Three Common Questions About Working with an Advisor

I recently announced my new role as a Financial Advisor at Baird, and since then, have received a lot of questions and comments with repeating themes. I thought it might be useful to answer several of those here. And as I’d like to keep writing about wealth management, investing, and related topics (both here and as a contributor for The Everygirl), let me know if there’s an area of interest that you think could use some clarifying, or a fresh perspective.   

Your minimum is probably too high.

While I joined an established team with a strong track record, the reason I was interested in this career in the first place is because both Millennials and women of all generations have historically been less-invested than other demographics (even though some studies show we’re saving more). I’m not a millionaire, and I don’t know may other 30-somethings who are. My goal is to partner with my clients over the next few decades to get them there. So no, I don’t have a minimum. Related…

I don’t have enough money saved to invest.

I don’t know how much money you have, but I can still say, likely false. There are many funds that allow investments of a few thousand dollars, allowing you to build a diverse portfolio with a relatively small amount of principal. The portfolio of ETFs where I keep my IRA, for example, begins at $5,000. Also, don’t forget that your old 401(k)s are real, actual money… if you aren’t sure what’s going on with those, it may be time to have them managed more actively.

I need to get my shit together first.

My job is literally to help you get your shit together. We can: figure out how much you should be saving and spending each month, review your outstanding debts and figure out a payment plan, or talk about anything else with a dollar sign that’s giving you anxiety. This job is part financial therapist, part personal CFO – and every client needs something completely different (read more about modern wealth management here). The key is to have a well-thought-out plan, and, as quickly as possible, to take advantage of your two biggest investing advantages: time in the market, coupled with what Einstein called man’s greatest invention, compound growth.

The market is at an all-time high, I should wait.

None of us know what’s going to happen next. Anyone who tells you otherwise is either trying to get you to click on a headline, or is lying to your face. All we can do is reference history – which shows us that “all-time highs” don’t remain so for long. If you sold all of your stocks in 2007 when the S&P 500 hit an all-time high, you may have avoided the following recession, but I’m super sorry to remind you that the market has not only recovered, but more than doubled since then.