Looking to Hire a Financial Advisor?

Are you thinking of hiring a financial advisor to help you with your money? Full disclosure, I’m not, obviously, because I am one.

 

I’ll tell you this, though… Coming from someone who’s been in this industry for over a decade, if I was looking to hire a financial advisor there are a few questions I would need to have answered in order to feel comfortable about trusting one with my hard earned money especially since there can be risk involved in investing.

Any way you slice it, the idea of moving your life savings from one financial advisor to another, or the idea of trusting someone and working with someone to help you build your nest egg is a major decision that should not be taken lightly.

Taking the wrong type of advice to heart or making certain types of mistakes could end up costing you a lot of money over the course of your saving and investing career.

I want to help you avoid doing that.

Let’s pretend (just for a few minutes) that I’m looking to hire a financial advisor, I’ll tell you exactly what I’d be looking for if I was…

First things first, only work with someone you feel good about being connected with and working with.

I always say this is kind of a no-brainer. If you’re looking to feel good about the direction your money is moving and what choices you make, it’s important that you have a solid working relationship with your advisor.

The connection I’m referring to is made up of a few elements…

Trust: I think it’s important to most people to feel like your advisor is working in your best interests and being honest with you. You want to know that if you ask a question it’ll get answered and that if you have a concern it’ll be resolved.
After all, you’re trusting your future with someone and you should make sure you feel like they’re worthy of that kind of responsibility.

Communication: Whoever you decide to hire to work with your money, I would definitely make sure you feel comfortable communicating with them.
I always say it’s a good idea to discuss your expectations with a potential advisor up front. If you want to speak to them weekly, tell them. If you only want to hear from them once a year, tell them.
If you normally get nervous and feel offended when you don’t get a voicemail or email returned by your advisor within 24 hours, let them know up front. If you can come to an understanding about the best way to communicate up-front, it could save you a lot of frustration over the long-term.

Respect: This one kind of goes hand in hand with trust, but you have to respect the ideology of your financial advisor.
On the same token, your advisor better be in a position where they respect your ideas and the expectations you have for your money.

It’s not a REQUIREMENT that you love your advisor (I hope you do), but if you can’t stand sitting in the same room with them or you feel like you have to second-guess their knowledge (or lack thereof) this could turn into a bigger issue later than it is now.

Working with a financial professionalthat you don’t have a mutual understanding of respect with is a slippery slope that can breed resentment and a lack of communication when it comes to your money.

Ask Them if They’re a Fiduciary

Fiduciary: Being legally and ethically bound to act in another’s best interests.

You may not know this, but not all financial advisors are legally required to work in your best interests when it comes to managing your money, offering you financial products, or creating financial plans for you.

One would think that when it comes to working with your money all advisors would do what’s best for their clients 100% of the time but that’s simply not the case with all financial advisors. In fact, you may be surprised to know that there are a lot fewer advisors truly acting as a fiduciary for their clients that those who actually ARE acting in this capacity for their clients.

Recently, the Department of Labor has passed (and is in the process of passing) the Fiduciary Rule into effect. This is a piece of legislation meant to keep consumers in the know when it comes to who’s really working with their money and to disclose and highlight the different conflicts of interest that may be taking place with some types of financial professionals.

Now, any financial professional who works with your IRAs, 401(k)s or any other qualified retirement account is considered to be a fiduciary. Unfortunately, this same level of care is not required for money other than these qualified retirement accounts, unless you’re working with an advisor who maintains the fiduciary standard of care at all times.

Not to get into TOO much detail here, but I think this is BIG for the industry.

Prior to the passing of the rule, a lot of financial professionals have worked for their clients on what we call a “suitability standard”. This means they are only held by the standard to what is “suitable” for their client’s financial situation.

This means that they can offer you products and recommendations that may be “suitable” for you. This is OK, but things like commissions paid to brokers, fees charged by financial institutions for managing money and also incentives that certain companies provide to brokers and advisors may not need to be spelled out and compared across products in plain English for you so you can truly decide what makes the most sense for you.

Transparency: Clear, easy to see through, not containing anything that would obstruct your view.

I believe advisors should have a transparent and open platform for their clients. This means that they should disclose all fees, commissions, and conflicts of interest with their clients up front prior to doing business with them, collections fees from them, and receiving commissions from them as well.

I also believe advisors should ALWAYS be held to the Fiduciary standard, not just when dealing with qualified retirement accounts like IRAs and 401(k)s.

If I were looking to hire a financial advisor, knowing what I know now (and what I’ve seen in the 10+ years I’ve been helping people plan with their money), I would seek one out that’s been acting as a fiduciary for their clients for the majority or all of their career, not someone who is scrambling to adjust to the changes in the industry as they happen. I would be looking for an advisor with a track record of doing what’s best for clients because of who they are, not because of new rules that force them to change.

Are you thinking of interviewing a potential advisor? Ask them what they think about the new law, and ask them how long they’ve been officially acting as a fiduciary for their clients.

If your prospective financial advisor seems confused by any of those types of questions, just ask to see their form ADV 2 brochure– that’s a document that investment advisors are required to give to their clients if they solicit business from them, get your hands on that document and read for yourself.

If your advisor doesn’t have an ADV 2 brochure then they most likely work for an insurance company or a broker-dealer and may not even be a real financial advisor (they could be what’s called a Registered Representative or just a life insurance agent). I’m not saying that’s a bad thing, but I would personally feel safer working with someone that was required to tell me everything about their business in writing before we did business.

Figure out if you’re potentially working with a broker-type advisor or a planning-type advisor

There are a few different types of financial advisors out there.

A broker-type advisor is mostly focused on selling and managing investments or other financial products for their clients for their clients.

A planning-type advisor focuses on putting together financial plans for their clients by running the numbers and doing the math to achieve specific financial goals like having a certain amount of income in retirement or helping you prioritize when to make certain financial decisions.

If you can find an advisor that offers brokerage services and also financial planning, you may get a more holistic approach to your money by doing that if it’s important to you.

It pays to have a plan (about getting a plan)

This is a big decision. Take your time when you interview an advisor, make sure you feel comfortable with who you’re working with. Understand that there is no “perfect” advisor out there, but taking the time to find and work with a financial professional that you feel good about working with can definitely pay you dividends in peace of mind throughout your lifetime.

 

 

SOURCE: http://www.theartofaplan.com/hiring-a-financial-advisor/

Personal Finance: What to Ask a Financial Adviser

Financial advisers and planners attend seminars and classes and read books so they can learn how to win your business or, if you’re already their client, to “deepen the relationship.” The customary procedure is for the adviser to ask you questions, orally and in writing, and for you to reply. Then the adviser considers the facts and tells you what he or she thinks.

But when you decide it’s time to hire (or replace) a financial adviser, it is a two-way street. Are you also prepared to be assertive? You should be. Whether you’re working with a financial planner on general big-picture matters or an investment manager who will actually handle your money, you are retaining these people and their organization to work for you.

This may cost you as much as 2 percent annually of your total assets that the adviser manages—probably more than you’ve had to pay an accountant or a lawyer. So there is no reason to be shy or to hold back in any introductory session.

Tell the planner or broker or investment manager—in a genial but matter-of-fact way—that you would like him or her to answer a series of your own questions in writing. If you run into resistance, or learn something troubling, take your business elsewhere.

This proactive, “educated consumer” approach doesn’t play well with all planners. After Kiplinger’s Personal Finance magazine chronicled one family’s search for an adviser—a year-long process that included a thorough if somewhat cheeky questionnaire prepared by the investor—one planner wrote to the author rather indignantly about his praise of this approach.

The planner said the questions should have been “How old are you?” and “What school did you attend,” and then the more pertinent, “What are your other clients like?” The first two are irrelevant, as long as the adviser has recognized professional credentials and a clean record.

On the third point, yes, if all the other clients are older and richer, or younger and with less-complex affairs, that’s a fair warning. You could end up as an afterthought to the adviser, the equivalent of being seated at the darkest table next to the kitchen or the last client to get a call returned.

So what questions should you ask?

The AARP has a sample financial-adviser questionnaire, but it is overly weighted with bureaucratic matters such as “Are you a registered investment adviser?” (not all planners are, and anyway, it doesn’t make one competent) and “Have you ever been disciplined by the Securities and Exchange Commission (SEC), the National Association of Security Dealers (NASD) or other regulator?” That’s important to know, but you don’t normally start by asking a professional if he or she is a crook. Perhaps there’s a regulatory blemish, but with extenuating circumstances. Better to talk this subject out.

In all seriousness, many advisers are receptive to being interviewed. They have an incentive to get off on the right foot with you or any other prospective client. So concentrate on the nitty-gritty: the cost, the investment performance, the type of investments the adviser favors or is most expert about, and the way the practice operates to serve you.

There’s also the issue of whether the adviser is a fiduciary (which means your interests legally come first) or a broker, which puts the pro in the awkward position of trying to improve your finances while owing primary legal allegiance to an employer, who may have sales quotas and other rules designed, first and foremost, to boost its profits. These are the areas you want to explore in your interviews and questionnaires.

First : The Fees

There are all kinds of arrangements on how you pay an adviser. Fee-only financial planners charge by the hour, but they may also bill a percentage of your assets if you retain them to provide hands-on investment advice such as to design a portfolio of mutual funds.

Others charge a combination of fees and commissions. So it’s key to ask the adviser to provide you with a written breakdown of all fees and commissions, how they are figured, and which ones are fixed and which ones are variable.

You can also ask how these charges compare to industry benchmarks. (One percent of total assets is fair; 1.5 percent is high although common, and more than that is too much.) After all, many no-load mutual funds have low expenses, but if a planner charges you several thousand dollars to assemble a simple mix of index funds and then takes a cut of your balances when there’s little or no management required, you’re wasting your money. Someone else might merely charge you $750 to take five hours to evaluate and reconfigure your investments and to update you every quarter. If you need additional advice, you can pay as you go.

Next : The Performance

This is a tough one because the timing of investments determines the performance.

When an adviser makes claims— which they sometimes do on their Web sites or in brochures—that other or “typical” clients have earned, say, two percentage points a year more than the S&P 500 over a long period, you need to see objective evidence.

This result is plausible, but you might engage the adviser on the subject of this “track record” by saying, “I know you have experience and credentials, but can you show me how exactly you have delivered this sort of return?” You’ll at least get a sense of how the adviser expects to add value to your portfolio—at least enough to cover his or her fees. (Remember, you can always solicit advice at a low cost from Vanguard or Fidelity, as long as you’re content to use their mutual funds for most of your investing.)

The adviser may respond by introducing the idea of risk-adjusted returns, explaining that an 8 percent long-term return with low volatility is better than 8 percent with considerable ups and downs. Again, ask the adviser to tell you how he or she controls the risk and rebalances or rethinks the investment mix to keep you out of trouble. Many fee-only financial planners are conservative and prefer index funds.

Brokers with large national firms may suggest you use separately managed accounts run by outside investment advisers. This costs more but gets you active management which, over time, could give you superior returns to the market indexes. If you don’t want indexing, this is the time to say so.

Service counts

Check out investment adviser and planner Web sites. You can locate them through random Googling, or consult association Web sites.

• NAPFA (www.napfa.org) is the National Association of Personal Financial Advisors, a group of financial planners who charge fees but not commissions.
• FPA (www.fpanet.org) is the Financial Planning Association, which includes planners of all sorts.
• IAA (www.icaa.org) is the Investment Adviser Association, whose members are wealth-management and advisory firms. Their account minimums tend to be high, often $1 million, but they will develop personalized portfolios for their clients and advise on estate planning, taxes and insurance.

All of these Web sites seem to promise superior or unparalleled customer service. But you need to determine just what this means. If you bring in $1 million, you’ll probably be assigned to a personal investment representative who will do everything but shine your shoes and fetch your laundry. That’s what you should expect, anyway.

But if you are one of 600 $100,000-clients of a two-person brokerage team, and you want individualized attention, be prepared to get to know (and get to like) the brokers’ young assistants, because they will be the gatekeepers. Then again, most advisers do not want to hear from you every time the market has a bad day or a bad week. Once you have an investment strategy in place, you should be patient.

So on this topic of service, you want to be specific: What kinds of summary statements do I get? What if I call suddenly with a tax or risk question? Do we have regular sit-down reviews, or do we make an appointment as if you were the dentist? Any or all of this can be acceptable, but make sure the arrangement is okay with all concerned.

Now : The Personal Stuff

Don’t forget matters of ethics and independence. With tens of thousands of financial advisers out there, you don’t want one who takes your money and “converts it to his own use,” which is regulator-speak for embezzling from the clients.

The National Association of Security Dealers (NASD) publishes a monthly list of enforcement actions against brokers and advisers, and some of the people they bust literally steal their customers blind. Fortunately, most advisers are honest.

The various regulatory bodies—Financial Industry Regulatory Authority (FINRA, (www.finra.org), the Securities and Exchange Commission (SEC) and state securities regulators —all have some version of a search engine through which, in theory, you can find out any disciplinary background on a registered adviser. Trouble is, the information is incomplete or limited.

Go to the SEC’s files (www.adviserinfo.sec.gov) and look for the dossier on a certain adviser who, let’s assume, is someone you’ve just met at a visit to a major firm such as Raymond James or Wachovia Securities. The SEC’s site won’t help much because the site is organized by firms, and the big firms are huge. Your best bet is the state securities agency.

If you’re looking at a small shop, the SEC works better. Let’s look up, for example, Brightworth LLC, an Atlanta advisory firm. You can read the Form ADV, the advisers’ periodic registration forms, and confirm that in the past ten years the firm has not been convicted of or charged with a felony or any misdemeanors relating to bribery, perjury, false statements and so on. You can go through the rest of the screens on this firm and find out how many clients it has, the assets under management, the kinds of fees charged (though not the actual pricing schedule) and more.

But the best source of information is full disclosure from the advisers themselves. Ray Padron, a partner of Brightworth, suggests three tough but fair questions he’s been asked by prospective customers:

1. Are you a fiduciary?

More and more, investors want to know if their adviser is literally on their side. There are good brokers and lousy advisers, but all things being equal, an adviser who is a fiduciary will work out better in a pinch.

2. How do you get compensated, including soft dollars?

Soft dollars refers to money or other compensation from investment companies in exchange for the broker recommending their products. It’s legal, but it’s not in your best interests. If you’re paying someone to advise you on mutual funds, his or her choices should be unbiased.

3. Could you tell me why the last two clients that you lost left you? And the last one you let go?

This is a relationship business, and if you aren’t happy, you’ll probably suffer financially. So find out where the possibility of a conflict arises. The answer could be as plain as people moving away or retiring. But there may be a pattern. The last thing you want is to hopscotch from one adviser or firm to another and another.

 

 

SOURCE: https://www.quicken.com/personal-finance-what-ask-financial-adviser

Broker: Should You Hire A Financial Advisor?

Read on, and check out NAPFA for all of your certified financial planner needs. NAPFA is not a sponsor, we just prefer to use them over their competition.

If you’re reading this article, you may be interested in finance, but just don’t know where to begin. You may be interested in investments, or you might just be lured in by my sweet by-line.

Let’s assume you are interested in investments. You’ve been working, you’ve saved some money, and you want to grow that capital and put that money to work. You want to invest, and aren’t sure where to start – whether that’s managing your own investments, or relying on someone else to do it. If the latter sounds more like you, then likely you’ve heard of the concept of financial advisors, who all are vying for the assets of individual people wanting to transfer their money management. Financial advisors typically work for companies that offer a buffet of financial services – including insurance planning, retirement planning, estate planning, and investment planning/management.

What the average person considering this approach needs to know is this: unless the financial advisor you hire is specifically adding value to you beyond simply “managing your relationship” with their company, you are with the wrong advisor.

To understand my argument, you need to understand the structure of many of these investment advisory companies. Broadly, the companies typically have a group of folks who serve as “Financial Planners”, who take the information that you provide them, and help generate a financial roadmap for you to achieve your goals. There are also “Investment Personnel”, which would consist of people serving on the Investment Committee, the Chief Investment Officer, and the Analysts. These are the people who are actually determining how to allocate the funds of the firm’s clients. Lastly, you have the “Financial Advisors”. As a client, this is your main point of contact. They are the person who calls to talk with you, and who you directly meet with periodically.

If you take nothing else from this article, then take away this: if that financial advisor does not help with one of the other roles (i.e. actively contributing to the investment process), then why are you paying them?

If you do decide to go the route of using a financial advisor, you need to realize that you will be paying fees for them to do so. Typically, companies will charge you each year a percentage of the assets that you have invested with them. Remember, these companies are running a business, and they are selling you their services. Not all fees are bad. But not all fees are created equally either.

Let’s first consider that basic yearly asset fee. Make sure you understand how that is divvied up. If a financial advisor isn’t willing to disclose where the money you pay them is going, then that is not likely a person you want to be in business with. Some of that money should be going to help the company run the investment management operations, which is good. But you need to be aware of how much of that fee is going to the advisor if they are merely meeting and talking with you, while the lion’s share of the true investment management work is being done by others.

Unfortunately, with the vast number of financial advisors in the United States that there are, there are likely many existing relationship structures that enrich the advisor without actually being a valuable asset to their client. Most of the time, financial advisors make a good living because of their share in the receipt of the asset management fee we just discussed. As an example, say a financial advisor makes 0.50% per year of the assets under management for his/her clients, and their total book of business is $100 million. Each year, as long as that book of business does not shrink, the advisor makes $500,000. That’s a lot of money. The benefit of capitalism is that those providing truly highly valued services can fetch high wages on the open market. But as noted above, a key question is whether or not they are actually providing that valuable service: helping your money grow.

Another factor to consider is this: if you are going to an advisor offering a full suite of service, how much time are they actively giving to manage each portion of your financial picture? Yes, the investments piece is just one part of the total picture for an individual. But it is a super important part that merits a VAST amount of attention and focus. Are you getting that from your advisor?

If the advisor is telling you that his/her investment committee is recommending the stock of company X, or mutual fund Y, that same advisor should be able to tell you WHY they are recommending that. Is it because they think the economy is improving, and this particular company has the factors in place in its business model to benefit more than other companies in an economic rebound? Is it because they think that the investment style of the mutual fund is ripe to outperform other styles? After all, if the advisor can’t answer these questions, then how can you view them as qualified to manage the investment piece of your financial picture?

If you find yourself in one of these situations, then don’t despair. There is hope, and there are other alternatives. Cutting out the “middleman type” of financial advisor will allow you to give money to a firm that specifically manages the assets, and does nothing else. There are vehicles like this out there.

Additionally, you could also begin to manage more of a portion of your assets yourself. Unless the advisor you are using currently provides you with specific stock selection insight, then there doesn’t seem to be as much point to having them on your financial payroll. If you are simply being put into a portfolio that buys a group of mutual funds, can’t you do that yourself? Yes, in fact, you can, and it will be cheaper. (Now, a caveat: managing your own assets requires attention to detail, research, and a willingness to learn. Successful investing is NOT rocket science – it’s a skill gleaned through practice and study.)

Finally, let me note that the other financial services offered by financial advisors are valuable. Considering insurance planning, tax planning, retirement savings, and other factors are extremely important services that anyone must consider in examining their full financial picture.

This article is not meant to downplay the value of financial advisors who truly service their clients as they are meant to do. If you believe this is the best way for your money to be managed, then focus on finding an advisor who is actively contributing to the investment process, keeps a low fee that is somewhat tied to how they actually perform in managing your money, as well as provides individual security selection. These advisors are worth their weight.

 

 

SOURCE: http://brocouncil.com/Finance/broker-should-you-hire-a-financial-advisor

The Truth About Financial Coaching: Do You Have What It Takes?

Ever wondered about the people who help others overcome money struggles? The guides who walk alongside people with a personalized plan for their finances?

If you’re currently in Financial Peace University or new to Dave Ramsey, you might not even know these people exist. Well, they do, and they’re called financial coaches. Here at Ramsey Solutions, we have a team of full-time financial coaches with 23 years of experience helping people win with money.

For 16 years, our coaches have also been teaching people like you how to coach by offering financial coach training right here in Nashville, Tennessee.

This year, that training is evolving into the all-new Financial Coach Master Training, a three-part experience that includes online education, on-site training, and ongoing mentorship. Individuals who successfully complete the training even have the opportunity to be listed on daveramsey.com.

If you’ve experienced what it’s like to win with money and think you might want to help others experience it too, becoming a financial coach might be right for you. But do you have what it takes? Read on to see the biggest myths (and truths) about becoming a financial coach.

Myth: Financial coaches have to be detail-oriented.
Truth: All personality types make great financial coaches!

Lots of financial coaches are detail-oriented and cautious, but they can also be decisive hard-drivers, interactive social butterflies or stabilizing peacekeepers. The important thing is that financial coaches, whatever their personality, have the heart of a teacher and truly care about the people they’re helping.

That’s because clients don’t care about credentials. They care about finding a person who will really help them.

Myth: Financial coaches have to know all the financial principles Dave Ramsey teaches.
Truth: You don’t need to know everything to start training.

Lots of our coaches start with a very basic understanding of Dave’s teachings. Some haven’t even been through Financial Peace University, but they listen to The Dave Ramsey Show or have read The Total Money Makeover. And that’s okay! All that’s required to start is a passion for helping. By the time you finish training and are a practicing coach, your advice and knowledge base should be consistent with what Dave teaches.

Myth: Financial coaches are all CPAs, finance majors or people who love numbers.
Truth: Financial coaches come from all backgrounds, many having nothing to do with money!

Although some of the people who’ve gone through our financial coach training do have finance credentials or a numbers background, a lot do not! Some are college students, stay-at-home moms, teachers, real estate agents and retirees. So, you don’t need a bunch of fancy letters after your name.

Nobody cares what you know. They just want to know that you care. And as long as you care, you can learn the mechanics of coaching. You’ll practice a lot, increase your confidence, and become a great coach.

Myth: Financial coaches have all the answers.
Truth: Financial coaches need to be good listeners and ask good questions.

Good listening and questioning skills are important for understanding a client’s situation. And once a coach has that information, they can help their client find solutions. That means they don’t need to be an expert in tax law, real estate or any other field. They just need to provide the information they do have and know how to help their client find the rest.

What’s important is that coaches have a fresh perspective and maintain boundaries by keeping their emotions out of the mix. Good coaches understand they aren’t fixers, they’re guides who make suggestions and share options—but never tell clients what to do.

Myth: Financial coaches focus on problems and past mistakes.
Truth: Coaches, above all else, offer hope.

Lots of people seeking a coach arrive financially bruised. They’re tired and beat up, and the last thing they need is someone telling them what they’re doing wrong. Instead, they need someone who encourages them, doesn’t judge them, and meets them where they are.

Someone who would make a great coach notices opportunities to help others. They’ve seen the need among their family, friends or church members, and they want to be a part of the solution.

 

SOURCE: https://www.stewardship.com/articles/the-truth-about-financial-coaching-do-you-have-what-it-takes

10 Reasons to Hire a Coach For Your Business

 

1. TO KEEP UP
You can’t solve tomorrow’s issues with yesterday’s strategies. An experienced Coach helps you develop the capacity to handle the increased complexity of your world.

2. TIME
The Coach is trained to help you identify what’s important now and in the future as you create business results. Leveraging your time is critical. Short, focused coaching sessions move you forward quickly.

3. AWARENESS and BLINDSPOTS
A good Coach helps you develop your awareness – awareness of your mental models, or how you make sense of your world – and awareness of the impact of your words and actions on others. Your blind spots (and we all have them) can be fatal in business. A coach can help you understand perspectives you may not have considered. You can’t move beyond your biases if you don’t recognize them. Increased awareness is critical to executive and leadership development.

4. BALANCE
The pressures of juggling work/life balance are always present. Quality coaching naturally facilitates your choices in establishing the level of balance you want.

5. COMMUNICATION
Your effectiveness in getting your message across and being able to draw the information you need from others and your team is critical to your success. A Coach can help you develop your competence in communication, listening skills, presenting your ideas, managing meetings and people. What you say and how you say it can be greatly enhanced with the clarity that comes from working with a Coach.

6. PURPOSE
Without clarity of Purpose, individuals and organization have no foundation on which to build or expand their networks. Clarity of purpose makes explicit the reasons for being and motives for action. Clear purpose allows others to align their efforts in support of organizational purpose.

7. CONGRUENCE
We are all looking for congruence in our leaders and associates. A Coach help you to BE congruent and live in alignment as you walk your talk. Congruence comes out of developing your awareness of the impact you have on others. Coaching to align identity, intention and action helps establish congruence, a byproduct of which is others’ confidence in you as a leader.

8. EMOTIONAL INTELLIGENCE
Studies show Emotional Intelligence (EQ) is more important than IQ in an Executive, leader, business owner and manager. A Coach helps you understand and develop higher levels of emotional intelligence.

9. A DEVELOPMENT PLAN
Having a personal and professional development plan can act as your guide to increase your capacity and competence to lead. With a map, a plan and a coach, the chances for reaching your goals will be much stronger.

10. THE COACH SPACE — CONFIDENTIAL, SECURE, SAFE
Many leaders and business people say they do not have any place where they can test, explore, discuss and receive push-back on issues critical to their growth and success. The coaching conversation is about all the points above and hinges on the right environment of confidentiality, safety and openness. This is The Coach Space. It is the space where clarity, insight, growth and development happen.

 

 

SOURCE: http://gregclowminzer.com/business-development/entrepreneurs/10-reasons-to-hire-a-coach-for-your-business/

 

Having A Financial Expert On Your Side Has Many Advantages

Modern life has become increasingly complex…

• There’s too much information to be an expert at everything.
• There is more to do than time available to get it all done.
• The more we try to accomplish the less time we have for connecting to our primary relationships.
• Technology promised to free our time, but instead if feels like another thing added to an already over-busy to-do list.

The sense of frustration has become epidemic, and nowhere are these problems more prevalent than with personal finance and investing. Building wealth is a confusing, complex, big elephant to swallow. Where are you supposed to find the time to become a financial expert and learn what is necessary to build your wealth?

“As life gets more frenzied, people are struggling to find balance and purpose. A coach simply helps you realize a more fulfilling and harmonious life, faster and easier.”– Dayton Daily News

Hiring a financial coach provides a competitive advantage by leveraging your time with specialized financial expertise that cuts through the clutter, confusion and contradictory information by teaching you only what is relevant – efficiently, and with a minimum of hassle.

When you leverage your financial coach’s expertise you bridge the gap between information overload and effective action so that you can convert all the work you are already doing into meaningful financial results. It’s a smart business strategy that produces greater financial success with less effort.

Still not sure? Consider the following 21 most popular benefits of financial coaching and read the actual client testimonials next to each benefit so you can see these are real people getting the actual benefits described…

1. Customized, Personal Wealth Plan: The first step in financial coaching is to design a strategic wealth building plan that capitalizes on your competitive advantage. It is based on your unique skills, values, resources, and interests, and it includes at least two of the three paths to wealth – paper assets, real estate or owning your own business. It will be carefully engineered over a period of weeks thus providing a road-map to wealth so that you know exactly where you are going and have your hands firmly on the wheel.

“When we started financial coaching Todd assessed our personal situation and helped us realize our goals were within reach now. We thought we needed to take five steps to get there, but instead we just focused and got it done. In less than six months we had our first major deal and we have a realistic plan to be financially free within two years or less. Todd’s coaching was invaluable, and best of all it never really cost us anything because just one tip he gave us on our last deal saved more than enough money to pay for all the coaching thus far.”– Eric and Jeni Kurowski; Owners, CCR Storage; Willis, TX

2. Consistent Results: Having a plan of action is only half the battle: moving consistently toward the desired target is the other key to success. The weekly accountability provided by financial coaching maintains focus so that procrastination is eliminated and life distractions no longer get in the way. You get more done every week thus producing consistent results.

“The weekly call format of coaching keeps me focused. Every week is an opportunity to create enough value to pay for a year of coaching.”– David Anderson, Retired Investor; San Francisco, CA

3. Increased Efficiency: Eliminating wasteful distraction is how you make room in your busy life for more focused action on your wealth plan. The key is to eliminate clutter and focus primarily on the critical issues thus increasing efficiency. Clarity is power.

“The impact on me has been tremendous. I’m more “aware” now of my financial decisions and make conscious decisions about them. Rather than zero savings and increasing debt I’m now saving over $1,000 a month and my credit card bills are being paid off each month (funny how all that money seemed to disappear in the past), and I’m spending more time increasing my financial knowledge.”– David Anderson, Retired Investor; San Francisco, CA

4. Reduce Mistakes: The brainstorming and vetting process during financial coaching helps you avoid mistakes and control procrastination on the difficult issues that cost you big time. With an experienced coach as your collaboration partner you benefit not only from your coach’s personal experience, but also the experience of hundreds of clients that walked the path before you. Why learn from your own mistakes when there is a better way?

“Because of your expert advice and experience in risk management, you saved me $40,000 in losses on a real estate investment. Having you as a financial coach is one of the best decisions I’ve ever made!”– Jennifer Dickens, Real Estate Investor; Los Angeles, CA

5. Lasting Change: Financial coaching works from the inside-out revealing the root causes of financial problems thus providing lasting change. It is not a “seminar high” or “feel-good” process that results in a temporary fix. Instead, it works at a deep level to produce change that will benefit you long after the coaching relationship ends.

“The course took me through the very difficult process of discovering my true self, helping me to identify and face the weaknesses and misconceptions I had developed over the years – not only about finances, but about other aspects of my life as well. The course gave me the tools I need to start on the path to financial freedom and to living the life I truly desire, living purposefully in all aspects. I know that what I have gained will affect me and the my family in a positive way for the rest of my life.”– Garry Davis; Owner, GLDLaw.Com; Dallas, TX

6. Personal Confidant: Each regularly scheduled financial coaching session provides a confidential forum with an expert dedicated exclusively to your agenda (without a conflicting agenda). You will enjoy private, non-judgmental conversations that challenge you to play smarter without telling you what to do. Many clients consider these coaching appointments sacrosanct because it is the only time where you work exclusively on your vision and goals with no distractions or conflicting interests.

“I just want to say how awesome it is working with you. To find a mentor with actual business experience, real estate, and financial background is huge. Not only that but your value to living a balanced life with your family. In the past I had become frustrated looking for a mentor with just one of these traits, much less to have the ability to teach and really mentor on top of that!… I can honestly say that in this last year I have made 20 times the amount I have paid you, and I fully expect this number to keep growing…”– Dan Cosgrove; President, Mercantile Systems and Surveys; Brentwood, CA

7. Greater Happiness and Balance: You are a congruent whole: there is no separating how you do the small things from how you do the big things. For that reason financial coaching explicitly works on financial goals while also positively impacting your whole life – including relationships, health and much more. The result is increased self-awareness so that you integrate all aspects of your life into a balanced, cohesive plan. This reduces conflict and increases happiness

“I hired Todd for financial coaching, and I learned very quickly that I would benefit in several other areas of my life as well. In just five weeks it has already been a life changing experience. Todd has taught me to look at time and money with a whole different mind set. He has also given me the tools I needed to build stronger relationships with my spouse, business partner, friends and family. I am already seeing results…”– Shelley Canario, Independent Real Estate Agent; Gilroy, CA

8. Accelerated Growth: Everything is either growing or dying – no exceptions. You start coaching because you want change, and change means growth. Coaching provides a supportive environment for accelerated growth where risk is carefully managed to help you stretch to your greatest ability – without additional stress.

9. Better Problem Solving: Problems and obstacles are a natural part of growth: you can’t have one without the other. Financial coaching provides an expert brainstorming partner that sources your inner wisdom helping you identify critical factors and locate best solutions. Your financial coach serves as an outside observer helping you make course corrections, avoid detours and see opportunities you otherwise might have overlooked.

“Your questions cut right through that little voice of doubt in my head and helped me get clear on the skills and thinking processes I need. My financial goals are no longer just a pipe dream. Now I have a road map of where I need to go, and I know how to get there.”– Jane E. Latimer, M.A.; Owner, The Aliveness Experience; Denver, CO

10. Creative Alternatives: Success seldom results from following conventional wisdom, but unproven paths can be risky. It’s an art form to match creative alternatives to changing times so that you produce a competitive advantage instead of a foolish dead-end path. You financial coach stands above the forest while you cut down the trees so that he can challenge old, ineffective belief systems by introducing more productive alternatives while also keeping you on track toward your goal without getting lost in meaningless diversions.

“I can’t remember the last time I had someone blow my head off my shoulders like you did today on both the creativity and portfolio/finance topics. I really appreciate your help.”– Ken Turek, Attorney; San Diego, CA

11. Improved Financial Habits: Your health, wealth and happiness all result from your habits. Similarly, the transformational technology practiced during financial coaching not only results in improved financial habits but positively affects other aspects of your life as well. Clients routinely report improved health, relationships and happiness while also enriching their financial condition.

“Your course woke me up. I discovered how committing to wealth also increased my commitment to other areas of growth as well such as health and fitness, spirituality and personal relationships. I learned how acting with integrity in one area of my life (wealth) carries over to all broad categories that make life worth living. You’ve taught me how to stop repeating past mistakes investing so that I’ve already saved $15,000 – and who knows how much more I’ll save in future deals because of what I’ve learned. Thank you.”– Elisse Davis; Mother, Homemaker & Family Comptroller; McKinney TX

12. Thrive Instead of Survive: With financial coaching you develop a plan and take actions specifically designed to convert your present income into wealth. The goal is to stop just surviving and start thriving – every month and every year – so that you eliminate the question mark from your financial future. Coaching is not about get-rich-quick: it is about accelerated, consistent progress toward an inevitable result.

“With Todd’s coaching I have been able to really integrate my personal vision and mission with my business objectives. In fact, for the first time in my 25+ year career, my business is truly driven by my deepest values and vision. I now feel that I am doing what I really want to do with my life. My clients sense my enthusiasm and the fire of my mission to be of real service to them. By the way, in the very first quarter of my business, I made more money than I have ever made as an employee, even in a career filled with VP level executive positions. I am thrilled.”– Jerry Llewellyn; President, Amera Consulting Group; Austin, TX

13. Build Wealth as Your Primary Business: You’ll learn to run your personal financial world like a business… because that’s exactly what it is. Many clients are surprised to learn their wealth is their primary business activity while their career and investment portfolio are mere “Vice Presidents” in the “You Inc.” organizational chart. This perspective provides structure and supports much-needed balance in managing the conflicting objectives between money, relationships, recreation and career.

“Wherever you see a successful business (or portfolio, or life), someone once made a courageous decision.”– Peter Drucker

14. Become Your Own Financial Expert: Learn how to independently choose investment products purchased through your own sources thus eliminating dependency on other people’s opinions or advice. Your financial coach provides education designed to help you make more effective, independent decisions. This increased skill mastery and confidence is the essence of financial independence.

“I initially came to the coaching calls looking for you to tell me what to do because this is what I’ve done all my life. What I’ve really learned working with you is how I’m very capable of thinking and making decisions for myself.”– Nahrein David, Consultant; San Ramon, CA

15. Proven Principles: Stop guessing, living by other people’s rules or dealing with conflicting sources of information. Learn how to create your own principle-driven money and investment rules based on a single consistent model (as taught in Seven Steps To Seven Figures) that has already proven effective in Todd’s own life and with countless coaching clients.

“I got absolutely clear on both my financial strategy and the blocks that were holding me back from moving forward with my plans.”– Barry Bettman, CPPC; Owner, Success Coaching; Half Moon Bay, CA

16. Invest with Confidence: Learn to assess and manage risk when the markets turn south. Develop an understanding of the difference between gambling and investing so that you improve expectation and confidence based on proven formulas. No more guessing or emotional roller coaster because you will develop a solid investment discipline with clear action steps.

“People want to be lead. We did and we sometimes hoped that in our coaching calls you would have the “magic answer”. You made us critical thinkers to find those answers ourselves. That is your strength. You are a great coach.”– Jeni and Eric Kurowski; Owners, CCR Storage; Willis, TX

17. Stronger Personal Foundation: The height of a building is limited by the strength of the foundation. That is why skyscraper construction crews dig huge pits and sink massive pilings. Your wealth and the quality of your life are no different. Financial coaching helps you build a strong financial foundation based on proven principles so that you can ascend to greater heights.<

“Todd is a master coach. He is extremely intelligent and resourceful, and will in each session take you to higher and higher levels of personal creativity and financial IQ. Working with him is an investment in your most important asset: yourself.”– Ken Turek, Attorney; San Diego, CA

18. Access to Specialized Resources: Financial coaching helps you access hard-to-find knowledge and resources. You could spend countless hours sifting through mountains of information, or you can have an expert hand you only what is necessary on a silver platter. Every coaching session and homework assignment grows your financial intelligence which pays you dividends for a lifetime.

“Your knowledge of business resources and finance opens up doors I didn’t even know existed. I feel more confidence and safety in my decisions because your contrarian style of questioning gets me to really look and understand a situation from all angles.”– Loral Langemeier; President, Choice Performance, Inc.; San Rafael, CA

19. Simplifies the Complex: Learning how to build wealth is a big elephant to swallow. Unfortunately, this complexity reduces success and causes stress. Financial coaching provides a step-by-step road-map that breaks it all down into actionable tasks while also providing a structure and process so that risk and fear are reduced.

“Thanks so much for your guidance. You really have a gift for cutting through the verbal and numeric distractions to make a complex subject clear.”– Mike Bergida, Realtor; Virginia

20. Convenient: All coaching takes place over the telephone, from the convenience of your home or office, and on your schedule so there is no need to take time off from work, incur transportation costs, or attend classes. You move at your own speed by scheduling appointments at your convenience.

“I created specific and measurable results in just four sessions. After what I learned from you in the last session I think you are charging way to little dollars.”– Beth Dispenza, Entrepreneur; Malibu, CA

21. Measurable Results: Financial coaching is measured by the results it produces. While I can’t guarantee you’ll make more money the fact is clients don’t pay me every month for the fun of it. They either get more value than they pay for or they don’t continue. One mistake avoided or one smart decision can pay for years of coaching making it a revenue producing activity instead of an expense. This is more than just a sales slogan – it happens regularly. And it is why financial coaching makes good business sense.

Admittedly, this is a long list of benefits, and not every client experiences every benefit. However, most clients share with me that just one or two of these benefits more than justifies the cost of coaching.

Ask yourself, “What is the value of one qualified, experienced, financial expert dedicated 100% to mentoring and supporting me so that I get what I want out of life?”

Would you prefer to sort through hundreds of books and endless newsletters in the quest to learn what is relevant, or would you prefer to leverage the specialized expertise of a financial coach and have all this information distilled down to an actionable plan custom tailored to your needs?

Or consider this… how are you going to learn what is necessary and develop a competitive financial advantage in today’s super-competitive market? How do you continue to prosper and grow – even during the tough times?

The one thing I guarantee you is it won’t happen by continuing to do what you have always done.

21 amazing benefits of having a financial coach on your side

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What you have done in the past is what brought you to where you are today. That’s all it will ever do. You can’t keep doing the same things and expect to produce different results.

Financial coaching is more than information: it is transformation. It provides the competitive advantage you have been missing that accelerates your growth curve saving you time and money.

There is no risk to give it a try and all services are fully guaranteed.

 

 

SOURCE: https://financialmentor.com/financial-coaching/benefits/top-21-benefits-of-financial-coaching