Of all the women I’ve interviewed, the ones with the highest net worth didn’t necessarily earn (inherit or marry) the most money. The whopping majority worked with financial professionals…most often with a whole team (including a financial advisor, an estate attorney, a CPA, and a bookkeeper).
I’m a big fan of hiring financial experts. I wouldn’t fill my own cavities or set my own broken bone. Would you? We’d leave that to a specialist, someone who’s had extensive training and that’s pretty much all they do.
But I must warn you: Financial professionals make lousy Prince Charmings. Don’t ever hand over your money, close your eyes, turn your back, and hope they take good care of you. You need to be educated and involved. A good advisor will make sure you are.
Another Warning: Resist the urge to sign up with the first advisor you meet. Interview at least three. Ask questions such as these, then go with your gut instinct:
- Would you tell me about yourself?
- Do you specialize in certain investment
- Who are your clients?
- How do you charge for your services, and what costs might I incur working with you?
- How often do you communicate with clients, and how often might I expect to hear from you?
- Would you be willing to educate me about investing and finances in general?
- Have you ever been involved in any lawsuits, arbitration, or disciplinary problems?
- Is there anything you want me to know about you that I haven’t asked?
Need more help? I’ve written a booklet filled with great advice: Finding A Financial Advisor You Can Trust. It’s available here.
You’ll learn about hiring the right professional and protecting yourself by being a good client.
If you enjoyed these “Words of Wealth”, head over to my website and sign-up for my FREE weekly newsletter at: www.barbarastanny.com
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