From time to time, I hear people say something like, “Thinking about financial goals gives me a bellyache. Why would I pay somebody to talk about them?”
If that’s how you feel, you’re not alone. Most Americans experience some level of anxiety, insecurity or fear about financial issues, according to the Northwestern Mutual 2018 Planning and Progress Study.
Even though most of us get that bellyache about money from time to time, a big majority of us—87 percent—think that financial security is essential for emotional well-being.
So, we think financial security is important, but we don’t like to think about it. What shall we do?
How can a financial planner help me?
One idea would be to work with a trained, experienced financial advisor whom you can really trust to look out for you. But finding an advisor that meets that profile is easier said than done.
A couple things I suggest you look for to be sure an advisor is firmly on your side include:
- Is the advisor always the client’s advocate? One way to tell: Make sure they’re a fiduciary advisor.
- Is the advisor only paid by clients, not any financial product manufacturer or distribution network? That would be a fee-only advisor.
When you find an advisor like this to help you, odds are you will be feel loads better about your financial situation. The same study showed that financial security was almost four times higher for those people who work with an advisor.
How do I find a financial advisor I can trust?
I suggest you start with a search for CERTIFIED FINANCIAL PLANNER™ professionals in your neighborhood.
CFP® professionals take a multi-faceted approach to your financial planning process that includes budgets, risk protection, retirement planning, investment management, taxes and estate planning. All these related aspects are the foundation for a great plan to make the most your financial life.
A CFP® professional can help you create a financial plan that is driven by your goals and priorities and addresses all aspects of your financial life. With a big-picture approach, you will be better prepared to understand your options at every step along the way.
Yes, I am a CFP® professional. I’m always a fiduciary and I only work on a fee basis. And yes, I’m still taking on a few great families to be part of my financial planning practice.
If this article has you thinking about reducing your financial planning bellyache, contact my office at rdunn@dunncreekadvisors.com. I am always happy to meet with people who are working on their financial goals. Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.
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