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Week 5: Insurance & Investing

Today’s Easy Financial Task: Talk to a financial advisor

How to rock this task:

  • Gather the retirement investing options from your job
  • If you don’t have a workplace retirement plan, choose two investment vehicles you’re interested in learning more about
  • Learn how to find a qualified financial advisor and make an appointment

Now that have your investment goals, it’s time to reach out to a professional for help. Choosing the right financial advisor is as important as choosing a doctor, mechanic, or childcare provider. Not only are you looking for someone who’s knowledgeable, you’re also looking for someone with whom you can build a good relationship. You should like them– after all you’ll be sharing intimate financial details with them.

Once you gather your current or desired investment material, it’s time to find a qualified financial advisor. Not sure how? If your investments are through your job, you likely have an assigned advisor. Ask your Human Resource Department or check your statement for contact information.

If you don’t have work related investments, the best place to find an advisor is through your family, friends, and co-workers. Is there anyone you know whose retirement and investment plan you admire? Start with your accountability partners. Reach out to them and ask who helped them. Once you have at least two referrals, it’s time to interview your prospects.

Our sponsor, Prudential is a great place to find a financial advisor near you. Reach out to one near you here & tell them The Budgetnista sent you: http://www.prudential.com/findnearby

 

When you find a few you like, use the questions below to help you narrow down which advisor is right for you.

According to Forbes, here are the ten questions you should ask your potential financial advisor:

1. Are you a fiduciary?

A fiduciary is a person who has to place the client’s interest ahead of his or her own. Fiduciaries must also disclose what their fees are, how they’re compensated, and any other conflicts or potential conflicts of interest that might influence an individual’s decision to use their services. (Forbes)

2. How much are your services, and how you do you charge for them?

Note: There are a number of ways that financial advisors are paid. This article explains 6 ways. http://moneyover55.about.com/od/findingqualifiedadvisors/a/finadvisorfees.htm 

When looking for an advisor, look for one that suits your desired payment method.  

3. What licenses, credentials, or other certifications do you have?

4. What services do you/does your firm provide?

5. What types of clients do you specialize in?

6. Could I see a sample financial plan?

7. What is your investment approach?

8. How much contact do you have with your clients?

9. Will I be working only with you or with a team?

10. What makes your client experience unique?

Remember, the way to truly gain wealth is through investing, so make sure you start today by getting professional help.

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I will find a financial advisor. Thank you @PrudentialBYC. Day 34. #LIVERICHERChallenge #pruwomen Click To Tweet

Do you have a financial advisor? If not, do you feel a little more confident about finding one?  Share your thoughts with me in the comments below & in our LRC Forum(If you’re new to the Dream Catchers: LIVE RICHER forum make sure to fill out the questionnaire HERE before requesting to join.)

Live richer,

Tiffany

*** Have you just started the Challenge? Want to catch-up? Want to do the Challenge again later? Want to work through the LIVE RICHER Challenge in a workbook as well? You can do it ALL with the LRC Book. Get it here NOW: LIVE RICHER Challenge Book ***

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FYI:

My Lisa Rule: I have 4 sisters and Lisa is the baby (well she’s not a baby anymore). Of all of my sisters I’m the most protective over her. Before I share any product or service with you, it must pass my Lisa Rule.

What’s the Lisa Rule? If I would not advise Lisa to use a product or service, I won’t advise you to. YOU are my Lisas. I feel protective over you and your financial journey.

The products/services mentioned in this post pass my Lisa Rule. Yes, I’m an affiliate, but I would not recommend a product or service that I didn’t believe was helpful and useful. 

 

  • Stacey

    I have no problem meeting with an advisor I’m just not sure what I need to ask. My investments are through work and the money comes straight from my paycheck. To be honest I’m still trying to get the debt and credit parts in order, though I’m much better than I was.

  • Layla

    I contacted some companies that deal with financial investments. I’m a complete novice to this so hopefully I’ll speak to someone that can help me start this journey accordingly.
    Also, I think I’ll open up a Learn Vest account to get some additional help.