3 tips for entrepreneurs who’ve been neglecting their personal finances:
This is critical because there are essentially no rules about what a wealth advisor, financial planner, financial advisor, money coach, etc. can call themselves—even if they don’t have verifiable qualifications. What’s more, there are multiple ways they can get paid.
Unfortunately, it is perfectly legitimate for transaction-based sales people to call themselves advisors while putting their own interests ahead of their clients’. This is akin to someone masquerading as a dedicated doctor while disregarding your health in favor of kickbacks from pharmaceutical companies. You would never accept services from a physician who doesn’t have your best interests in mind, and you shouldn’t with financial advisors either.
The alternative to this model is the same one that Anglia Advisors is built on: fee-only, fiduciary advisors who are paid on project-based per-hour fees or fixed retainers. “100% of their compensation comes from the client, and so 100% of their obligation is to the client—and no one else,” says Brady.
As mentioned earlier, finding a fiduciary who is paid on a fee-only basis is a good place to start. Beginning with a strong foundation of trust—where the expert is committed to serving his or her customers—makes it much easier to build a long-term relationship with your financial advisor.
Entrepreneurs work hard to ensure that their businesses are as financially sound as possible—but often, personal finances can get left behind. Don’t make this mistake yourself. Treat your own finances like a business, and you’ll be on your way to a much more sustainable future, both for yourself and your company.
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