Financial Planners: Asking for Help
I have been in the financial services industry for the past eleven years. I'm licensed to deal with estate and business planning, life insurance, disability insurance, mutual funds, annuities, etc., and have clients all over the country. In my dealings with numerous financial instruments, institutions, and individuals, I have heard almost every possible reason and explanation of why help is needed and/or desired.
In those eleven years, I've worked with clients who start out in the red, and I've worked with those that have net-worths in the multi-millions. I have heard some of the most interesting questions and statements from women when discussing money and the effects it has on day-to-day life. The simple fact is, when you are dealing with such an emotional topic as money, the scariest thing is to ask for help. So, let's start from the beginning: asking for help.
In my experience, this is probably the most difficult obstacle for women to overcome. I'm not sure if this is because women believe they're not the decision makers in relationships, or because the majority of the wealth in this country is in the hands of men. But whatever the cause, the level of intimidation and anxiety seems to be much higher for women when asking for help about money. However, it is this advisor's opinion that to ask for help is to show the greatest strength. So, we are back to asking for help….
Let me start by saying that the belief that you need to have money to speak to a financial planner is totally wrong! If you were making money, living on a budget, and saving, then you wouldn't need a financial planner. What you need is a sales person who is going to sell you the product that he or she feels is the best product to help you meet your goals. The best financial advisors are the ones who will put in the time and energy to help those who need it. But, the burden is on you to actually accept that help. Far too many people are referred to me that want a miracle fix and are not willing to change their habits. At this time I would like to refer to my common definition of insanity...
Insanity: Doing things over and over in the same way and expecting different results.
When we decide to start dealing with our money, and we want to alter our current situations, we must look for any display of "insanity." If we want things to change, we have to change our behavior.
The next thing we may want to look at is our preconceived ideas about which financial planner is best for us. Just because you are a women and the advisor is a women, doesn't mean she will be right for you. This also holds true for race, religious belief, age, geographic location, etc. The true manner of whether a planner is right for you lies in two factors, and two factors only:
1. Does the person sitting in front of you understand where you are coming from? Is he or she completely interested in your situation and willing to do what it takes to get you to a better place? Hint: this includes putting off making a commission or fee until the time it is appropriate and deserved.
2. Does he or she have a long list of people that would stand behind him or her and advocate for the advisor’s services? In other words, how did you get his or her name and phone number. Is it from a phonebook, television or newspaper? Or is it from a friend, family member, or trusted advisor?
At the end of the day, getting your hands around your finances is really up to you. Obviously, I think it's incredibly important or I wouldn't do what I do. But you, the individual, have to be willing to change your current situation and move in a new direction. The first step is asking for help. And believe it or not, it really is easier than you think!
And it actually shows more confidence and strength than you could possibly imagine. That's something that's very important for both you and your advisor. Go for it.
Author: Cory Ott
By this author, you may also like: Hard Questions for a Single Dad
