Archive for June, 2010

As a CFP® who specializes in client advocacy, I have found that there is sometimes a disconnect between my industry and clients needs. Many of my new clients come to me after becoming disenfranchised with another advisor. Here are some questions to ask if you are considering shopping for a new financial professional:

-Is your income fee-based or commission-based?

-What designations do you have? (I suggest looking for a Certified Financial Planner or CFP®)

-Are you tied to any sales goals with specific products?

-Are you working with any vendors who require you to sell a minimum number of their products or your contract with them will end soon? (Do you have any quotas to reach?)

-What are your limitations, if any, in selling specific product lines due to your current licensing? (Someone who is fully licensed has a Series 7 and Series 66 to be fee-based.)

-Do you charge an annual planning fee outside of compensation from products? If you don’t why not?

-If you’re talking to an independent planner: If something were to happen to you, who will take care of me?

-If you’re talking to someone associated with a firm: What happens if you leave the business, by choice, disability or death?  Who would then be managing my money?

Successful business owners usually embrace the need for a coach or mentor.  Last week I was an expert panelist for the Women Advisors Forum’s “Reaching the Top” panel in Chicago.  I was honored to be amongst other successful women financial advisors that shared the same philosophies on practice management.  One common thread that we shared was that we had all, at some point, had a support system to surround us.  I like to refer to this kind of mentor group as “A Personal Board of Directors”.

Surround yourself with this “board of directors” -mentors, close friends, and family members who can support you in both your business life as well as your personal life.  You’ll need “tough love” and unconditional support to weather the good and the bad in all areas of your personal, business, and financial life.

In light of Fathers Day, I thought I would share some things my own father taught me about money.  Growing up, we didn’t have much but these lessons will last a lifetime.

-Having More Money Doesn’t Necessarily Make You A Happier Person.

-It’s Always Good To Have A “Stash” For Emergencies.

-Don’t Spend Money on Anything That Is Not A Priority For You.

Happy Fathers Day!