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Social Security Spousal Benefit Calculation Before FRA
10 months ago
Why You Can't Find a Good Financial Advisor
Are you wealthy? Are your friends wealthy? Do you know many wealthy people?
Chances are you are not wealthy, nor are many of the people you know. Nevertheless, I am certain you could benefit from good, unbiased financial advice. Unfortunately the current primary financial advice practice models are not designed to provide you financial advice. Most financial advice practices focus on high net worth individuals because these types of clients can be the most profitable.
This means you are left to choose from financial advisors who are peddling product, who are not required to work in your best interest and who may harm you financial well-being despite best of intentions.
This strikes me as deeply wrong. The financial advice industry will remain a marginal and unimportant profession until the industry can figure out how to provide access to good financial advice to the vast majority of the population (meaning non-wealthy individuals and families.) Financial advisors and financial planners can provide tremendously valuable and life-impacting services. These services can benefit non-wealthy people as much, if not more, than wealthy people.
There likely needs to be a fundamental shift in the way financial advice is delivered in order to be able to serve you. Currently the basic practice model requires large time and resource commitments of professionals to provide financial advice. This creates the desire to help high net worth individuals because the cost of helping others exceeds the revenue that can be generated.
There are some professionals trying to figure how to create a new model that can deliver advice to all. More practices are including hourly services that can be offered to people unable to pay the full financial planning fees generally charged. The Garrett Planning Network includes many professionals dedicated to offering services on an hourly basis to people of all income and net worth levels. MyFinancialAdvice.com is a newer offering which is trying to dramatically change the way advice is delivered to provide access to many more people.
These ideas and others need to be discussed by more financial advice professionals. The discourse needs to grow and more professionals need to become committed to finding a different way. This will be a central theme of my financial planning practice should I choose to begin one. It is something I believe in strongly.
Unfortunately, until more new models are developed and more professionals fill this need, you will be very limited in finding a good financial advisor.
True Financial Planning: Where It Begins
What is that one goal in your life that drives you every day; that one thing that, if achieved, will allow you to feel you have lived a life fulfilled? What is that goal that will give everything purpose?
While it's in your head:
- Tell your spouse, a family member or friend about the goal
- Write the goal down
- State the goal out load even if only to yourself
- Tell your spouse, a family member or friend about the goal
- Write the goal down
- State the goal out load even if only to yourself
Now that you've made the goal real by telling someone about it, writing it down and saying it out load; begin to plan how to achieve that goal and how to do so as quickly as possible. There is nothing more important than realize that goal.
Call you financial advisor and tell them that this is the one thing you need to plan for first, and all the other goals need to either be subordinate or support reaching that goal. This will help you create a financial plan which you are truly committed to and that you will want to achieve.
If your financial advisor tries to convince you that this goal is not worthwhile or a waste of money or silly, I suggest you begin interviewing new advisors. Nothing could be more important than achieving the one thing which gives your life purpose! There are advisors who would be happy and excited to help you achieve it.
Begin today, don't delay. Your happiness, contentment and fulfillment await.
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