UNDERSTANDING WHICH FINANCIAL EXPERT TO HIRE, FOR WHAT & WHE
Financial Coach
Financial Planner
Financial Planner
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Financial coaches are professionals trained, tested and certified by organizations like Ramsey Solutions that can:
- MAIN DELIVERABLE: help you secure a monthly tuned-up budget , go through a 7 steps plan and serve as your accountability partner for debt reduction and savings growth
- APPROACH: serve as a resourceful, non-judgmental, experienced, supportive and independent guide providing you with continuous tips, financial education and better ways to manage your money towards shorter-term financial objectives
- GUIDANCE: like are your financial personal trainer or primary care financial physician helping you overcome obstacles with specialized resources (including financial planners) towards your good financial management
- FREQUENCY OF SERVICES: once a month initially until the client has resolved pending issues as well as gained stability and freedom
- COSTS: a fixed service fee is paid in advance upon booking
Financial Planner
Financial Planner
Financial Planner
Financial planners are professionals trained, tested and CFP certified by organizations like Certified Financial Planner Board of Standards in the United States. Upon hiring a CFP, you:
- MAIN DELIVERABLE: gain a customized investment strategy and long-term financial plans to grow your wealth
- APPROACH: receive informed guidance on how to maximize your wealth for long-term financial freedom
- GUIDANCE: give you an update on your portfolio and answer a question or two about other financial topics. Your relationship with them is focused on your investment portfolio, and specifically, the assets that they manage
- FREQUENCY OF SERVICES: pay a fee quarterly to annually
- COSTS: available mostly via large brokerage firms, CFPs are more investment transactional or product-focused as they are compensated for a fee plus typically commissions on product sales