Is Financial Planning a Team Sport?

When I say financial planning, what pops into your head?

Boring? Scary? Intimidating? Tedious? Overwhelming?

Or maybe even…

How do I not get ripped off? What about Team Sport?

Financial planners take two basic approaches to advice-giving:

  1. They intake your information and provide you a plan to follow.
  2. They help you discover your plan.

What kind of planner is best for you? It depends on your personality and style.

If you just want someone to tell you what to do, so you can get on with it, a traditional financial planner is for you. You give them data, fill out forms and answer some questions about your goals. They give you a plan. Over and done.

If you like crafting your own path, if you like being in charge and in the driver’s seat, but the idea of studying financial planning for years makes you feel ill, you need a coach. With your coach, you and your spouse form the team.

Many of us thrive in a coaching environment. My experience is when clients choose to be coached, rather than having a plan prepared for them, some interesting things happen:

  • fun became a common word used to describe the process
  • priorities shifted as couples develop their plans
  • the financial plan became a life long decision-making tool
  • couples experience less financial conflict
  • overall engagement soars

I recently did a podcast for my peers, exploring our financial planning and coaching process. Listening might help you discover if a coaching-type relationship is for you. It also may help you craft a set of questions to discern if a potential planning or coaching partner is a good fit for you.

Enjoy the video. Let me know if it helps you on your journey. Reach me at Mackey@MackeyAdvisors.com.

Keep prospering,
Mackey

Mackey McNeill, Founder
MACKEY™ and The Prosperity People™