Three fish sit on my dresser. A daily reminder of why I do what I do. The fish? A small sculpture which was a gift from the child of a client. My client recently passed away. These fish used to sit on her bookshelf.
But this was not just any client. This was a person who taught me as much as I taught her. She trusted me with guiding her through her financial goals and making investing and other financial decisions with those goals in mind. And I came to trust her and considered her a confidante. She had years of wisdom and graciously shared that wisdom with me.
She was a special client, and now her child is a special client. But then again, as I review the list of people who have entrusted me with being their financial guide, each one of them is special, and each one of them is “not just any client.”
I entered into financial planning to help change lives. Yet when asked what I do for a living, my answer often confuses people. And I get it. There are several iterations of financial services out there. So, with a job title that has the word finance in it, some people think I create tax returns, others look to me for a hot stock tip. Neither of these activities are where I focus my time.
What I do as a financial advisor is look at each of my clients’ lives from 10,000 miles up. Where are the risks that will keep them from their goals? What will be the tools to help them get there? Sometimes my job is to help them more clearly define their objectives and adjust with them when they change direction.
When you work with a financial advisor, you should expect much more than investment advice. You should be ready to discuss:
- Life goals: Financial and otherwise.
- Money movement: What are you earning? What are you spending? What are you saving?
- Insurances: Where are the needs and the risks? Do you need life insurance? Are you covered in the event of a disability?
- Taxes: What are you paying in taxes? What vehicles and actions can be taken to lower what you owe to Uncle Sam?
- Your mortality: Every financial plan should include a discussion about what happens to your money if something happens to you. Who steps in to make financial decisions for you when you cannot? What do you want your legacy to be?
- Your values: What is important to you? What can be done with your money that aligns your investments with your values?
There is a trust that comes with seeking financial advice and in turn being the person seeking to be the financial guide. It is a trust I work to build with each of my clients. We get to a point where we agree to swim side-by-side and navigate the waters together. Much like what the three fish appear to do that sit on my dresser. Reminding me each morning what I need to do today.
