I'm a financial planner, and I have 5 tips to get the most from any financial adviser you hire
© Photo by Dina Konovalov
Thinking about hiring a financial planner? It could be a great move to make - especially if you're at a point where you have cash left over at the end of the month and aren't sure of the best way to leverage that to grow wealth and achieve your goals.
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In the past, advisers might have just been for people who were already wealthy. But today, newer and more flexible business models mean more firms don't require asset minimums (and might only offer comprehensive financial planning services rather than only investment management).
Still, hiring a professional to act as your personal CFO usually isn't cheap. It's an investment in yourself and your future, so you need to understand how to get the best return possible from that relationship.
Here are five ways you can make the most of having a financial pro on your side, and understand how to best use a financial planner so they can maximize the value they provide to you.
1. Be open, honest, and coachable
This should go without saying, but a financial planner cannot help you if you don't share openly with them. That means disclosing all the details of your financial life - and I know that can be really difficult to do.
But remember, your planner isn't here to judge you (or shouldn't be; this is why it's really important to do a gut check to make sure you actually like and trust your planner before hiring them).
Your planner should create a safe place for you to lay everything out on the table. Together, you need to understand where things stand now in order to make the best comprehensive plan for moving forward and getting to where you want to go with your financial life.
In addition to sharing the numbers, share your thoughts, goals, fears, and worries, too.
Personal finance is personal; money is much more emotional than purely analytical. How you feel about your finances will impact your behavior and your actions, so sharing openly with your planner will help them design a strategy you will implement.
There are probably a lot of routes and options that will eventually get you to where you want to go. The best one is the one you'll actually stick with over time.
Finally, you also want to be coachable. That means being:
The best financial planner in the world won't do you a bit of good if you're not willing to change or consider new things in the process of reaching your goals.
2. Accept the accountability your planner can provide
Knowing what to do is one thing - and your financial planner can certainly tell you the right things to do with your money to make the most of it and build wealth over time.
But how many times have you started a diet or exercise program because you knew that's what you needed to do to gain muscle or lose weight… only to find you fell off the wagon less than two weeks into your new routine?
Knowledge typically isn't enough when it comes to behavior change, updating habits, and making progress toward long-term goals that could take months or years to achieve.
To best use a financial planner, definitely take advantage of the knowledge, advice, and wisdom they can give you… but make sure you lean on them for the accountability piece, too.
Your planner should assign you action items or tasks to take after each meeting in order to move forward.
These could be really tangible, like "increase your contribution to your ESPP plan," or "transfer that extra cash from your checking account to a short-term savings goal or a long-term investment account."
Or they could be really intangible, like "talk with your partner about your priorities and be ready to share at our next meeting," and "think through what you would like to do next: buy a house or start a business."
In either case, your planner should also follow up with the accountability to make sure you get this done. Just like a personal trainer holds you accountable to getting in the gym and doing the reps, a planner can send reminders, check in with you between meetings, and make sure things don't slip through the cracks as you make progress with your plan.
3. Listen, especially when they advise against something
Most people are focused on what a planner will tell them to do to reach their goals. But one of the most valuable things you can get from a relationship with a financial planner is listening to them when they tell you not to do something.
When you get panicky and want to sell out of your positions in your investment account that you set up for long-term wealth building? Listen when you adviser says, "let's sit tight and stick to the strategy we designed before you felt emotional about this."
When you feel pressured to buy a home because your local market is hot? Listen when you adviser says, "I understand you don't want to miss out, but the plan we built has you buying a home in 5 years. Let's keep working on building up the down payment you need to buy the house you want."
Your adviser can help you stay focused, disciplined, and consistent with the actions you need to take - and avoid - on your way to building wealth.
Need to find the right financial planner for you? SmartAsset's free tool can help »
4. Ask for referrals to other professionals who can go to bat for you
You probably worked really hard to find a financial planner you trust, like, and enjoy working with - and repeating this process for every professional you need on your team sounds a little overwhelming, doesn't it?
Thankfully, you can just ask your adviser for referrals and recommendations.
And if they're a fee-only financial planner working as your fiduciary, they don't get commissions or kickbacks from other businesses, so you can know they're not being financially compensated for a recommendation.
Most planners have a professional network because they know that's a huge value-add to provide to their clients.
So when you need an estate plan, ask your financial pro for a referral to an estate planning attorney they know and trust. Need help with a complex tax situation? Ask your planner to recommend a CPA that will do great work for you.
And if you have a legitimate need to buy something like term life insurance, ask them to direct you to an insurance broker who won't oversell you on a policy that's too big (and too expensive) for your needs.
5. Uncover your blind spots
What we know typically falls into two categories:
These two areas are pretty easy to manage. When we know things, we can use that knowledge to our advantage. If we know that we do not know other things, we can choose to learn or ask questions to get the answers we need from experts who do have a particular domain knowledge.
Where we can get into trouble, however, is with a third category of knowledge:
The stuff we don't know we don't know.
In other words, we can get into trouble with our blind spots. When we don't know we don't know something, we don't have the questions to ask. We don't know we need to learn.
The blind spots aren't the problem. It's not asking someone to check them for you that will cause issues. This is where your financial planner can come in.
They can provide an objective, outside perspective on your finances and your financial plan to look for those things you didn't even know to check or ask about.
Together, they can work with you to eliminate blind spots and shore up your defenses against the unknown.
Eric Roberge, CFP, is the founder of Beyond Your Hammock. He helps professionals in their 30s do more with their money.
SmartAsset's free tool can help find the right financial planner for you »BBB CONSUMER TIPS: Beware of diet and weight loss supplement free trial offer scams
Every new year, a wave of trendy New Year's resolution scams surface to capitalize on consumer's New Year's resolution goals, like weight loss. Consumers who want to get in shape or lose weight are at risk of being deceived from products that do not work as advertised or come with a host of unwanted side effects and trapped in monthly subscription fees.
New products like topical creams, dietary supplements, workout gadgets and appetite suppressants flood the market, promising consumers spectacular weight-loss results. These risk-free schemes often start with an ad for a free product or with an article that seems to appear on a credible news site. Consumers just need to enter their name, address and credit card number, and the product will be on its way for only a nominal shipping and handling charge. Fraudsters have turned such offers into a global multi-billion-dollar industry, one that grows every year.
A 2018 BBB study, “Subscription Traps and Deceptive Free Trials Scam Millions with Misleading Ads and Fake Celebrity Endorsements,” reported that consumers filed nearly 37,000 complaints and BBB ScamTracker reports since 2015 with an average loss of $186. Through October 2019, BBB received more than 6,600 complaints and reports from consumers in the U.S. and Canada about free trial offers. The BBB study found many of the celebrity product endorsements it investigated were fake and that sometimes the fine print even admitted the endorsements were not real. Major lawsuits have been issued against companies using celebrity imagery and name to endorse products like skin lotions. Shark Tank investor Lori Greiner recently warned consumers of a Keto Pill Scam using her credibility to sell dietary supplements.
Your Better Business Bureau offers these tips to help you evaluate weight-loss supplements and other weight-loss products and avoid free trial scams:
• Research the company before signing up. Many of these companies have “F” ratings with BBB. Check the product or company name by calling or visiting our website to see if there are any complaints and to check if it’s a scam.
• Be wary of free trial offers. These deals can become “subscription traps” that hook consumers into expensive shipments of products they did not explicitly agree to buy.
• Read all the terms and conditions of any free trial offer. Know if there is a cancellation period and return policy.
• Look out for fake celebrity endorsements of products and supplements. Research the celebrity claiming to endorse the product to see if they are really backing it. Most scams use images without their consent and use a celebrity’s name for creditability for skincare lotions and for weight loss supplements.
• Call your credit card company for a refund. If you think you have been the victim of a free trial offer scam, speak with your credit card company. Some companies may issue a refund for the money lost.
• Report the fake ads. Call your BBB to report suspicious, confusing or misleading ads to BBB Ad Truth or to BBB ScamTracker. Consumers can also report the ad to the Federal Trade Commission at ftc.gov or by calling 877-FTC-Help.
Free trial offers can be legitimate ways to introduce new products. Credible companies make sure consumers understand what they are signing up for and do not hide key information. Under the Restore Online Shopper’s Confidence Act, companies must clearly lay out the terms of free trials or other subscriptions before consumers give their credit card information.
For more information, see the Federal Trade Commission's video on free trial offer scams.
Kelvin Collins is president/CEO of the Better Business Bureau serving the Fall Line Corridor, serving 77 counties in East Alabama, West Georgia, Southwest Georgia, Central Georgia, East Georgia and Western South Carolina. This tips column is provided through the local BBB and the Council of Better Business Bureaus. The Better Business Bureau sets standards for ethical business behavior, monitors compliance and helps consumers identify trustworthy businesses. Questions or complaints about a specific company or charity should be referred directly to the BBB by phone at 800-763-4222, online at bbb.org or email info@centralgeorgia.bbb.org.
Savvy mother becomes an Instagram influencer and bags £20,000 worth of freebies
Young mother who was feeling 'bored and isolated' transforms her family’s fortunes by becoming an Instagram influencer and bagging £20,000 worth of freebies
A stay-at-home mother has revealed how she transformed her family's fortunes in a year after turning them into Instagram influencers.
Octavia Lamb, 25, from Ormskirk, Lancashire, has gathered 24,500 Instagram followers in the last year since posting about her family's daily adventures - taking them from scraping by to 'living like VIPs' and enjoying freebies worth £20,000.
She took tips from successful influencers she followed, carefully crafting posts about life with her truck driver husband Matt, 25, and their boys, Harvey, four, and Oscar, two.
Now, sent everything from free clothes to food by major brands, she said: 'Since I've grown such a big Instagram following, so many doors have opened up for my family.
Octavia Lamb (pictured with her family), 25, has gathered 24,500 Instagram followers in the last year since posting about her family's daily adventures
The mother-of-two (pictured with a gifted TV) has transformed her family's fortunes - taking them from scraping by to 'living like VIPs' and enjoying freebies worth £20,000
The family are now gifted free toys (pictured) for their little boys - and the children love to feature on their mother's Instagram account
'Huge brands want to work with me and I've been given £20,000 worth of gifts in exchange for posting about the products on my Instagram.
'I also get paid up to £250 per sponsored post - but that fee will go up as my followers increase. I feel so grateful to all the brands who have worked with me, because they've made my family's dreams come true.'
While her Instagram fan base grew steadily in the first half of 2019, Octavia enjoyed a tsunami of interest in June, when she spiced up her page with the help of a posh camera, to produce sharp images.
She explained: 'In June I decided to make my account more creative. I bought a Nikon 500 camera for about £500 and taught myself how to take a good picture.
'I also purchased a photo editing app called Lightroom, which only costs £4 per month. As soon as I started posting well-taken, edited images, my Instagram just took off.
The Lancashire mother, from Ormskirk, took tips from successful influencers she followed, carefully crafting posts about life with her truck driver husband Matt, 25, and their boys, Harvey, four, and Oscar, two (picture together)
Harvey is a born performer, says the proud mother, and loves posing for the camera while on free days out, pictured left, or trying out the new products, right
Now, sent everything from free clothes to food by major brands, Octavia said: 'Since I've grown such a big Instagram following, so many doors have opened up for my family'. Pictured: Harvey enjoying a day out during the Halloween period
'Editing and adding hashtags like #mum and #family was definitely a game changer, too. Now I've got 24,500 followers and most of my posts reach an average of 10,000 views.'
Octavia's top tips for a successful Instagram account:
1. Always edit photographs to ensure your Instagram page is consistent and aesthetically pleasing.
2. Embrace the online community and see other influencers as friends rather than as competition.
3. Engage with your followers every day - make sure to like and comment on their posts, as well as replying to comments on your own.
4. Make sure to create high quality content. Don't just take pictures in the same place or with a messy background, really think about the whole picture.
5. Always stay genuine and post real and relatable content that your followers can engage with.
Octavia - who runs the @thelambfamilyadventures Instagram page - says her account's success has reaped massive rewards for her family.
She explained: 'It's helped us so much money wise. Before, we were an average family just about getting by.
'But now, we can do things we'd never have been able to afford before - now we can take the kids on day trips all the time, eat out a lot and do fun things like family photoshoots.
'We get so much for free that we don't need to buy much, so we can save the money Matt earns and put it towards buying a bigger house.
'I want to get a four-bedroom semi-detached house with garage space in the next couple of years, which will cost around £350,000.'
And every day brings the prospect of something new being posted to the Lamb family's home.
'It's really exciting when the postman comes to my door, because I never know what I'm going to get,' said Octavia. 'Now it's just a case of trying to find enough room in my house for all the stuff I receive.'
While her Instagram fan base grew steadily in the first half of 2019, Octavia enjoyed a tsunami of interest in June, when she spiced up her page with the help of a posh camera, producing sharp images. Pictured: Her sons running through a forest
Husband Matt (pictured with his sons) was 'baffled' at first by all the interest his family was receiving on his wife's Instagram account
Young Harvey is surrounded by books that his mother has been gifted. They include a Thomas the Tank Engine themed one
Feeling bored and isolated as a young mother when she first decided to give her Instagram page a facelift, it has since transformed her life and boosted her confidence.
'I'd always wanted to do more for my boys and give them the best opportunities that I could,' she said. 'I was a bit bored and wanted something I could get stuck into that would benefit my family.
'So, I started looking at other ladies on Instagram who had large followings and I just thought, "Yeah, I want to do that". One day I just woke up and I was like, "Right, I'm going to start taking Instagram seriously today".'
Now considered hot property by firms wanting her to promote their products on her page, Octavia is still amazed by their resulting generosity.
She said: 'I've been given so many amazing gifts - fancy dinners out, a SodaStream, a Lollipop baby camera, Trunki suitcases, Asda gin, a designer watch, a 32-inch TV, family photoshoots, a Gourmet Society card - the list is endless.
The family have been given £20,000 worth of freebies, including pushchairs, pictured left, and plenty of soap products, right
Octavia (pictured with her son) - who runs the @thelambfamilyadventures Instagram page - says her account's success has reaped massive rewards for her family
Octavia, pictured left, explained: 'It's helped us so much money wise. Before, we were an average family just about getting by.' Pictured right: Gins which were sent to Octavia to try
'I've also worked with Marks & Spencer, who gave me a voucher to go and buy party food from their Halloween range and post about it. I get Femme Luxe clothing vouchers worth up to £100 every month.
'As soon as I post a picture of me wearing the brand's clothes, they send me across more vouchers to buy more clothes with.
'Oscar and Harvey have got some brilliant goodies, too. They've had clothes from Muddy Puddles, Child's Farm gift sets, Bentley trikes, books, paint sticks and boxes of slime.
'We've been gifted trips to Alton Towers, Disney on Ice, ZSL London Zoo, and I got tickets to the Glamour Beauty Festival in Manchester.
'We're also going to the Lake District for a three-night lodge stay later this month which will be lovely, too.'
Octavia was even made an ambassador for Castle Park Live and the Lightopia Festival and is required to promote the events on her page in return for free tickets.
A beaming two-year-old Oscar showcases free products on his mother's Instagram page, including personalised clothes and a pushchair
Octavia (pictured with her family on a day out) has even lost three stone, thanks to her Instagram fame, after a weight loss brand – Do The Unthinkable – provided her with six months of their calorie-controlled food
'Oscar and Harvey (pictured) have got some brilliant goodies, too. They've had clothes from Muddy Puddles, Child's Farm gift sets, Bentley trikes, books, paint sticks and boxes of slime,' Octavia explained
She said: 'As long as I post about them, I get to go to the events and enjoy them as a VIP with my family. I don't have any contracts or any formal agreements. The brands just trust me to post honestly about them on my page.'
Octavia has even lost three stone, thanks to her Instagram fame, after a weight loss brand – Do The Unthinkable – provided her with six months of their calorie-controlled food.
'For six months I had free food dropped to my door every fortnight,' she said. 'I was sent a selection of ready meals, like low calorie curries and noodles, and snacks like low calorie crisps and cake bars.
'I lost around three stone - and all I had to do in return was post about the products and share my before and after pictures with the company.'
Feeling bored and isolated as a young mother when she first decided to give her Instagram page a facelift, it has since transformed Octavia's life and boosted her confidence. Pictured: Her family during a holiday
Thanks to her Instagram page posts, seen above, Octavia has been gifted trips to Alton Towers, Disney on Ice, and ZSL London Zoo
Octavia's youngest son Oscar offers a cheeky smile for the camera while testing out some new bed covers, featuring zoo animals
But Octavia said her overnight good fortune left her husband 'baffled.'
'At first, Matt was baffled by all the products we were getting delivered to the door,' she said. 'He doesn't do social media and I don't think he understood what an influencer was.
'He thought I'd gone on a spending spree and would ask, "Oh no, what have you ordered now?". He still doesn't understand why I'm getting all these amazing gifts and days out for free – but he loves the wonderful activities we get to do with the kids.'
Meanwhile, her two boys are always keen to feature on her Instagram page.
'The boys love posing, and they love it when they get new toys too, 'she said. I've just launched a YouTube channel for the kids to unbox the toys they've been gifted in front of the camera.
Octavia's two boys are always keen to feature on her Instagram page. Pictured: The mother-of-two with her eldest son
Despite the massive benefits her family (pictured) has seen, spiteful internet trolls have criticised Octavia for putting her children on social media
'Harvey is a blossoming actor, so he loves to show off and Oscar's still little, but he likes being there and getting involved.'
Despite the massive benefits her family has seen, spiteful internet trolls have criticised her for putting her children on social media.
'I'm not bothered about sharing my life with the world, the way I see it is I'd be posting about my kids and updates about my life on Facebook anyway,' she said.
'We do ask our family and friends to check with us first before they post anything about us - just so we can maintain some element of privacy.
'But I'm still targeted by trolls who say, "Do your kids get a say in being all over the Internet?" or "What kind of mother puts their kids on social media?".
Octavia said her overnight good fortune left her husband (pictured with one of his sons) confused but 'he loves the wonderful activities we get to do with the kids'
Octavia said since creating her platform, her boys (pictured) have been approached to do modelling work 'because they're being noticed by the right people'
'I know it's just trolls with not much else to do, so I just brush the comments off. At the end of the day, I'm working hard to give my kids the best life possible and it's just jealousy, so I ignore it.'
Meanwhile, the opportunities for the Lamb family continue to flood in.
'Before my Instagram success, I tried to get my boys into modelling, but it wasn't happening,' she said. 'Now, since creating this platform, they've been approached to do modelling work because they're being noticed by the right people.
'Recently, they modelled for Jacob Matthews in exchange for some vouchers and free clothes.'
As well as the financial benefits, Octavia says being an influencer has improved her outlook on life.
Octavia's sons (with Harvey pictured) recently modelled for Jacob Matthews in exchange for some vouchers and free clothes
The mother-of-two (seen with her son) believes she has become a social media hit as she keeps her page 'authentic.'
'I love being a mum, but it can be a bit lonely and when I started using Instagram, I found this whole community of people I could chat to,' she said.
'Before this I was quite an anxious person, but now I'm confident and I'm always chatting away to other mums online. It's really bought me out of my shell.'
Octavia believes she has become a social media hit as she keeps her page 'authentic.'
'I make sure to share the good and the bad on my posts,' she said. Take when Oscar was teething, I wrote all about the awful nights we had - including as much about the bad times as the good times.
'And I only accept collaborations from family friendly brands. The brand has to fit in with my page and what I stand for, otherwise it won't work. People think being an influencer is easy - but it's a seven day a week job.
'I work for four or five hours a day, as I'm basically running my own business as well as being a mum. But it's all been worth it, because I've been able to change my family's life for the better.'
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