Over the last couple months, I’ve reconnected with people and updated them on what I’ve been up to, Based on the name RainierView Advisors, they assume I’m a stockbroker. I’m not. I’ll discuss a stockbroker versus a financial advisor versus a financial planner another time. When I describe financial planning and how it relate to their daily lifestyles, almost always the response is “I know, I know, I need to do it!” You thought knowing the in’s and out’s of income tax consequences when rolling a traditional IRA over to a Roth IRA were the hard part of my job? No, it’s convincing people to do what they already know and readily admit they should do.
Who else has this problem? Dentists, I suppose. After every teeth cleaning, I get the obligatory, “you need to floss after every meal” from my dentist. We both laugh because it’s like the seat belt instructions on a flight. We’ve all heard the spiel a 1000 times but who actually sits seated & buckled even when the seatbelt sign is turned off?
To be candid, telling someone that their financial lives will be in ruins if they neglect financial planning, isn’t quite accurate. The ironic part of planning is the benefit isn’t realized in a day or next week. We look at our work more strategically, by actively creating plans that incorporate known variables to increase the probability of better outcomes. However, I don’t think I’m alone regarding the under appreciation of our advice. When a dentist tells someone to “brush your teeth every day” and gets brushed off, I’m sure some DDS out there just sits back and thinks, You can listen to me now or visit me later. As for me, I don’t have dentures or a crown procedure as an “I told you so” illustration. I can only emphasis the importance of putting together a solid financial plan….without the swag bag of toothbrush, toothpaste, and dental floss.