Why I Became a Financial Advisor
(and why that should matter to you when choosing one)
If you’re thinking about working with a financial advisor, you want an effective one. But what makes a skilled financial professional? Education/the right school? Degree? Salesmanship? Knowledge of the market? All of those are important, but so is attitude and background. Here’s why.
Growing up, I was good with numbers and developed an interest in the financial markets at an early age. As I got older, the role of a financial advisor seemed like it could be a good fit for me. However, I learned there were as many different kinds of financial advisors as there are types of players on a football team. I had to decide what kind of financial advisor I wanted to be. Through my studies and work experiences, I realized I enjoyed more than just the numbers. I wanted to help people become more comfortable with money and use it as a tool to improve their financial well-being and achieve their goals.
Choosing a Financial Advisor That Suits Your Needs
Some financial advisors provide advice based on the services provided, while others are more focused on selling products in a commission-based structure. It’s important you know which one you’re working with and that your advisor is transparent because it can affect outcomes.
I realized early on that it’s difficult for someone in the financial advising industry to provide neutral advice in the client’s best interest under a commission-based structure. These solutions can be very generic and not tailored to individual needs. This is not to say that commission-based structures are wrong, but I knew early on that type of advising wasn’t for me.
I didn’t want to just hand a thirty-something couple an “under 40” advice packet and list of products. I wanted to discover what was most important to them, their unique needs and goals and create a financial plan for them, not their entire generation. But what does that look like in practice?
I once met with a couple who were doing many things right. They had reliable income, saved in various types of investment accounts, and owned their home. However, there were roadblocks between their current course of action and what they stated was most important.
For instance, they wanted to assist with their child’s education, but there was no plan to achieve that goal. They had a higher interest rate on their mortgage than what was available to them. This couple also had inadequate life insurance given that they had a young child and a home to protect. Their investment portfolio was stagnating. So, I dove in looking for solutions to get them more aligned with the goals they expressed were important.
Delivering Results That Align Actions and Financial Goals
We refinanced their mortgage to a lower rate, which resulted in a sizeable monthly savings. Next, we directed the savings toward their college planning goal, utilizing a tax-free savings vehicle that also allowed for a state income deduction on contributions. Now they were saving for their child’s education with no additional money coming out of their budget, benefiting from tax-free growth and realizing lower taxable income.
We ensured their financial resources were being allocated to the most appropriate places, filled in the estate planning and college planning gaps that existed, and created an investment portfolio that factored in each of their risk tolerances. And let me tell you, that felt good for all of us. Clients feel a sense of relief knowing that they took the proper steps to get their financial lives aligned with their values and goals.
When I mention I’m a financial advisor, many people think of the cold, hard facts of numbers and probabilities but it’s more than that. It’s helping clients achieve their goals and dreams, like I’ve achieved mine. It is more than just working with money. It is working to help make people better off and I’d love to work with you.
If you want to be intentional about creating the financial future you desire, then Schedule a Call today!
Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Jason Dall'Acqua, and all rights are reserved.