A Financial Advisor's Role is Like Fishing With Kids
This summer, I realized my job as a financial advisor is in some regards, similar to a parent fishing with their kids! I’ve found clients who enjoy having control of their finances often appreciate a financial advisor doing the tedious work. They can keep their hand on the ‘rod and reel' while focusing on what they find most enjoyable.
My daughter Jillian loves to fish. This summer at our family lake cabin, she couldn’t wait to get out on the boat (or even just to the dock) and reel in some fish. It’s the greatest thrill for her to be able to cast a line and snag a flailing bluegill. As she excitedly reels it in, she shouts, “It’s a fighter! Grab the net! Better get the camera ready for this one!”
…is she really fishing if she’s not actually putting the bait on the hook or removing the fish from the line? Fishing enthusiasts may disagree, but I think she is! She just needs a little help with the things she doesn’t like to do. (Also, she’s only nine years-old!)
Jillian does “take charge”—she’s responsible for choosing which bait to use, where we’ll fish, casting the line, and hooking the fish. Her dad is right there the whole time to offer guidance, of course. It’s really a collaborative process that both Jillian and her father enjoy together, so he can help out and she can participate in the part of fishing that brings her joy: reeling in the fish and marveling over her catch. Together, they are quite a team—and I’ve loved capturing so many precious memories of their daddy/daughter time together.
A Light Bulb Moment
Oftentimes, personal experiences coincide with my work, and my daughter’s fishing experience is one of those instances.
I recently realized the connection between fishing and finances when one couple approached me about their personal financial situation. As it often happens, the husband was happy handling their investments, but the wife had concerns and wanted to work with a professional. I absolutely understood his position, as he’d done quite well as a DIY investor. Although he was very diligent about watching his finances and choosing investments well, I respected that he still cared enough about his wife to seek perspective from a professional.
I also thought he might have been misguided about the role I would play as their financial planner and investment advisor. Here’s why:
Complete Financial Planning
Picking correct investments is only a small part of what we do. Our professional tax and estate planning is quite thorough, surpassing the experience and capabilities of most DIY investors. The process of developing and implementing comprehensive investment plans involves engaging in in-depth analysis and projections, including using advanced software tools to assess, analyze, and report solutions.
Not surprisingly, most DIY investors really love the planning, reporting, and analysis we provide!
Learn more about this here.
It’s important for my clients to understand they do not give up control on their finances—they always have the final say on the strategy we ultimately use. In fact, I rely on clients to work with me to create a custom plan that meets their goals and comfort level. It’s a real partnership as we truly are working together.
I really do find it interesting that it’s often my clients who are already heavily involved in their finances that are the ones who most enjoy this process—and the value we bring to their investments. Although we do the heavy lifting, they are still encouraged to be involved. The outcome allows them to have their hand on the line for monitoring their finances and investments and enjoy the ‘Net’ results. Meanwhile, they have a qualified assistant they can rely on every step of the way.
Want to explore if it might be time to bring in a ‘fishing guide'? Call to set up a no-obligation intro call today! Visit www.mcbeathfinancial.com/schedule-an-appointment/ to see how we can help you take the guesswork out of your retirement.
Krista McBeath is an Investment Advisor, Chartered Financial Consultant, a Licensed Insurance Advisor, a Fiduciary, and an experienced tax advisor who specializes in financial planning, investments, and insurance.
She utilizes advanced tools for in-depth calculations that analyze tax and retirement scenarios to help their clients avoid a future tax time-bomb. Whether this means enjoying more of your hard-earned money in retirement or passing along assets to loved ones with less tax burden, planning makes the difference.
Her new book, The Generational Wealth System outlines a holistic approach to preserving lifestyle, wealth and legacy.
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