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Planners, Coaches, and Advisors, Oh My!

As we get closer to year-end and you are trying to figure out how to improve your financial situation, you will quickly realize that there is no shortage of people offering varying levels of financial "advice" with a myriad of titles.

Wizard of Oz meme of them being scared of all the different financial planning options

To help cut through some of the noise, below is a quick breakdown of the key differences between the two most common approaches, financial coaching and financial advice:

Financial coaching vs. financial advice

So how do you find the right person to help you?

Below are the four key questions that matter most when you are looking for financial help:

1 - What do you need?

If you want someone to manage your money or tell you exactly what asset (stock, bond, crypto, etc.) to buy, then you need a financial advisor. If you are looking for someone who can help you make sense of the limitless asset options so that you can make an informed and educated decision, then you should work with a financial coach.

2 - Are they a Certifed Financial Planner (CFP)?

This is the gold standard and I would not recommend working with anyone who isn't a CFP. We need to change the current model of taking financial advice from friends, family, and social media.

Drake meme about financial advice

3 - How are they paid?

Some planners, coaches, or advisors, may be paid directly by you, known as fee-only, while others may also earn commissions by selling you products and services that you may not need. Unless you want to be repeatedly sold to, choose a fee-only financial professional.

Meme of man getting sick about hidden financial fees

4 - Do you like them?

This is an underrated question. Money is a vulnerable topic and if you don't feel comfortable or enjoy connecting with your financial professional then it likely won't work.

Attempting to navigate the endless sea of financial planners, coaches, and advisors can be complicated and intimidating, but if you are looking for an alternative that's simple, honest, and authentic, then schedule a free introductory meeting below.

For less than $5/day, Walk You To Wealth is the most affordable way to access professional help.

Disclaimer: The information in this post is provided for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. The information is intended to be educational and is not tailored to the investment needs of any specific individual.  It is also not intended to be relied upon as a forecast and is not an offer or solicitation to buy or sell any securities or to adopt any investment strategy.  The opinions expressed are those of the author.  Reliance upon the guidance and information in this presentation is at the sole discretion of the individual.


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