Here at My Insurance Lady, we partner with many talented financial advisors. If you’re in the market, ask us for referrals in your area!
Financial goals, income, and investments change over the years, which is why it is important to have people in your corner who understand different industries. There is a lot of crossover between the health insurance and financial world, so we have gathered a list of professionals to match you up with someone we trust as well.
Ramsey Solutions is widely known across the United States for strategically helping individuals out of debt and gaining financial freedom. We read their article on why they recommend financial advisors and wanted to share their tips.
First, they break down different acronyms you may see, verifying that professionals have taken the time to study and obtain licenses, degrees, or certifications.
- Certified Public Accountant (CPA) — These folks have to pass a rigorous exam to be certified. They can help you with taxes, business services (like mergers and acquisitions), consulting and accounting, of course.
- Personal Finance Specialist (PFS) — These people are CPAs who have passed even more exams and have gained extensive education and experience. They can help you with broader financial planning, not just accounting.
- Registered Investment Advisor (RIA) — These advisors specialize in managing the assets of people who have a high net worth. They also work on behalf of endowment funds, commercial banks, mutual funds, hedge funds, and insurance companies to help those businesses make more money.
- Certified Financial Planner (CFP) — These individuals also have to pass an exam to earn certification. Plus, they must have work experience and agree to a code of ethics. Their expertise includes taxes, estate planning, insurance and retirement planning.
- Chartered Financial Analyst (CFA) — These folks must take three exams and have three years of experience in their field. They focus on stock analysis for banks, mutual funds, and other big institutions—not financial planning for individuals.
They also deep dive their top 5 reasons for needing a financial advisor:
- Because they keep you on track with your investing plan.
- Because they do more than invest your money.
- Because even the pros need help.
- Because you don’t have the time.
- Because you’re an emotional creature.
Finally, they offer questions to ask your financial advisor to make sure you’ve found one that can suit your needs:
- What’s your educational background? What specialized certifications have you earned?
- How long have you been an advisor?
- Could you give me three clients’ names, phone numbers and email addresses as references?
- What services can you provide? What’s your favorite aspect of your job?
- What is the smallest, average, and biggest portfolio you work with?
- How much do you charge for your service? Do you offer different levels of service?
- How often would you evaluate my financial situation and provide an up-to-date forecast?