Financial PhysicianSubmitted by Financial Planning Solutions, LLC on December 20th, 2018
Last week, I sat down with a new client. She was referred to me be by a colleague that felt I was a better fit for her. She was wrapping up her divorce and wanted someone that worked in that area.
After we got to know each other a bit and we walked through her financial concerns and goals for her new life, we agreed a comprehensive plan was in order.
After I described the process she said to me, "You are kind of like a financial physician. You listened to my financial ailments, asked me questions, empathized with me, and then told me you would prescribe a treatment once my results were back (her financial plan)."
I hadn't really thought about it in that way before but the comparison kind of made sense.
Not long ago another woman called me and said she had called a large financial institution and they suggested she buy a certain type of investment. She couldn't understand how they could know if that was right for her before really talking to her. I agreed. In the doctor analogy can you imagine going to the doctor and they prescribe a medication without really examining you?
Over the years, I've had people come in that wanted a "quick answer" or "fix" that day. When I explained I needed more info to make sure my recommendations were right for them, many didn't want to go through the process.
Here at FPS, Lyman and I have seen a lot over 25+ years but we wouldn't be doing the prudent thing and acting as a fiduciary by putting your needs first if we didn't do the work upfront.
A doctor that hears you complain of pains in your abdomen and hands you a bottle of pills without asking any questions, is like us hearing you want a comfortable retirement without knowing what that means to you.
We are eager to help you and make you "feel better", we just need to examine you first.
Got questions? We are here to help.
All the best.
Rick Fingerman, CFP®, CDFA®, CCPS®
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