Today I we're talking about real financial planning. It's not hard to find financial advice. You can read books, look on the Internet, rumors, ask that crazy uncle. But I'm talking about a professional that has your best interest at heart of everything they do. The Certified Financial Planner Board describes financial planning as “looking at a client's entire financial picture and advising them on how to achieve their short- and long-term financial goals. From saving for education and planning for retirement to effectively managing taxes and insurance, financial planners develop valuable relationships with their clients to provide them with confidence today and a more secure tomorrow.” A good financial planner takes in all your information, does the math heavy lifting for you, and then comes back with a plan on how to achieve you goals. This holistic approach is good financial planning, and will give you the "What and the How" to help you accomplish your stated goals. When you seek out financial advice, your should absolutely look for this as a minimum.
But you don’t have to settle for just “good”. A real financial planner takes the time to explore your “Who and your Why”. They listen to your story, your passions, your way of doing things, and your fears. Who and what is most important to you? Why? They explore with you the life you want and what keeps you awake at night. Everyone has a different relationship with money. And we don’t check that at the door when we head into a meeting to discuss our financial goals.
Personal financial planning is personal. A financial plan developed from an short interview or questionnaire and review of your documents may result in a clear, detailed road map to a great financial destination. But is that your destination? Is it the best journey for you? Do you see yourself really carrying out this plan? Did you planner explore options, what ifs, or possible other paths with you? It takes time and most of all it takes great listening. When you walk out of a meeting with your financial planner or advisor you want to be confident they know what they are doing and that they are bound to put your best interest first. But you also need to know you were really heard. That your financial plan isn’t just a good financial plan. It’s YOUR plan. It’s the best plan for you and you see yourself in it.
If you’ve been thinking about getting some financial advice, you have choices out there. Most good financial planners offer a free introductory call or meeting, which is your chance to see they they might be a good fit for you. Ideally, they ask some open questions and really listen. If it sounds like a sales pitch, it probably is. And you can shop around. There are planners that you can hire by the hour, or for a specific project. Others like me work with clients on an ongoing basis to answer questions along way and reorient as your life’s journey evolves. Many advisors expect to manage and invest your money for you. Others like working with do-it-yourselfers by providing advise you can carry out yourself. I do both.
But finding a real financial planner comes back to you. Do they hear you? Do they invest the time to explore your who and your why? Do they “get” you and do you see yourself in the advice and planning they give back. If not, move on. You deserve better and it’s out there for you.
Here's some links to help your search for a real financial planner. My website, the Military Financial Planner Association, XY Planning Network, and the National Association of Personal financial Advisors.
