Budget Hater

Time to Shop

Posted by Aaron Coleman
Apr 25, 2013

Time to go shopping.

I wrote last week about the importance an investment expert can play in your life.  Part of that process involves actually finding the right expert: someone you trust, can talk openly with and that truly wants to understand who you are as a person and what you want to achieve in life.

This is a principle that should not just apply to your investments, but to all areas surrounding your assets. 

I heard a speaker the other day tell a story about this very principle.  The speaker is an investment professional who was working with a client who was trying to find a way to keep more of his hard earned money.  The investment pro recommended a few options that would save this client a significant amount in tax payments for that year.  The client looked puzzled and said: “Wow, how come my accountant or lawyer never told me about these options before?”  The investment pro simply responded: “Apparently, your accountant and lawyer aren’t very good.”

When it comes to protecting your assets and money, it makes sense to shop around for the best rates and best advice.  I recently worked with an insurance broker who not only found significant monthly savings in my home and auto rates, he also found me better coverage.  And when I asked why this was the case, his answer was insightful: “Because things have changed significantly since you last went through this process.” 

He’s right.  Circumstances, markets, rates, governments, etc., are always changing.  It makes sense to ensure your advisors and providers are giving you the very best the market has to offer.   The only way to know this is by taking a look, asking tough questions and doing some good ol’ fashioned comparison work.  Technology has made this process much easier, with many useful websites and tools available at no charge.

Is loyalty important?  I believe it is – but not if it is costing you a significant amount of money each month.  If loyalty is important to you, make sure and include your existing providers and advisors as a part of your search.  If you are important to them, they will find a way to keep your business. 

As I’ve mentioned before, a great starting place to find these experts is in talking with people you trust and respect.  Ask them who they are working with and more importantly – why they are working with them.  Their answers can be a powerful indicator of whether or not that advisor is someone you should talk with.

Good luck in your search and Happy Shopping!

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