Week Four: Seeking professional help for wealth planning.
Funny, but this is sort of like the doctor going to the doctor for me. I used to do this ten years ago! But as Mary Poppins delightfully says: A spoon full of sugar helps the medicine go down. Now that in weeks 1-3 I have taken my medicine, it is time to have some sugar. A great Financial Planner will point you in the direction of achieving your financial goals so you can get the most out of what you have.
I am not going to give you names of professional services, I am not offering my suggestions to endorse any one company’s or individual’s services. I am, rather, going to use my experience as a wealth planner to give some suggestions about what to look for in a reliable service provider.
Act with Integrity
Acting with integrity is a cornerstone of any relationship in my book, but when you start talking with someone about your finances, this is especially critical. Ask yourself: are they on time for appointments? Are they available when I call? If not, do they return my call promptly? Do my questions get answered clearly in a communication style (writing, spoken, etc) that I am most comfortable with? Those questions should be answered with a resounding yes. If you feel rushed into decision making, pressured to share information you are not comfortable with, or if you do not feel as if you are getting attention, you should seek out another advisor.
Listen Carefully
Are they taking the time to listen to you? Are you talking more, or are they? Do you feel like you are being sold products, or do you feel like you are being shown solutions for your particular situation? A great Financial Advisor puts you first. And your goals become their goals. They should not be pushing you into goals, they should be listening to what you want to accomplish and embracing the goals you already have.
Options, Options, Options
When you seek professional advice your financial professional should provide personal solutions and adaptive investing when discussing your lifestyle planning and goals. He or she should have a clear picture of where you want to be with your finances and provide the vehicles to get you there. Anyone who does otherwise does not deserve your business.
A Healthy Dose of Realism
Your financial professional should always provide you with a clear picture and realistic projection. If he or she suggests something that sounds too good to be true, for example they can turn your $50.00 into $5,000 in a year, pick up and take yourself somewhere else. You are not seeking a pair of rose-colored glasses, you are seeking a path towards fiscal security.
A Sense of Control
With the economy in a state of uncertainty and volatility, you need to grab the reins and control your own wallet. The first step is getting a clear understanding of where you are, and where you want to be. Your financial professional should take the time to understand your assets and your financial goals (recall week 1) and assist you in charting a path to get there: are you looking to reduce debt, payoff your house? Have a certain amount of disposable income per month? Your planner should listen carefully and guide you towards successful implementation of a plan to meet these goals.
I hope that this has given you a start on your pathway to finding a Financial Provider that is a good resource for you. Do not be afraid to set up a series of meetings and interview several planners before selecting one to help you steward your finances. Finding a good Financial Planner should be more intensive than finding a good housekeeper: if you feel you are not getting top quality service for your investment of time and resources, move on to another option.
GrandmaCents 