Why You Should NOT Meet Me For Financial Advice
Yes, you read the title correctly. I'm absolutely not the right advisor for financial advice for everyone. I'm very upfront that if we're not the right match, don't hire me. I truly want people to find an advisor that fits their needs best.
Not having the right financial advisor is like living with a permanent ‘bad hair day’.
Only women will understand the importance of finding the right hairstylist. While men may not understand the wife’s frustrations after a bad cut or color, they certainly have heard about it! After several stylists through the years, finding the perfect fit for a stylist is like finding the magical unicorn.
It’s a journey. And often after you think you’re set with the right match, suddenly, you find yourself out on the street, searching again. I was so happy with my cousin as my stylist for years, but eventually my schedule didn’t allow me to travel home as much. I thought I’d found a suitable replacement locally, but she left town. Then, my stylist and friend had an accident and I found myself wandering through a series of cuts that were way too short, colors that were just wrong and styles that just weren’t ‘me’!
But finally, I found a great hair-dresser that ‘gets me’. She’s not cheap, and she keeps a booked schedule, but I managed to make it on her list. Life is bliss again. Or at least it was until the Covid-19 shelter in-place orders – but that’s another story. And don’t even ask to see a photo of THAT hair style.
Anyway, while shut-in and watching my roots grow (gray’s too, if I’m honest), I realized just how important it is to find the right ‘fit’ when working with a professional. I’m sure all the other stylists I’d tried were fine and had a happy client base. In all fairness, my husband said he thought they did a great job (smart man). But it really comes down to working with someone that is perfect for you; but also, it’s just as important for the stylist to only work with someone that is the right client for them!
Likewise, I think finding a perfect fit is important for the clients that I work with as well. Truth is, I only have so much time, so I have to be selective in choosing clients that fit the criteria of who I work best with. And in the same sense, people deserve to have their financial plans and investments handled by someone that is the best suited for them.
So, rather than spend a great deal of time explaining why people should consider meeting with me, I often talk about why they should not.
I do not recommend people meet with me if:
1. They already have an advisor they love and would never leave. Sounds obvious, but you’d be surprised how many people will come to see me, even though they say they’re completely satisfied with their current advisor. My thoughts are, if you’re 100% confident in your current advisor, why would you need to see me? If I’m happy with my stylist, I’m not walking into another salon and asking their opinion of my hair’s layering.
2. If they like being their own financial advisor. If someone believes they know everything I know about financial planning and has the time and discipline to apply it, why spend time with me?
3. If they have no financial concerns. On a scale of 1 to 10, where 10 means they sleep like Bill Gates, how do they rank themselves regarding their financial peace of mind? If they’re already a 9 or a 10, there probably is no need to see me. It would be like someone with a great heart looking to hire a cardiologist.
4. They want investment advice or tax advice outside of a holistic financial plan. We rely upon our client’s goals and their entire financial picture for planning and recommendations. No individual transaction, investment, or tax strategy exists in a bubble. Every detail fits together like a puzzle. As a fiduciary, we refuse to short-cut a proven process.
So who should consider a meeting with me?
First, those without an advisor. Or they have one and wish to change. Breaking up with an advisor can be challenging. Be sure it’s for the right reasons. An advisor who doesn’t provide holistic planning as a standard part of his practice is not an advisor. He’s a product salesman.
Second, those who don’t have time, knowledge, or discipline to do it themselves. (Discipline is key. Why do people hire personal trainers when the exercises are usually very simple things they can on their own?). Financial discipline is hard. But it’s probably the most important key to success. In addition to investment strategy, these people desire direction in the areas of income planning, taxes, risk management, and estate planning.
Third, families where only one spouse handles the finances confidently. Yet that spouse is concerned about the well-being and financial direction if something should happen to them. Surviving spouses are often in the most need of a financial advisor they have a connection to. This is a specialty of mine.
Fourth, people who rank themselves less than a 9 out of 10 with financial peace of mind. These are the people that want and need my help to learn the path to get there.
Fifth, anyone who worries they could lose a great deal of their nest-egg to taxes, misaligned investments, or health care.
Finally, I do require my clients maintain realistic expectations about their money and meet with me regularly to review their plan. Fortunately, with a solid plan in place, my clients aren’t clamoring to get in my chair every six weeks. That’s just the burden a woman shares with her stylist every time her roots start showing.
As an advisor, I realize I’m not the perfect fit for everyone, and that’s okay. That’s often why we have that first introductory phone call. It’s a time for us to just get to know each other and see if it makes sense to have a discovery meeting, based on everything we’ve shared so far. If you have a retirement situation or a financial need, certainly feel free to reach out to us. We can talk and you can ask some questions to help you determine if planning is a good fit. You can take that first step by clicking below!
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 her 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 Amazon best-selling book, The Generational Wealth System outlines a holistic approach to preserving lifestyle, wealth and legacy.
Related Articles: Who We Help, What is the Path for Becoming a Client