Money: People have it, people want it, and most people are not sure what to do with it. Even if a person understands every tax law and investment strategy available, it can be overwhelming to handle it all without a financial expert. Out of 183 professional designations within the financial industry, financial advisors and financial coaches/planners are two of the most popular titles, and within good reason.
Even if you are just starting out in your career and have little to no funds, it is in your best interest to learn sooner rather than later about how to manage your money to its best potential. This is where Financial Advisors and Financial Coaches come into play.
What is the Difference Between a Financial Advisor and Financial Coach?
Financial Advisor: A Financial Advisor is a professional who help individuals manage their finances, but in a larger scale. Personal financial advisors provide advice on a range of issues such as investments, insurance, mortgages, college savings, estate planning, and taxes and retirement, depending on what the client requests help with.
Some financial advisors receive a flat fee for their advice, while others earn commissions from the investments they sell their clients. This is more fitting for someone with a savings or investment portfolio, and has long-term ideas for their financial future. There would not be immediate changes with this path, and could take decades to come to fruition via investment portfolios.
Financial Coach: Financial Coaches like Lassise Financial Coaching are a perfect match for people who want to work with a coach without strings of commissions attached. A financial coach does not receive a percentage of your investments as payment so they are completely unbiased about how you should invest. Instead, they help you develop the skills you need to choose an advisor that is a good fit for you.
Coaches also help you to understand the differences between working with an advisor and managing your money on your own. Coaching also can be beneficial to anyone of any income bracket to apply short and/or long term fixes that can immediately help your financial status and break bad habits. These changes can take effect as quickly as your next paycheck, as you can learn ways to pay down debt, increase cash flow, and properly manage your expenses.
Coaches work one on one (no robo-advisors like some companies!) with you to get to know you and your lifestyle, as well as help guide you to where you would like to stand in your financial future. Future can mean next week, next month, next year, and so on. Coaches are a perfect fit for any age or financial status, because it does not require a huge savings portfolio to get started. This is the least intimidating way to get on track and start preparing for your financial future, and comes highly recommended.
The Big Question You Aren’t Asking: “Is Your Advisor A Fiduciary?”
A Fiduciary is a person who always acts with their client’s best interest at heart. The reason we charge an hourly fee, is so we can avoid the temptation of offering our clients “good enough” products, in order to make more money.
The sad truth is that many financial advisors are NOT LEGALLY REQUIRED TO ACT IN YOUR BEST INTEREST! That should be a huge red flag when choosing a financial planner. Always ask anyone who is handling your money if they are a fiduciary, and ask how they are paid. If the answer is that they are not a fiduciary or they work on a commission, head out the door!
When is the Right Time To Start Looking for a Financial Advisor or Financial Coach?
The best time to start looking for a financial advisor or financial coach was 20 years ago. The second best time is RIGHT NOW.
Many people claim that they will wait until they have more money to get coaching. That is like saying you will wait until you are a professional baseball player before you learn how to field a ground ball.
The issue is that you do not have the correct habits to be able to get the money that you need in the first place. That is why it is always better to get coaching as soon as possible. The earlier you learn, the better you will get. It is also beneficial to get coaching earlier in life so you can compound interest over more time (a strategy so good, Einstein called it the greatest invention in human history).
Andrew Lassise from Lassise Financial Coaching has years of Financial Coaching experience under his belt and the entrepreneurial spirit to best help you reach your financial goals. He has successfully launched several profitable businesses within the West Palm Beach, Florida region, and wants to take what he learned to help others achieve their dreams. Whether it’s preparing to start a new business or simply reducing debt, Lassise is there to guide you and set you up for financial success.
Lassise Financial Planning currently provides services in Boca Raton, Delray Beach,
Boynton Beach, Hypoluxo, Lantana, Lake Worth, Wellington, and West Palm
If you are interested in securing your financial future, reach out to Lassise Financial Coaching today to prepare for a better and greener tomorrow!