Written by: Derek N.H. Notman, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Did you ever go on a date with your financial advisor that crashed and burned? Finding the right financial advisor is a lot like dating. You need to find someone who you are comfortable with, who you can trust, and who you feel can help you achieve your financial goals. Relationships matter, especially when it comes to your money which is why the dating process can actually help you find and vet your financial advisor.
Connecting on a human level with a financial advisor helps us connect with our money
For most of us our money is a very personal topic, one which we share with very few people. Most of us have come to realize that we also need help with all aspects of our money but we don’t know where to find a financial advisor and ultimately how to pick the right one for us.
People are wired to connect with other people like them, it’s simply part of our DNA. So, whether you’re looking to find your life partner or the right financial advisor we can learn a lot from the dating process to ultimately help us connect with someone we can trust, open up to, improve our money mindset, and ultimately outcomes.
Here are four tips for using the dating process to find the right financial advisor:
Do your research. Just like you would when dating, it's important to do your research before you choose a financial advisor. Where you look for a financial advisor matters. Consider the source and motives of that source before diving in and narrowing down who you may want to work with.
Set up a meeting AKA first date. Once you've narrowed down your options, set up a meeting with each advisor. This will give you a chance to get to know them and see if you connect with them on a variety of human dimensions and ultimately if they're a good fit for you.
Ask questions. Don't be afraid to ask questions during your meetings. This is your chance to learn about the advisor. Do you have shared commonalities, experiences, interests, backgrounds, etc.? If not then chances are you probably won’t like them enough to trust them since you simply aren’t connecting on a human level as you would with someone who’s like you. Also ask the advisors about their experience, qualifications, and fees.
Trust your gut. Just like when you're dating, it's important to trust your gut when you're choosing a financial advisor. If you don't feel comfortable with an advisor, don't hire them. Working with a financial advisor should be a long-term, collaborative relationship as opposed to one based on transactions.
Finding a financial advisor is an important decision. By following these tips, you can find an advisor you can truly connect with which will lead to amazing advice engagement. This is where the magic happens. You open up, they listen and truly understand you, and then you have a plan of action you feel good about and one you know you will ultimately take action on to realize your hopes, dreams, and goals.
Here are some additional tips for finding a financial advisor:
You should control the search process. Only when you’ve done your research and are ready to move forward should you then reach out to an advisor to take the next step.
You should like your advisor. If you don’t like your advisor then it will be hard to trust them. If you don’t trust them you probably won’t open up to them which in turn means the advice they give you won’t be as good as it could be. Put good in, get good out.
This should be a mutually beneficial relationship. The work advisors do for their clients is arguably invaluable. Make sure you are aligned with each other and know they don’t work for free. Remember, you get what you pay for.
Here are some of the similarities between dating and finding a financial advisor:
Both are important decisions that can have a big impact on your life.
Both require you to do your research and meet with multiple candidates before making a decision.
Both involve trusting someone with your personal information.
Both can be nerve-wracking, but can also be rewarding.
If you're looking for a financial advisor, don't be afraid to use the dating process to your advantage. By following these tips, you can increase the odds of finding the right advisor who you like, trust, and can help you achieve your goals.
Derek N.H. Notman, Executive Contributor Brainz Magazine
I'm a REBL Dad on a mission to fix Money. Hi, I'm Derek! I dislike ties, love flip-flops and board shorts, and enjoy challenging the status quo. I was born in Ireland to a South African mother and German American father. I have a passion for world travel and adventure and believe it or not was actually compared to "The World's Most Interesting Man"! I'm a dadpreneur fintech CEO and love to challenge the status quo.
