CHOOSING A FINANCE PROFESSIONAL Questions to Ask When

BY ANNA MANUKYAN

AS A SALON OWNER OR HAIRSTYLIST, YOU ARE AN EXPERT IN YOUR FIELD. BUT WHEN IT COMES TO FINANCES, SOMETIMES YOU NEED A LITTLE PROFESSIONAL HELP WHEN IT COMES TO MANAGING AND PROTECTING YOUR FINANCES. BUT HOW DO YOU SELECT THE RIGHT FINANCE PROFESSIONAL FOR YOU AND YOUR BUSINESS?

Working with a finance professional can have many benefits! First and foremost, they can provide valuable guidance and advice on financial matters, such as budgeting, investing, and tax planning. They can analyze your financial situation and suggest strategies to help you achieve your financial goals and maximize your wealth. A good financial professional can help you navigate any complex financial issues that you may struggle with navigating alone.

Additionally, a finance professional can help you stay on top of changes in the financial industry and ensure that you are making informed decisions with your money. Overall, working with a finance professional can provide peace of mind and lead to a greater sense of control over your financial future, and make sure that the money you work so hard for is working for you.

There are many types of finance professionals that offer different services depending on accreditations and their areas of expertise. Here are some examples:

1 Financial Planner: A financial planner can help you create a financial plan, which includes a detailed budget, savings, and investment strategies, and insurance recommendations. They can also help you plan for long-term goals like retirement or education.

2 Investment Advisor: An investment advisor can manage your investment portfolio, suggest investment options that align with your goals, and provide guidance on market trends.

3 Tax Advisor: A tax advisor can help you navigate complex tax laws, prepare your tax returns, and optimize your tax strategies to minimize your tax liability.

4 Accountant: An accountant can help with bookkeeping, financial statements, and taxes, in addition to providing financial analysis and advice on business operations.

5 Wealth Manager: A wealth manager can offer a comprehensive approach to managing your finances, including investment management, financial planning, retirement planning, legacy planning, and tax services.

1 ARE YOU LICENSED AND REGISTERED?

2 WHAT IS YOUR AREA OF EXPERTISE, AND HOW CAN YOU HELP ME REACH MY GOALS?

6 Credit Counselor: A credit counselor can help you with debt management, credit counseling, and financial education to help improve your credit score.

7 Estate Planner: An estate planner can assist in developing a plan for passing on your assets, either during your lifetime or after your death.

8 Insurance Agent: An insurance agent can help with a range of insurance needs, including life insurance, home insurance, auto insurance, and disability insurance, among others.

9 Financial Analyst: They can perform financial analysis to help a company or an individual make better financial decisions, including analyzing financial statements, economic trends, and investments.

10

Financial Educator: A financial educator can provide education on financial topics, including investing, saving, budgeting, and managing debt, through various mediums, such as online courses, workshops, and seminars.

11

Financial Coach: A financial coach can help individuals establish financial goals, develop a budget, plan for retirement, and make decisions to improve their financial well-being.

As you just read, there are many different areas of expertise in finance. Just like you wouldn’t go to most barbers for a balayage, it’s important to know who can help you with what you need from finance professionals. Outside of their accreditations, make sure you work with one you like working with and feel at ease with. Being able to ask questions without fear of judgment, being clear when you don’t understand something, and being educated along the way are all key factors in choosing the right one for you.

3

WHAT IS YOUR FEE STRUCTURE, AND WHAT IS INCLUDED IN THAT FEE?

4

WHAT IS YOUR FIDUCIARY DUTY?

5

WHAT IS YOUR COMMUNICATION STYLE, AND HOW OFTEN CAN I EXPECT TO MEET WITH YOU?

6 CAN YOU PROVIDE REFERENCES FROM OTHER CLIENTS?