As we head into 2017, I know you are already making new year’s resolutions, or at least wish lists for yourself.

In my experience around 50% of those resolutions have to do with money, the others have to do with a mix of ‘life balance’ and diet/health. I know this because from January 2 through March, I do a year’s worth of work in one quarter with a myriad of requests from a variety of people seeking clarity around finances including but not limited to:

  • I want to save more.
  • I want to spend less.
  • I want to learn about investing.
  • I want to be a confident investor.
  • I need a financial plan.
  • I want to feel less financially anxious.
  • I have investment targets that I want to reach.

etc etc.

So for anyone going down the road of Money Resolutions 2017 from someone who plays both roles as a Financial Advisor and a Money Coach/Therapist ask yourself this question: Do I want someone else controlling my investments or do I want to take greater ownership and control over my financial future through knowledge and education?

If you want to turn your money over to someone else to invest for you and pass on that responsibility (and control) to another person, then you need a Financial Advisor.

If you want to be sold specific products or investments, you need a Financial Advisor.

If you want a financial plan from a Certified Financial Planner, you need to hire a Financial Advisor who has a CFP designation.

If you want to learn about money, investing and understand your own needs as it relates to wealth creation and investing, you need a Money Coach.

If you want to understand how to talk to a partner about money and investments but cannot find the words or dialogue, you need a Money Coach.

If you want to feel more confident about your own thinking in regards to money, investing and understand your relationship to money, you need a Money Coach.

How Do They Charge

Financial Advisors charge on a per financial plan basis or an assets under management basis. The best advisors do some money therapy as part of understanding who you are - this does not come for free. The ones you don’t want will shove products you don’t need down your throat and dangle ‘free’ plans in front of you. Caveat Emptor.

Money Coaches will usually work on a set timeline and meet with you much like any coach or therapist, charging by the hour or time commitment. They will help you chart where you are financially and where you would like to go. You will discuss what road blocks or impediments are in your way and strategies to overcome them. You will also learn how to ask questions or begin conversations with key people in your life who control or influence your financial success.

So, before you ask for a recommendation or ring the friend of a friend of a friend to find an “investment person”, give some serious thought to what you really need to finally feel financially in control in 2017.

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