OMG seriously, you *have to* watch that video up there! For anyone who follows me on Twitter, you’ll know how obsessed I am with it, haha… (and if you’re reading this via RSS, click here to see what I’m in love with). It’s a pair of cartoons playing out a “day in the life of a financial planner” and it cracks me up to no end ;) And I’m not even a financial planner! I can just imagine what their clients put them through sometimes, haha… oh man. Good stuff. “Harry Potter and Warren Buffett together could not help you!”
I think this video will single-handedly get me to finally sit down with one though, and learn the ins and outs on what they do once and for all. And even more importantly, how they can help US! One of my boys opened up his own practice a few years back, so the wifey & and I plan on scheduling in a time to come in – just like regular customers – and go through the entire process ourselves :) Should be fun! And, of course, I’ll be blogging about the whole experience once we get started.
I thought it would be good first, though, to get YOUR impressions of CFPs (Certified Financial Planners), so I can stroll in with a boat load of ammunition ;) I know I’ve already got a dozen or so questions for ’em right off the bat, but maybe you have some better ones? Also curious to see if you’ve ever used one before or not.
So here we go – this week’s 5 For Friday on Financial Planners starts NOW:
- Have you ever used a financial planner before?
- If so, what did you think of it all? (If not, why not?)
- How much did it cost you? Was it worth it?
- Do you TRUST financial advisors?
- Do you think YOU could do a better job than them?
- **BONUS** What’s a question you’d like me to ask them for you? (I’ll make a list and bring it!)
Here are my answers to these – then it’s your turn!
- Used before? I have not. But I’ll be starting soon!
- Why? Honestly? I’ve just never made it a priority. I’ve never been against them, I’ve just never taken the time to find one I liked and then schedule an appointment (my parents have been trying to get me to go to one for YEARRRRS, they swear by theirs! And unfort. theirs is too far away for me to come visit, or I woulda started 4 years ago!). And now that I have my own CFP friend, I feel like it’s a good time to finally suck it up and go in… it’s like a new mission for me! (And you know how I like me some missions)
- How much did it cost? N/A – Though I can tell you that my friend charges a flat rate per year no matter how little or how much you use him. Which I love! No worrying about reaching out w/ questions cuz you might get dinged .25 hourly rates, etc, and you know the advice will be solid because there’s no commissions involved! They get paid the same no matter what you invest (or don’t invest) in. It’s like having your own financial guy on standby all year long ;)
- Trust financial advisors? Yeah, I believe there are a lot of good outs out there, just as much as there are a lot of shady financial advisors in the mix (like with everything in life, no?). The trick is finding one who you believe is in it for YOU and sticking with him/her for however long it makes sense. It’ll be interesting to see how my mission will go, and if I end up keeping him around for years and years to come… if I’m happy with everything though, why not?
- Can I do a better job? Hmm…. that’s tricky. Mainly because I don’t *know* exactly what they actually do yet at this point. I will say that I think I’m doing a damn good job so far though! For sticking to the basics and not jumping into anything crazy that I don’t understand (a key principle of success, I find). But on the other hand, I also feel like all my accounts and investments are in big chunks all over the place and I don’t have a solid unified “game plan.” I just keep saving and growing my money with no real direction other than to just keep doing THAT, haha… so we’ll see!
- **BONUS** I’ve actually already asked my two main questions (“Can I call you anytime whenever I have a question and *not* get charged for it?” (Yes) and “Do you work on commissions or flat-fee?” (flat fee)) but I still have some other smaller ones like wondering how much *time* they may be able to save me, as well as how the whole process works in general (Do we meet every so often? Will you call me when big changes happen? Etc.). I now the second we start talking though, my mind will be inundated w/ newer and crazier scenarios to be answered ;) So I hope he’s prepared!
Alright, that’s enough brain work for a Friday… your turn to stretch it out! What are YOUR thoughts on financial advisors? Shoot back your 5 answers below :) I’ll let you know once we go in and get started! And if you haven’t already, don’t forget to WATCH THAT VIDEO! Haha…. I’m going for view #9 right now, it never gets old.
PS: I keep interchanging the terms “financial planner” with “financial advisor” — I think they’re the same thing, but maybe I’m wrong? Feel free to slap my hands if I am ;)