This is probably the number one question out there, when it comes to seeking financial help. People go to coaches seeking investment advice, and the coaches send them to advisors. Or people go to advisors needing help with their budget, and they send them to coaches or planners. Finances can be frustrating in themselves, but add the “WHO DO I GO TO?” cry of frustration and you might end up just going on to YouTube to find some duck that “teaches” financial advice (that duck is probably richer than all of us, at this point).
Seeking financial help should be easy and once you understand a few things about where YOU are in your finances, you’ll better understand who’s help you actually need.
A quick overview comparison can help you narrow your decision.
- Financial Coaches:
- People and education / empowerment focused.
- Never handles any of your money.
- Works with clients on building better money habits, improving financial confidence, creating budgets, paying-off debt, saving for the future, as well as defining short-term and long-term goals.
- Financial Planners:
- People and Long-term-goal focused.
- Helps clients create strategies and budgets to achieve their long-term financial goals.
- Works with clients on creating and executing a comprehensive financial plan. They also provide guidance in budgeting, tax planning, insurance, and investing.
- Financial Advisors:
- People and Money-growth focused.
- Helps manage clients’ money and investment portfolios for maximum growth.
- Works with clients when they need assistance with investing and saving strategies. They also provide guidance in tax, estate, and retirement planning.
There can be a lot of overlap between the three, and that is why, when you find some possible candidates, you must INTERVIEW them. Just because they are knowledgeable and capable in their field does not necessarily mean they will be the right fit for you. Finances are PERSONAL and since not everyone will help you the same way, you need to know exactly where you are and what you need.
Here are some good things to keep in mind when seeking out financial help:
- Interview the top 3 you find.
- Just because uncle Bob says good ole Jim down the street is great with money (because he’s been doing it since 1968), doesn’t mean you have to go to Jim. Don’t worry about offending anyone. This is your money and your goals. You need to go to the right person for your future.
- Find someone who is a teacher at heart.
- Find someone who will take the time to listen to you, educate you, and then guide you until you are confident. Avoid those who are pushy, talk a big talk, or just drop a product in your lap and say “Good luck!” You want someone who is encouraging and will keep you moving forward.
- Go to someone who is qualified in what you need.
- You won’t know unless you ask. During the interview, be direct with exactly what you need. If the person you are interviewing is not qualified to provide you with the type of financial help you need, there is a good chance they have someone in their network to recommend to you.
- Find someone you trust.
- Yes, trust is earned and takes time, but also consider the way they conduct themselves and do business. Are you two on the same page? Can you get along? Remember, this is money and it’s extremely personal. You need someone you can trust to walk this journey with.
There’s a lot of truth AND noise out there!
When it comes to financial advice and instruction, there are more people out there ready to give it than there are ants on the ground. Scrolling through social media, you can easily get sucked into the 1,001 ways to make a dollar and turn it into millions tomorrow, or so says the duck. You have to understand and know what YOU want. Your goals and dreams will develop over time and you need someone by your side. That person may change as your goals and needs change, that’s okay. The point is to start strong.
If you need any guidance to get started, let me know. That’s why I am here! And if I find that what you need is not me, I’m going to help you find others that could be good candidates for you. I want you to succeed whether you’re working with me or someone else. You’ve got this!
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