Which Financial Professional Do I Need? And How do I choose?
So, you know you need support with your MONEY, but where do you even begin?
Who is the right professional for the thing you need help with? Sometimes it is hard to know what you even need help with!
Below I will give you an overview of the common financial professionals* that you may need or want to hire as an individual or business owner with a brief overview of what they do.
But first, let me position the service that I offer, since it is very distinct from the rest of the professionals on this list.
My role as a Wealth Doula, or Financial Wellness Coach, is to help you navigate your emotional and practical relationship with money, so you have more confidence, ease, and agency in all your interactions with money.
What does that mean? Well, it means that we gently navigate and heal the layers of shame (or other emotions) that may surface as you begin to look at what you have been avoiding with your money: seeing clearly how much (or little) you earn in your business, how much (or little) you have in savings, how much (or little) debt you have, how organized (or not) your systems are.
The work that I facilitate always weaves emotional healing with practical results:
We articulate tiered savings goals for both personal + business and automate the accumulation
We clarify exactly what YOU need to financially support and sustain your business, and the lifestyle you desire.
We determine the specific shifts that can be made—to increase your earning capacity, to decrease spending, to increase savings—to meet your expansive financial goals while honoring and preserving what is most sacred to you.
We examine the belief systems formed and inherited in your past that are ready to be rewritten to shape your thriving financial future.
We expand your vision of what is possible in your business and develop an individualized strategy to help you realize it.
We ensure your actions, decisions, and behaviors with money/wealth are aligned with your values—especially if you are preparing for a large inheritance or increase in income.
While I cannot (and don’t) advise on tax strategy, retirement, or investments, I do help you prepare for this work so you walk into an appointment with clarity and confidence, rather than cowering to a professionals perceived authority.
I want you to feel empowered by your own sense of agency with MONEY so that you see and claim the possibilities that are available to you.
So, now that I have given you a sense of my work, I will share a brief overview of other financial professionals* and why you may need their support.
Establishing a team of support is something you may already have or something you want to build over the coming years.
If you are in a state of acute financial need, a Financial Counselor may be available to you at a lower cost.
If you need support with Debt Consolidation, you may want to explore a service like GreenPath. If you are exploring Bankruptcy as an option, you will need to work with a Bankruptcy Lawyer**.
If you need help getting a home loan, you will want to contact a Mortgage Broker** or the lender at your bank.
If you need help filing your taxes, you can hire a Tax Preparer** (not necessarily a CPA) or a Certified Public Accountant** (CPA).
If you need help getting organized with your business income and expenses, you will want to find a Certified Bookkeeper.
If you have a complex tax situation or want strategic tax advice, you may need to hire a Tax Advisor**.
If you are navigating something complex with the IRS you may need a Tax Attorney**.
If you need help or are ready to begin planning for retirement, you want to work with a Certified Financial Planner, a CFP or a Retirement Financial Advisor who specializes in retirement. CFPs often specialize, so inquire about your needs to ensure you have a good fit for the service you are looking for.
If you need investment advice, or oversight, you will want to hire a Fee Only Financial Advisor. Make sure that whoever you hire to advise your investment decisions is a Fiduciary and has your best interests as their focus (not their commission).
If you want someone to manage your investments on your behalf, you will want to hire an Investment Firm** or an Independent Investment Advisor** who is paid 1-2% commission on all of your “assets under management”(AUM). Usually a firm will offer financial planning and tax advising as a part of their fee.
If you need to set up a Living Trust, a Will, Power of Attorney, Health Care Directive, you will want to hire an Estate Attorney**.
I hope this list helps you clarify who you may want or need to have on your financial team.
Yet the most important thing I want you to remember is that YOU are the best steward of your resources.
That means, it’s your job to ask questions. And it’s always your job to do the necessary due diligence.
Then, notice…
Notice if/when you are tempted to defer the decision making to someone else.
Notice if/when you feel intimidated.
Notice if/when you hesitate to ask “stupid questions” (there are none!)
Notice if/when you feel shame.
Notice if/when you feel insecure.
If you notice any of these surfacing, it could indicate that the relationship isn’t a good fit.
Or these things you notice can can simply be a reminder to reclaim your sense of agency, your position as having equal power.
Because the truth is, no one will ever care about your money more than you, even if they have your very best interest at heart.
May you find your own authority and grace at the center of your financial world. If you are interested in working with me, you can click HERE to learn more and start that process.
-Megan
*this is not an exhaustive list of ALL the financial professionals that exist! but it should be enough to orient you with what you may need support with.
**The best option is to do a search for this term/professional in your local area. Ask other trusted professionals/people for a referral. Interview people before you hire them to ensure you feel supported within the relationship.