There are a lot of great reasons to work with a financial advisor. Of course, I am biased, but only because of how passionate I am about the work we are privileged to do -- helping people move toward reaching goals, creating financial confidence, and finding personal growth in the process.
However, there can be misconceptions about what advisors do, who needs one, and the best time to seek one out. I’ll offer perspective based on what my practice offers as an independent advisor and CFP® professional, and the problems we help address along the way.
In general, we help people make smart financial decisions. We think about things so that you don’t have to and offer perspective on complex decisions and concepts. We educate, offer advice, and provide accountability.
In his book ‘The Success Principles’ author Jack Canfield talks about the cycle of completion, a process that is required to succeed at anything. This principle helps us understand that in order to get what you want, you not only have to decide what that is, but also make a plan, get started, and continue on a sometimes-lengthy path toward the desired end result. Financial planning and money issues are one of the most common incompletes. Often this is the result of not being clear or having some kind of psychological or emotional block standing in your way.
Maybe you aren’t sure what you are trying to accomplish, feel overwhelmed or unsure about your situation, or you are having trouble keeping your emotions in check. Maybe you are just ready for a partner, an advocate, a coach and cheerleader, who is passionate about your growth both financially and personally. This can be a big advantage in the quest for transformation, building wealth, and achieving success.
It’s important to understand what services a financial advisor may offer. While investing is typically part of the process, you’ll find there is much more to a good advisor than selecting investments.
Creating A Better Money Mindset
Understanding your values and having a positive outlook on your financial situation is the first step to success. An advisor can:
- Help you to understand why money is important to you
- Provide help setting goals and tracking milestones
- Create and adjust a game plan for your life and goals
- Help keep your emotions in check
- Determine your net worth and where your money goes
- Help provide accountability so things get done
- Help educate your children about money
- Create strategies to build wealth and grow assets
- Act as a sounding board for what’s on your mind
Advanced Planning Strategies and Coordination with Other Professionals
Through various advanced strategies we work to help you build wealth, preserve it along the way, and transfer it to the people and causes you care about. We also involve and coordinate with other professionals that play important roles in your overall financial plan. A few examples include:
- Investment selection, management and portfolio rebalancing
- Directing your money to the right places with cash flow planning
- Spending analysis and planning
- Social security strategies
- Retirement income coordination
- IRA and Roth IRA Conversions
- Tax-loss harvesting
- Charitable giving strategies
- Tax-free investing
- Educated debt-management
- Estate planning
- Wealth transfer and protection strategies
Partnership and community
We offer a helping hand and community of financially like-minded people, we answer questions and provide interactive tools to help you grow.
- Do I have enough money to retire?
- When can I quit my job and do something I love?
- How much house can we buy?
- Can I afford this car?
- Am I paying too much tax? What can I do about it?
- Do I need a trust?
- Should I invest in a Roth or Traditional IRA/401(k)?
When should I engage a financial advisor?
People often start to think about working with a professional when they are facing a significant change in their lives. Retirement, a new job, divorce, starting a new family, buying a house, and more, are important moments where we look for guidance. While some people feel they need to have a certain level of assets or income to benefit from an advisor, others may simply be tired of doing it alone and are looking for advice.
The truth is, you can benefit from working with an advisor at any time. Planning opportunities exist all throughout your financial journey and advisors work with people at every stage -- helping people retire, seeking to help families maximize their resources mid-career, and serving those just starting their journey.
Our office helps families and individuals that have accumulated wealth through hard work and good habits, but now their situation has become more complex and complicated than they feel comfortable with. With success comes responsibility and obligation to demanding careers, and a desire to enjoy life and family. We help them create balance and confidence.
Or, maybe you’ve done it alone up until now and are considering retirement – the time has come to start transitioning out of the workforce. Making sure you are ready personally, financially, and have a sustainable plan to allow you to live the life you want, is a big task. This requires coordinating income and benefits from pensions, social security, and other investments along with a spending plan for your envisioned lifestyle and the ability to adapt to change as it inevitably comes.
Invest in yourself
Any relationship is an investment of time and/or money and working with a financial advisor isn’t any different - getting the full value requires commitment. It’s also true that not everyone requires an advisor and many people have success on their own, if they have the time, interest, and dedication to the task.
When I started my career, I was hesitant to pay other professionals for their services, of course the budget was tight, and I had limited experience to draw from. However, I was repeatedly encouraged by people I respected to sign up for programs that would help me develop professionally and personally, and to hire professionals for the things I wasn’t an expert at (taxes, etc.). I quickly began to see these weren’t expenses, rather they were investments in myself and business. Looking back, they are some of the best decisions and investments that I’ve made and allowed me the confidence to grow.
A few last words on advisors
Let’s be clear, not all advisors are the same. One important distinction is to look for a CFP® (CERTIFIED FINANCIAL PLANNER™) Professional - this is an advisor that has completed rigorous coursework in the field of financial planning and is held to a fiduciary standard - an obligation to work in your best interest, not their own. Make sure you do your homework, selecting the right advisor is a big decision.
We are focused and passionate about helping people maximize their resources. It’s incredibly important to have a plan for stewardship of your hard-earned income and assets. You work too hard to spend or invest aimlessly and without purpose.
If you’d like to learn more about my firm, please reach out. We are currently accepting new clients and offer a no-obligation consultation to get started.