Need to See a Financial Planner? What’s Holding You Back?
Let’s face it, contacting a financial planner to ask for that free, initial consultation is a big hurdle for many (most?) people. The majority do not do it until they find themselves in a state of high anxiety or constant worry over a significant financial issue. Why is that?
Some of it is certainly due to a long history of abuse and shenanigans within the financial industry itself. Whom do you trust? And how can you be sure about him or her? But it’s also the case that for most people, the thought of seeing a financial planner is like visiting a dentist. You’d rather not go unless you really, really have to.
How bad the toothache has to be before you pick up the phone and make the call to your dentist is different for everyone. But here are 2 good reasons to make that call or send that email to a financial planner sooner rather than later:
#1 Retirement Dreams – You’ve worked hard and have put together a significant amount of money in your 401K plan. When you look back over the years, you’ve had your share of the lucky breaks and there’s a lot to be proud of and thankful for in your career. But you’re also starting to feel like the pot has been on the stove way too long. You feel cooked… and stressed… and deep down you’re thinking you would quit tomorrow if you could.
Can you? Why not contact a fee only financial planner to find out? Not only can he assess whether or not you have the resources to retire tomorrow, he can also help you set up a plan for your investment portfolio to generate the constant stream of income that you’ve become accustomed to during your working years.
#2 Marital Discord – You have a good marriage – but you find that the topic of money is, more often than not, rather stressful. One of you wants to be more aggressive with your investments, the other wants to be more conservative. One of you wants to loosen up the reins and spend more freely, the other is frugal and feels anxious about every dollar spent. If there was a way to stop the bickering over money, you would gladly do it.
Is there? Yes – start working with a financial planner. You’ll likely find yourselves opening up and talking about things in a way that just wasn’t possible before. You’ll define your common goals and develop a plan to achieve them, while also allowing your individual interests to bloom and take wing. It’s truly amazing, the positive impact that working with a good, independent financial planner can have on a couple!
When should you contact a financial planner? If you’ve already waited until your tooth has begun to hurt then, yes, by all means, don’t wait any longer. But even if your teeth feel fine, it still might be a good time to schedule a check-up. Wouldn’t you rather know how close you might be to retirement or what you need to do to get there rather than just dreaming about it?
Greg Pierce is a Fee Only financial planner located in St. Louis, MO, who specializes in helping people make smart decisions in retirement planning, college education planning, tax planning, investments and more.