THE MONEY MINUTE: Ever felt financially naked?

by Jac M. Arbour CFP®, ChFC®
President, J.M. Arbour Wealth Management

As financial advisors, we look at the income, expenses, balance sheets, profit and loss statements, and many other documents, for both corporations and individuals, and we do it every day. It seems so normal, so routine.

I recently had a phone call with a friend and she was asking for our help to create a debt elimination plan. I gave her a list of things we would need from her and rattled them off without much thought or hesitation.

A few days later, she asked if other people ever confess to feeling “financially naked” or embarrassed about their finances. She went on to state, “I bet some people would rather stand naked in front of others than expose their financial picture to those same people.” Is this true, I wondered? I don’t know, but it surely got me thinking.

How do you feel about the idea of exposing your financial situation to a financial advisor? What do you have for concerns, if any at all, about revealing your personal financial information to another person? Feel free to share your answers with me in an email (jac@jmarbour.com).

Over the years, many people have told me they are uncertain as to whether or not they need a financial advisor. Other people have told me that if they did meet with a financial advisor, they wouldn’t know what to ask, or what to say, or where to start. Others have told me they don’t believe they have enough assets to warrant hiring an advisor. Others have told me they can’t afford one, but often times are unaware of how advisors charge.

I am here to root you on and assure you that if you hire the right advisor or firm, you will not feel naked, you will learn how an advisor can assist you, he or she will help you identify the areas that need more of your attention, he or she will not tell you that you “don’t have enough to work with,” and overall, you will find that the cost is worth the received value.

We all have things we can improve and sometimes placing ourselves outside our comfort zones is the first step toward true empowerment. I hope you find the right advisor who makes you feel comfortable sharing your information and who in turn, points you in the right direction.

Here is what I promise: Having the right people on your team makes all the difference.

See you all next month.

Jac Arbour CFP®, ChFC®

Jac Arbour is the President of J.M. Arbour Wealth Management and can be reached at 207-248-6767.
Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.