The Name Game

Author: Scott G. Russell, CFP®

The Name Game

I hate to bash my own industry but…

Leave it to an industry that makes everything sound complicated to even make the titles of financial professionals convoluted.  We as financial professionals have come up with all kinds of names for ourselves in order to try to paint an image of what we do for our clients.  Some examples are; Wealth Advisor, Wealth Manager, Wealth Coach, Financial Advisor, Financial Coach, Financial Planner, and Investment Advisor.

I'll be first to admit I've gone through several iterations of titles on my business cards and if I didn't have one to reference as I write this I'd be hard pressed to tell you what is currently listed on it.  Unfortunately, there is no title or 30-second way at a cocktail party to know if a particular financial professional is right for you.  So, how do you know which financial professional is right for you?  

First, there are some things you can look for right off the bat and I listed those in my previous blog post "Getting Over It" (http://www.ourcfoteam.com/blog/getting-over-it).   

Second, you need to do some self-reflection as to what services you really need.  Are you someone with good financial habits but needs someone to put a long-term plan in place?  Are you someone that gets paralyses by analysis and needs someone to put things in motion?  …Or are you someone that needs more structure around your financial habits, like budgeting? 

Finally, once you have a potential financial professional in mind and know what your needs are, you have to actually sit down with them to see if they’re a good fit.  Do they offer the services you really need?  Do they communicate in a way that makes sense to you?  

This last point about communication is very important.  I have been accused of being pretty left brained and when I first moved from the corporate world of financial services to serving families it was very apparent.  I produced lengthy, data filled financial plans that I thought were just wonderful but I was typically the only one in the room that appreciated it.  Since then my partner, Bill (also a self admitted left brain person), and I have researched and developed better ways to communicate and motivate our clients to achieve their goals.  We developed processes based on their needs that help them visualize their goals in a meaningful way, develop action plans that aren't overwhelming, and we work with them long-term to implement those plans and adjust them as their lives evolve.  

Good luck in finding someone to help you achieve your unique goals and remember…  

“You may delay, but time will not.” -Benjamin Franklin