How Liz Found the Ideal Hourly Financial Advisor
by Kristin Hoppe
As an entrepreneur, Liz Long knows the importance of smart investments and a healthy cash flow.
Her business, Learn to Make a Product, helps people launch their physical product ideas. As she put it, “We walk them through [the entire process so] they can do it without losing their time, money, and sanity.”
But when it came to managing finances outside her business, finding an advisor she could trust felt like a loss of her own time and money.
“There just wasn’t any structure that appealed to us,” said Liz, referring to herself and her husband.
When she looked around, she mostly saw larger firms that wanted an investment for a percentage rate, or people who were selling products like insurance. “I just wanted someone who was 100% on our team. In the back of my mind I was wondering, am I getting the answer I want? It was kind of hard.”
She worked with a financial planner through family connections but still felt like it wasn’t the overall match she was looking for.
“A more flexible arrangement with hourly or prescription service was more appealing to us because we didn’t feel like we needed that much help,” said Liz. “We had questions about retirement, saving for education for our kids, and some other topics related to our work, but none of them felt overly time-consuming or complicated.”
Search results from Google wouldn’t hack it anymore. When Liz discovered My Financial Counsel, she felt relief at finally finding a resource for the type of financial counselor she had wanted.
Use the same checklist Liz used to make sure your financial advisor has your best interests at heart.
“I truly did not understand that there were easy-to-find, hourly project-based financial advisors out there,” she said. “Christine (MFC’s founder) was able to [match us with] a few great options that we were able to hire on a consulting basis.”
As Liz puts it, the matching process was “easy breezy.” She simply answered a few questions and then was presented with three great options.
“I did like all the options, [but] there was just one we had intro calls I just knew he was the one,” said Liz. “He kind of had a similar business model as my husband and I, self-employed. He just got what we are trying to do and we clicked right away.”
After Liz had her intro call, she sent her new advisor a “big long Google document and brain dumped all the questions we had,” she said.
Her biggest fear going in? “I was totally worried that he would think we were not on top of it or prepared,” said Liz. “He said there were some little changes, but I felt like he gave us a good report card so that fear just kind of went away.”
Liz’s advisor helped her with those tasks that are small but important – rollovers from accounts, stock decisions, and administrative changes. “[Those] changes left us feeling streamlined and organized,” she said.
She and her husband were also able to find out if their budget would allow for private school for their children. “It was really helpful to get a reality check around that,” Liz added.
She felt a big wave of relief and wouldn’t hesitate to get an hourly consultation again.
“It was so easy. If our financial situation changed, if we needed someone else, I would go right back,” Liz said.
Best of all, it gave her and her family a greater feeling of well-being.
“The biggest issue we had before [was] not feeling guided without an expert in our life,” said Liz. “The calmess was really valuable because then I could come at the full financial picture with a greater peace. It lifted a mental weight.”
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