When’s the Right Time?
You just lost your job. You are in debt and don’t know how to move forward. When you want to buy a house, have another baby, and would love to work less but you don’t know how to do it. When you are going through some of life’s tough moments, you pause, think, and examine your life. It’s a great time to think about hiring a financial planner.
As a financial planner, the aspect that I love most is helping people change their financial lives for the better. When someone contacts me, there is something they are uncomfortable or uncertain about. They don’t have the knowledge, time, or passion – something – to get back to a confident place.
However, what really changes clients’ lives is helping them create systems to change their own behavior and live a better money life. When a client sees that they are capable of making this change, instead of thinking that they are bad with money, this is remarkable. The sense of relief and accomplishment is wonderful. This is one of the many benefits of working with someone.
Framework for Hiring
What’s the framework for hiring someone? I have a particular focus on equity ownership. You may not recognize it, but equity ownership is connected to every aspect of your financial life – spending, cash flow, student loans, etc. There are a lot of opportunities around ownership in a business, including its value, portfolio investment risk, and ongoing tax strategies through selling your shares.
A lot of questions come to mind. Do you need extra cash to pay for things at home? Would you like to save for the future? When would you like to be free of your student debt? How do you prioritize between competing goals? If you are ready to work with someone and don’t know where to start, it’s a great time to reach out and think about working together.
Here are some items where you and your planner should be on the same page:
- Can you communicate with them easily?
- Does the financial planner have an empathetic and helpful mindset?
- Does their area of expertise overlap with your needs?
- How does their client servicing work?
- Do they explain things in a way you easily understand?
What Should You Ask a Financial Planner?
This is a list of questions to help you find a great fit and hire a financial planner:
- Who do you typically work with?
- What do you think you do best for clients?
- What does the first year working together look like?
- What happens after the first year?
- What is your fee?
- Is your pricing fee-only?
It’s important to understand the exact level of service and set expectations for both sides. How often do you meet? How will you work together? What services will be provided when not meeting? The level of service provided and the level of service that you want must be aligned for a successful partnership.
Being comfortable to share your thoughts and feelings with me is essential. Speaking up when you don’t understand something is extremely important. If I will help you with your finances, I need to understand your wants, needs, and priorities with money.
What Should You Know After Your First Meeting With a Financial Planner?
Do I like this person? Can they help me? If you don’t get a good vibe, stay away.
If you have questions about the financial services I offer, how much they cost, and how they can benefit you, please reach out for a free consultation.