For those of you that have ever hired a personal trainer–you know what that experience is all about. The first day is the one that you will never forget because it was hard both physically and mentally. You probably found out that you weren’t as strong as you thought you were or maybe that you didn’t prepare well enough. But it made you stronger in the long run.
Working with a financial advisor, believe it or not, can be a similar experience. It is common for most people to have some level of emotional duress when thinking about money. The stress compounds when investors come seeking to break their bad investing habits or when they’re emotionally recovering from a bad experience with their former advisor or broker. A financial advisor should work with you to correct mistakes made by offering on-going advice, as painful as it may be.
There are benefits to getting ‘personal training’ regarding your investments. By helping you break down bad habits and recover from poor financial relationships, your financial plan can be a form of ‘financial therapy’. This sets you up for long-term prosperity that is more self-sustaining. In other words, you grow to be more empowered to manage your day-to-day finances. Providing more strategic advice is often of higher value in the long-term.
Perhaps the most significant difference between an actual physical personal training and a financial advice personal training is the fact that we must listen to you more than a personal trainer ever would. By us asking you the right questions and listening, you’re able to accurately reflect upon what went right or wrong in your previous financial relationships. This element of critical thinking is the personal training aspect that allows an investor to break down so they can be built back up with a financial plan.
The sting of financial pain can lead investors to a better place. The first step towards improving an investor’s well-being, however, is through asking questions and listening intently. This type of personal training sets the stage for financial empowerment and well-being for investors. Financial advisors experience divorce, death, business success (and failure), and personal growth from the front row seat of their clients’ lives, all by bringing each client through their own training.
Advisory services offered through Trajan Wealth, L.L.C., an SEC-registered investment adviser.
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