However, when it comes to money matters, ignoring those differences could result in a significant financial cost.
You have every right to expect advisers (stock and insurance brokers and other sales people, bankers, accountants and lawyers) to focus on the "personal" in personal financial planning, and to tune into your needs.
If your adviser(s) cannot meet those needs then it's up to you to be proactive and tell the adviser, "Here's how I need you to help me."
Explain items like the following and feel free to add your own. Perhaps show your adviser (or a spouse/partner) the following list:
- "Listen to me, don't tell me." You need to be heard, to have your feelings validated. That's the first step.
- "Be sensitive to my needs." Empathy is important, but many advisers don't show sensitivity or empathy so they need to work on this.
- "Go for it/easy does it." Some people take aim at the target and go for it, while others tend to spend more time talking and thinking before making a decision. Either approach can pay off.
- "Explain things in terms I can understand." Most people are reluctant to admit they don't understand something. So it's the responsibility of the adviser (or spouse/partner) to keep it simple without being condescending, and to regularly ensure that discussions and concepts are understandable.
If you aren't sure about your financial personality (which is usually closely related to your overall personality), just do an Internet search on "financial personality" for background and guidelines.
Nobody said all this would be easy, but if you and your adviser recognize your money personality and can communicate accordingly, then you should be able to profit more from financial planning.
Mike Grenby is a columnist and independent personal financial advisor; he'll answer questions in this column as space allows but cannot reply personally. Email: [email protected].
