An Intangible Benefit Of Working With A Financial Planner

by | Aug 14, 2018

 

SEE FULL VIDEO TRANSCRIPT BELOW:

– – What’s up, everybody? Justin Harvey here at Quantifi Planning. Hope you’re doing well today.

I wanted to share a quick story to illustrate one of the significant, intangible and yet incredibly meaningful benefits of working with a financial advisor. A couple weeks ago, I was talking to an attending anesthesiologist.  She and her husband had recently moved, and she was preparing to start a new role in a private practice.  During this time, they were hashing out their values and their financial priorities and had started a conversation with me to begin that process.  During this process, I became aware that they hadn’t given a lot of thought to this yet.  This was a very constructive conversation at the outset, and we were discovering some of the ways in which her and his priorities may not have been fully synced up.  We were getting some good things out on the table, and I thought, hey, we’re off to a great start.

I later found out, subsequent to this first conversation, that they had gone ahead, well, one of them had gone ahead, and made a significant financial decision.  It was a significant financial commitment that was in alignment with one of their values but, perhaps, not both of their values. And, in so doing, I was not really part of this decision, and we hadn’t been engaged in a formal relationship. What I saw playing out, kind of in slow motion, was one of the spouses kind of going ahead and making these decisions without the other being on board and without the values and priorities of both spouses being clearly laid out and agreed upon.

Whenever I see this happen in the context of a marriage, especially, it can be divisive and stressful and not cultivating a healthy atmosphere, which is not what anyone who is married to anyone else wants for their own household. So, I say all this to say one of the intangible benefits of working with a financial advisor can be helping to bring significant value in this intangible way of bringing out conversations about values, about priorities, about goals, about building a shared vision for the future and helping to prevent significant financial decisions from being made in a vacuum, apart from the agreement of both spouses.

So, I would encourage you, especially if you’re in times of career transition, especially for newer attendings who are coming into a much higher paycheck and have to figure out how are we going to allocate these new dollars in order to align with our values and align with our priorities. That’s an ideal time to work with a fiduciary financial planner to help you make those decisions. So, that’s all I’ve got for today. Hopefully, you can spare yourself making a significant mistake like this and make great decisions with your money. Hope you have a great day.

 

Disclaimer

Herein contains my one-take thoughts on financial concepts, behavioral investing, money management strategies, financial media, and letting you “behind the curtain” on my efforts to help move my physician clients toward financial independence.  Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Website Disclaimer page for a full disclaimer.

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