Many people think they can’t afford a financial planner, and that’s a shame because it’s simply not true. This belief is based on the misconception that all advisors won’t work with you unless you already have millions in the bank.
While that’s certainly true of some advisors, plenty of financial planning firms don’t operate this way. Some even specialize in exclusively helping people with much more realistic levels of wealth achieve their financial goals.
At Finivi, we strive to be the kind of financial planning firm that’s a truly accessible solution for anyone seeking to optimize their finances.
In fact, our unique Advice-On-Demand service starts at just $99, and ongoing financial support starts at $149 per month. A lot of people pay that much or more for their cable, gym memberships, or other services!
If you’re still unsure of whether or not you can really afford a financial planner to help you and your family, consider the consequences of not getting expert advice to make the best financial choices possible.
Why You Can’t Afford Not to Have a Financial Planner
What kind of opportunities are you missing out on? How much better could your investments be doing right now if you had someone else helping you figure them out? What big, costly mistakes could you avoid altogether?
You don’t have to take unnecessary risks, end up with lots of regrets about what you should have done (or avoided), or constantly second-guess if you’ll have enough money to accomplish your goals or reach financial freedom.
All it takes is realizing that A. you can prevent these issues and B. financial planners aren’t just for “rich people.”
Here’s how to find a financial planner who can address your needs and ensure you’re on the right track to the kind of life you truly want to live.
How to Find a Financial Planner
There are a lot of financial planners out there which could make finding the right one for you feel overwhelming. But the amount of choice also means you can find someone who is the perfect fit for what you need.
So start there: what are you actually looking to accomplish in hiring a financial advisor? Get an idea of your needs and goals — and then seek out a planner who specializes in serving people like you.
There are advisors who specialize in helping Gen X and Gen Yers, for example, which means they have a lot of expertise around topics that matter to you. That includes knowing how to pay off student loans, how to buy a house, what you need to do to grow your wealth over your working career, and so on.
Other advisors specialize in retirement planning, or helping folks about 10 years out from retirement to understand if they have enough money to retire, how to reduce the amount of taxes your investments will trigger, and more.
When you’re ready to search, ask friends and family for recommendations. Do a Google search for “financial planners in [your town].”
Or search for advisors who specialize in your specific needs — like looking for “financial advisors who work virtually” if you don’t want to have to come into an office, or “financial planners for small business owners” if you just want advice here and there when you need it.
You can also use a directory to look up qualified planners. The CFP Board allows you to search by zip code to find CFPs in your area.
Questions You Should Ask
Of course, finding a financial planner is only the first part of the process. Once you have a few potential advisors that could work with you, you’ll want to narrow your options down to the absolute best choice for you.
To do so, make sure you ask questions like:
- Are you a fiduciary? A fiduciary is someone who needs to work in your best interest at all times — but this isn’t actually a requirement, so make sure you ask what kind of advisor yours is.
- How do you charge? Make sure you work with someone who is transparent about the fees they charge for their services. You should understand how your planner makes money before you trust them with yours.
- What certifications or designations do you have? “Financial planner” and “financial advisor” aren’t actual titles that signify certain training or education. Anyone can use these titles… but only trained, educated experts can use designations like CFP, ChFC, AWMA or CFA.
- What services do you provide? What’s your process? You need to know what to expect from your financial planner before you make any decisions. Be clear about the work they’ll do for you and what’s included in your service.
Pay close attention to the answers you get. Not only should they align with what’s mentioned above, but perhaps more importantly, you should feel good about what you here.
Yes, your feelings really do matter here. Money is a sensitive topic for many, and it’s not always fun to talk about your personal finances (especially if you feel like you’re struggling or uncertain about how to get on track).
You need to click with a financial planner in order to work successfully with them. You need to get a good vibe. You need to like them, because this isn’t just about a transaction or even a service.
This is about the relationship you can form that will empower you to reach your greatest financial potential. If you want to learn more or get started, click here.