Many people in your life – from your fourth-grade teacher, to your parents, to your employer – have likely touted the benefits of setting goals for your future. You may have written down you would go to medical school and be a doctor, or get married and have children or buy your first home by 25. We create life plans and vision boards that project where we would like to be at some point in our future. And then often, they collect dust. They get pushed to the bottom of a stack of junk mail on your counter and you lose motivation.
As wealth advisors, we start with your personal goals. During our discovery meetings with clients, we spend time learning what’s important to them around money. Helping clients live fully requires understanding the values behind the goals, and without that, the numbers can feel meaningless. (more…)
Have you ever heard the proverb about the cobbler’s children? It essentially states that the cobbler’s children, although surrounded by well-made shoes, have the most worn out shoes. Or that doctors are the worst patients? The same can be said for wealth advisors. We’re not immune to the common mistakes that exist in the financial world, and even we can benefit from the financial guidance we provide for others.
As a new advisor, I had an epiphany. Yes, an epiphany, as corny as that sounds. I realized that although I could adequately pick investments, decide on a savings plan and develop a strategy for myself, I wasn’t following through with it. While at a client meeting, my coworker explained it best by saying, “We help hold you accountable to your goals.” Duh! That was the thing I was not giving myself. I could make the best laid plan, but I wasn’t following through and doing the actions I needed to do to be successful. I had the knowledge, but needed accountability. The very next day I hired my first advisor. (more…)