Just like you have a doctor to help you manage your health, a financial advisor helps manage your financial health. Let’s discuss some of the parallels between your relationship with your doctor and with your financial advisor.
(Click the featured times below to jump forward in the episode)
What lessons can we learn from another essential profession? At some point or another, we all need to see a doctor. Some of the same principles we adhere to in medical practice may also apply to the world of finance.
For instance, not all doctor’s visits are sick visits! Even if you feel fine, it’s helpful to visit at least once a year to make sure everything is assessed. Likewise, a financial advisor can take a comprehensive look at your financial position and provide recommendations on how to increase your financial health.
There are times when you can self-diagnose and treat an illness such as for a cold, but then there are other times you need more prescriptive care. In your financial plan, sometimes people choose to make their own decisions on their 401(k) fund. Other times, an advisor can help in more complicated financial situations or help in building your overall plan.
When you see a specialist, you want to meet with the right one. Not all financial advisors are the same. You want a fiduciary that will serve you. Then you want a financial professional who is right for the stage of life you’re in and the financial situation you are facing. Are you working with someone who is shaping a plan specific to you? Or someone selling you a lot of products?
No matter how financially fit you might be, make sure to work with a professional to strive for the peak of financial health.
Listen to the full episode or click on the timestamps below to hear a specific segment.
[0:35] – Even if you feel fine, it’s good to get a regular check-up.
[2:51] – Sometimes you can self-diagnose your issues, and sometimes you can’t.
[5:38] – Different specialists will perform different functions.
[9:31] – A second opinion may make a big difference.
PODCAST: Do You Really Need Life Insurance?