Working with Financial Professionals
Financial missteps are a common part of life. It's often painful to learn lessons the hard way. Fortunately, by seeking guidance from financial experts, we can navigate our financial journey more smoothly and avoid costly mistakes.
Financial experts, such as insurance agents, tax advisors, and investment brokers, have years of experience working with clients like you. They've seen firsthand what works and what doesn't, and can offer valuable advice to help you achieve your financial goals.
Below are key questions to ask when speaking with a financial professional:
- What are some of the common mistakes people my age, or in my circumstances, make when it comes to this topic?
- What do your best clients do that others don’t?
- What should I be asking you that I don’t know to ask?
This last question can lead to useful suggestions like:
- Books or resources to help you learn more
- Advice on setting realistic goals
- Long-term financial tips for different stages of life (20s, 30s, 40s, etc.)
- Regrets or lessons learned from more experienced clients
- Key skills or tools to succeed
Additional Tips
Be humble and teachable: A big part of learning is being open to guidance.
Clarify your goals: Before meeting with a financial advisor, make sure you have clearly stated goals. You can then ask this professional for help to achieve your goals. It might also be helpful to ask them to evaluate your goal, to see if it may need to be adjusted due to changing personal circumstances, or market conditions. To avoid any conflict of interest, make sure your consultation is focused on your goals, and not the priorities of the financial professional.
Take responsibility for your financial well-being: Don’t simply expect a financial professional to tell you what to do. Even if you are not a financial expert, make an effort to understand basic concepts and terminology so you can communicate and engage effectively with professionals.
By asking the right questions and staying informed, you can avoid common mistakes and make better financial decisions.