by charging you a fee, some are paid by selling you products and others are paid by a combination of both.
- Inquire about their planning process and inquire about future meeting expectations for them and you. For instance, what documentation will they require from you and how long will it take them to provide you recommendations?
Now, watch how I sneak in a few tips for you too during your search for a great Financial Advisor!
- Be honest and open minded. Be honest when you share about your finances. Be open minded so you may grasp ideas that you might not have thought of.
- Don’t be afraid to “interview” a few Financial Advisors and ask for a few names of their clients who you can call to ask about their experience with the Advisor. Then, select the Advisor who you feel comfortable working with.
- Don’t stall because you’re fearful or apprehensive of trusting someone with your money, you’re only hurting yourself! Get over any hang-ups you may have about talking to a stranger about money. Move forward and let a professional help you.
When you decide to work with a Financial Advisor or Coach, do your best to prepare for your first meeting. Being prepared will help your Advisor gain clarity of your situation and get you started on the right track in the least amount of time. Gather as much information about your current finances as possible and begin thinking about your financial goals. Keep moving forward and gather what you can. Your Advisor will direct your next steps.
My first goal, with all of my clients, is that they are educated to make smart decisions with their money. Everyone should know where they are saving, why it’s important and the details of any products they currently hold. This way, they can make the best use of their dollar in the most efficient way.
My second goal is to ensure that my clients are financially bulletproof. So, no matter what happens in their life they will be financially protected, and their financial future will be secure.
Take a step forward to become financially well today. I believe in you. You can do it!
Hi there! This post could not be written much better!
Looking through this post reminds me of my previous roommate!
He constantly kept talking about this. I will send this post to him.
Pretty sure he will have a great read. Thank you for sharing!