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In back to back appointments, I've talked to two potential clients. They are not clients yet. They are interviewing me to see if I may be able to help them with their financial planning. At the same time, I'm trying to ascertain if they would be a good fit for my practice. Their situations are vastly different, yet there’s a single thread that ties them together.
First, let me describe them both. Janet (not her real name) was referred to me by a co-worker. She's in the medical field and entering into her prime earning years. She's created wealth in a way that she describes as haphazard. There never was a plan, per se, just the consistent saving into her work's retirement plan. Now with her last child entering college and ten years until retirement, she'd like to get some clarity.
Carla (not her real name) is a widow. She attended one of our monthly workshops on Taxes in Retirement. Her husband passed away unexpectedly and she was left to pick up the pieces. She had relied on him to organize their finances. When the dust settled, a new way of life emerged. With it came new habits, new goals and a new retirement timeline. She had worked her whole life and realized that tomorrow isn't promised today. She wanted a second opinion on her financial situation.
When I meet with a prospective client I'm trying to get to the heart of the matter. I've got a lot of questions about goals, risk tolerance and time horizons. But ultimately my need for data doesn't matter until I know what they want. In both cases, they want the exact same thing. They don't want the latest, greatest investment pie chart. They don't want reams of glossy color printouts showing future value of money calculations. They don't want to be impressed by titles, degrees and certifications.