Hi Folks,

As I sit in my little Hilton Head condo, I look outside at the beautiful sunshine, and then bury my head back on-line to this course I am taking about Retirement Planning – not the best way to spend a vacation, true….

Its about continuing to learn and to bring the best information and resources to my clients and those who will become clients over the next several years.  I actually love this material so it makes it less painful to miss some sunshine.

If you haven’t been to Hilton Head, it is worth the time to drive here – 18 hours.  It has become my mecca – I love it here and intend to spend more and more time here.  Once we are here, there is almost no need for a car – the beach is 15 minutes bike away as is good shopping.  It is so relaxing and warm and peaceful – wonderful to hear silence.  So very different from the hustle of the city – so green, of course all year long.

I have been told it is time to enjoy the sun, so it is also time to end this post and go for a bike ride. This is what retirement planning is all about – realizing one’s desired lifestyle, whatever or wherever that my lead.  Its worth planning for.

This may come as a surprise to some of you but it’s important that we understand our rights as individuals and deserving consumers when we are working with a Financial Advisor/Planner/Cousellor or Money Coach.  I found this article written by Peg Downey and originally published by the National Association of Personal Financial Advisors (U.S.) that I feel hits the nail on the head.  I encourage you to read it and take it to heart before going to your next meeting with your advisor.

“ A financial planner works with you to shape your financial future. You share your dreams with the planner and work together to make them a reality. The result is peace of mind and financial security. With that demanding agenda before you, you have the right to expect the following from your financial planner:

 I. You have a right to feel comfortable with your planner. Planners set up criteria for the kind of clients with whom they will work. Similarly, you have a right to work with someone whose approach and personality allow you to participate fully and comfortably.

 II. You have a right to have your goals and concerns treated with respect, with no value judgments made by the planner.

 III. You have a right to confidentiality concerning every piece of information provided to your planner. This is vital since you will be sharing personal, private information that you may never have told anyone else.

 IV. You are entitled to written recommendations that are specifically related your goals. That is, you have a right to a customized plan that takes into account the uniqueness of your individual situation. Keep in mind that the planner is working for you and you have a right to require certain behavior.

 V. You have a right to full disclosure by the planner of fees and commissions charged, and for what services, so that you are fully aware of where there is any potential loss of objectivity. As a consumer, you have a right to know exactly what services you will be receiving and the full cost of the services you are purchasing.

 VI. You have a right to clear explanations for all recommendations and to thorough answers to all your questions. The planner, who also has the responsibility to be an educator, should assure that you understand any actions you are taking before you take them.

 VII. You have a right to assistance in the implementation of your plan. Without help in obtaining the appropriate products or accomplishing particular strategies, your plan might never be more than another pile of papers on your desk.

 VIII. You have a right to a planner who is available to you. You and your needs are important, and you have a right to be treated accordingly. If you need information -or just reassurance and support while implementing your plan, your planner should be there for you.

 IX. You have a right and, in fact – you should demand – a written contract which spells out the terms of your working relationship. Most importantly, the contract should contain a clause for either you or the planner to discontinue the relationship if you find it inappropriate or unsatisfactory.

 X. You have a right to obtain references from any planner you are considering. You should also request an initial exploratory meeting with the planner at little or no cost to you.

 In exchange for having your bill of rights honored, you have the responsibility to work conscientiously with your planner, providing promptly all information requested. You must be prepared to discuss your personal feelings and concerns without withholding any information and to be as clear as possible about your financial objectives. You must implement the agreed upon actions in a timely fashion. And you must also be open to being educated by your planner and to learning what are reasonable expectations, particularly for investment performance.

 Together – with the appropriate planner – you can make your dreams come true.”

 Written by Peg Downey and originally published by the National Association of Personal Financial Advisors.

Last time I mentioned that I was going to talk a bit more about how women could become smarter about money.   I have actually spent 6 months thinking about ways in which I may be able to help the process by introducing the concepts and ideas publicly. 

I have launched a new website www.gettingsmartaboutmoney.com suitable title I think.  This website is not going to be your typical stuffy looking financial website,and it isn’t going to talk too much about the nuts and bolts of money, but it will have tips and tools and links that you will find useful if you should want to get smarter.

Once up and running, there will be seminars, workshops, evening discussions and even individual coaching, all in the name of learning enough to take charge.  You will be able to sign up and pay for these directly on-line.  Webinars will follow in due course. Coaching at some part can be done if desired, with you and your partner. I am a believer that money is at the root of many couples’ troubles and so, it just makes sense to bring the issues out in the open in a forum of non-judgemental learning.

Stay tuned for more about this and the workshop entitled “Becoming Your Own Prince Charming” along with the Wine Women and Wealth series of discussions.  It will all begin to roll out this fall and winter. You know how to reach me if you want more information in the meantime.

I know, I know…Is it possible there is yet another term now available for added confusion in the area of financial advising? The answer is “yes”, and I am here to allay your fears and to let you know that it all begins here.

Money Coaching is dealing with the basics.  It is what you do before you go to an advisor or planner who is going to sell you a product. Money Coaching is a fee based service, that provides a level of readiness so that your experience with a Financial Panner is more valuable and more efficient. I have been a Financial Planner for the better part of 16 years, and have sold products and advised people to be as knowledgeable as possible about their present financial condition and how to secure their future.  An educational approach has always been an important part of my practice as a means of encouraging eventual self empowerment.  I have introduced foreign terminology, explained the rudiments of various products, and walked through hours of explanation about the way money works, and why some strategies are better than others. I do this because it is important that people know what they are buying and why. Some people come to my office with a fair amount of knowledge and some with virtually no knowledge at all.  It really depends on their age, their exposure and most importantly, their interest.

I also know my approach is not necessarily common to all planners and advisors. In the Financial Services industry, time is of the essence and educating clients takes a lot of time. The eventual sale of a product is necessary if anything is going to happen, but sometimes things are sold without enough information.  Clients may have an idea at the time why they bought what they bought, but if it isn’t explained as part of the bigger picture, the reasons are often forgotten.

Money coaching is new, but like most forms of coaching, produces the best results.  When you work with a coach, the first thing you do, is to get an understanding about you and your money and how you both work together – your relationship with money is likely the longest relationship you will have. so it should be good.

Your coach will make you accountable – you will know when you finish your sessions, why you are in debt, how to get out of it, and what you need to do to prepare to see a Financial Advisor who will take you through the next steps of getting your future planned.  You will be armed, within a few sessions, as to what you need to know to make money a positive part of your life and you will feel more in control.

More on this topic as it evolves