Budget Hater

Masters and Money

Posted by Aaron Coleman
Apr 16, 2013

I always enjoy watching The Masters golf tournament.  Everything looks so perfect, the anticipation around the event, the limited commercials…  I am not one who can sit there four straight days, but I sneak in some couch time when I can.

I am also intrigued by the advertisements. Some on TV, some on the player’s themselves and some on other media advertising around the event.  Many of the advertisements have to deal with financial service companies looking to attract potential investors.  I often advise people to not pick your investment advisor based upon how good their commercial is while watching golf on Sunday afternoons.

It is tempting though.  Some of the ads are compelling and very well done.    “That person looks trustworthy…that company seems legit…that person looks like me…” As a starting point, talking with some of these companies is certainly a good idea.  If you are at a loss with what to do and where to start investing your hard earned dollars, walking in the door of one of these companies can help you get the ball rolling. 

A more effective way to start your search is by talking with people you trust (friends, family, mentors) to find out what they are doing with their investments.  Who are they working with?  Have they had a good experience?  Regardless of how you begin, don’t stop with the first company you visit or the first person you talk with.

It is a good idea to interview many firms and people when it comes to finding a trusted financial advisor.  There are many different styles and philosophies out there.  You need to find the one that best matches what you want to accomplish.  You also need to find an advisor that is willing to take the time to get to know who are, what you want to achieve, what’s important to you and what you value.  You can truly start winning with your money when you find someone who truly cares about you and the legacy you want to leave.

Great advisors are found in all kinds of companies.  Some come with a big name brand company backing them.  Some hail from smaller, privately held firms.  Both have their advantages.   However, I contend that the company itself is not what’s most vital.  The advisor is what’s most important.  I have spent many hours with advisors from all types of companies.  I choose to steer clients towards advisors who want to get to know the individual and create a plan that best fits their situation.  And even then, I recommend they talk with at least three different advisors before they make their choice.

Also, during your interviews, make sure you understand the fee structures.  No matter how compelling the story, you need to understand the fees you will pay to work with that advisor.  They usually don’t bring this up – so it’s important to ask them to outline what their fees are and get a clear understanding of the fine print. 

Keep an open mind; ask lots of questions and congratulations on getting yourself in a position to invest!

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