Protect Yourself: Working with a Financial Professional

June 25, 2009 at 6:00 am Leave a comment

Creative Commons License

Creative Commons License

You are a professional and expect engaged couples to hire professionals.  Why wouldn’t you do the same for your personal finances?  This goes along with the idea that you would never operate on yourself because you are not trained to practice medicine.  Why would you try to manage your personal finances if you haven’t had this training?

Stacy Willoughby, Financial Advisor for Waddell & Reed says that “a financial advisor allows you to tap into a professional’s expertise and frees up your time to find more new clients, do more marketing, and spend more time with your family.”

Stacy adds, “A good financial professional will want to be there for you as a coach and accountability partner as you work towards your goals and dreams.  They can also work as a quarterback for the other financial professionals on your team:  your accountant, your bookkeeper, your insurance providers, and your attorney, to make sure that all of these pieces are working towards your goals.  “

How to find a good financial advisor

In the wedding industry, we expect the customer to do their research, to ask for recommendations, to hire professionals.  This is the same of seeking a financial advisor.  Here are some tips that Stacy offers in hiring a financial advisor:

  • Ask family and friends for recommendations.
  • Inquire about the nature of the work they had done, how long they have been in the field.
  • Ask the same questions you would ask any consultant:
    What is your background and training?
    How long have you been in the business?
    What is your particular area of expertise?
    Are you member of a professional association?
  • Clarify expectations of what you are looking for in an advisor and what they expect from you.
  • Ask about the fees associated with the types of serviced provided.  Make sure that you understand how you will be charged.  (You should also know that you have choices as to how you are charged, either a sales charge or fee-based.)
  • Compare the services that will be provided.  Remember, cheaper isn’t always better.  Look for value and experience.

The financial advisor will be key in helping you put all the pieces together.  They’ll jump-start you on the path to building an emergency plan, a retirement plan, and an insurance plan.  And, as wedding professionals, we all know the value of hiring professionals!


Entry filed under: Personal Finance.

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