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StitcherIf you’ve ever wondered whether hiring a financial advisor is actually worth it or just another money trap, this episode’s for you. We’re breaking down exactly what financial planners do, how to know if you need one, and how to find someone who actually works for you, even on a frugal budget.
You don’t know what you don’t know.
What is a financial advisor?
A financial advisor is a licensed professional who helps people manage and make decisions about their money. They can help with the basics like saving, debt payoff, and budgeting. Where they really shine is in guiding decisions about investing, insurance, taxes, college funding, and retirement savings withdrawals.
When do I need a financial planner?
Jill shares that if you’ve been listening to podcasts like Frugal Friends and still feel stressed or unsure about your financial direction or just want some accountability it might be time to talk to a financial planner. This is also helpful if you’re nearing retirement and need to plan your income sources and withdrawals wisely.
Likewise, Jen suggests seeing one if you’ve recently come into money like through an inheritance, business sale, or home sale and need guidance on investing or taxes. A financial planner can also help you create a coordinated, long-term plan for multiple goals like debt payoff, real estate, insurance, college funding, and retirement.
How do you find a good financial advisor?
Jill highlights that finding a good financial advisor can save you time and stress, allow you to focus on things that are important to you, and prevent costly mistakes that can happen, and improve your returns and give you peace of mind.
To do that, Jen recommends looking for a fiduciary, so you can be sure they’re acting in your best interest, not just trying to sell you something “suitable.” Next, check for certifications that require education, ethics, and ongoing learning, such as:
- CFP® (Certified Financial Planner)
- CPA/PFS (Personal Financial Specialist)
- AFC® (Accredited Financial Counselor)
- CFA® (Chartered Financial Analyst)
Lastly, understand how they’re paid because if they hesitate or can’t give a clear answer in plain English, that’s a red flag.
What do you think about becoming a Certified Financial Planner?
Jen and Jill are taking class courses to be credentialed individuals! Jill feels it’s about time to become the experts they tell you to look for. While Jen’s excited to work with people in a new way and start sharing this added expertise.
Bill of The Week
Thanks Mary for sharing your bill about tonsillectomy and getting free electrolytes
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
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I've been listening to the dynamic duo behind the Frugal Friends Podcast for years now, cultivating good financial habits based on their approach of values-based spending. So when they decided to release a book, I clearly did not hesitate to read this book and boy, is it a fantastic read. Re-orienting yourself away from the values of what others define to be a successful life and to what makes YOU happy, fulfilled and successful is the bedrock of many chapters here. This is financial advice that isn't steeped in some arbitrary rules developed by a financial coach, but it is guidance that forces you to look into your own values and assess what matters to you. This book is a must-read. It will change how you view money on your own terms.
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