Money Musings 💠There's always a 🏠compromise
What you’ll find below:
Reflection: How to choose a financial professional
Money Move: Build your confidence with this simple trick
You Gotta See: Celebrate #FinancialFailFridays
Reel of the Week: How to tell if you're hitting money milestones
If you’ve ever been curious about working with a financial planner but feel overwhelmed by the process of finding someone you can trust and afford, you’re not alone.
The myriad of titles and professions are confusing and daunting.
Not to mention, the financial services industry is amongst the least trusted of any other industry. Only a small percentage of people really trust financial professionals – and for good reason!
According to a study out of the University of Minnesota and the University of Chicago Business Schools, between 2005 and 2015, 87,000 financial advisors were disciplined for misconduct or fraud. And that’s just the ones who were caught.
There is a mismatch of incentives, conflicts of interest, a lack of transparency, and the list goes on and on.
It’s enough to make you give up your search. BUT there is good news. You can mitigate all that by looking for a professional with specific criteria.
Here are my criteria for choosing a financial planner or advisor:
1. FEE-ONLY.
This describes how they are paid. They charge you a flat fee or a standard percentage of your assets. The key? They don’t make money via commissions by selling you products. This aligns incentives.
2. FIDUCIARY STANDARD.
If an advisor is bound by fiduciary standards, they are required to put your interests above their own.
Broker-dealers (usually advisors through brokerage companies) only have to fulfill a suitability obligation, which means they are only required to recommend what is suitable and not harmful for you.
This blows my mind 🤯. The rule is that they don’t harm you?! You want to make sure any financial advisor you hire is bound to fiduciary standards.
3. CFP® PROFESSIONAL.
I got my CFP® designation this year because when I was interviewing experts for Financial Adulting, I looked for and found comfort in someone having the CFP® credential.
It’s a rigorous program covering a broad spectrum (and depth) of financial planning topics and CFP® professionals are bound by the fiduciary standard. Win-win.
4. VIBE CHECK.
Lastly, you want a financial planner who will take the time to answer your questions thoughtfully, won’t shame you, and who gives you the attention and time you deserve. You usually get a good idea from the first meeting.
One company that has met all my financial planner criteria (and more) is Facet.
I’m excited to be partnering with Facet because they offer financial planning for your entire life (not just investments and retirement), with CFP® professionals all for an affordable annual membership cost.
Even more good news? They have an offer for The Fiscal Femme community!
Head to facet.com/ashley to learn more.
Sponsored by Facet. Facet Wealth, Inc. (“Facet”) is an SEC registered investment adviser headquartered in Baltimore, Maryland. This is not an offer to sell securities. This is not investment, financial, legal, or tax advice. Past performance is not a guarantee of future performance.
MONEY MOVE OF THE WEEK
KEEP A LIST OF YOUR SUCCESSES TO HAVE THE CONFIDENCE YOU DESERVE.
You have a big win at work. You pulled off an impossible project, hit a deadline, or saved the company major 💰. You can’t imagine you’d ever forget the details because it feels so incredible.
Months later, it’s time to make your case for promotion and you’re scrambling trying to think of your successes. You think, “have I contributed anything this year?!” Your mind draws a blank.
Relatable? 🙋‍♀️
Keep a log of the things you accomplish for work. Write down any details you’d like to remember - the project, the result, the team and what impact it had on the company. Don’t assume you’ll remember anything. Better yet, track wins outside of work, too. It’s such an important reminder when you need a confidence boost! 🚀
You can also do this with your personal life. Went above and beyond for a friend? Or hit a milestone with your fitness routine? Write it down. It’s so easy to forget all the wonderful things we do and achieve, especially when we’re feeling down in the dumps.
In the press
THE KNOT: 4 Common Holiday Shopping Questions From Couples, Answered
EXCERPT: Should every gift come from both of us?
Once it's time to bust out the advent calendars, you and your love (whether the relationship is new, established or just getting serious) will probably want to suss out your scenario for friend and fam' gifting as soon as possible.
But don't always assume that you'll need to give a gift in tandem or sign the card as a duo whenever a gifting occasion arises. According to Ashley Feinstein Gerstley, personal finance expert and founder ofThe Fiscal Femme: "When it comes to partners and money, thisreallydepends on your preferences and the situation."
Read the full article.
you Gotta see this
HELP US MAKE OUR HOLIDAY GIFT GUIDE.
Each year we proudly highlight incredible women-owned businesses to support while doing your holiday shopping (and all year round) in our Holiday Gift Guide.
Why? Because what we buy matters! How we spend money is a way to vote for more of what we want to see in the world.
Plus, the pandemic, inflation and supply-chain issues have made the last few years really challenging for small businesses. Our support will make a big difference.
And this year, we’re shaking things up a bit!
We're on the hunt for an up-and-coming women-owned business to shine the spotlight on and include in our guide.
Plus, the winner gets a FREE money coaching session with me.
Help me make our Holiday Gift Guide, so we can support and feature your favorite women-owned businesses.
Hit reply or use this form to share about your women-owned business or to nominate an emerging one you admire. Tell us a bit about what makes it special!
your weekly money wins
Here are all the amazing money moves you made this week đź‘Źđź‘Źđź‘Ź
Kelly M: Opened a HYSA (high yield saving account)!! Thank you Ashley for this amazing advice during our summit the other week.
Nadia: Wore my daughter's Halloween costume for a party instead of buying a new one for $80 🤪
Bailey K: Qualified for a new credit card with better rewards!
Bridhde: Getting $3,000 tax rebate!!
Hilary R: Bought and installed the air filter for my car! Saved $60 took 20 minutes & Youtube
Sarah N: Finally hit my goal savings for my emergency fund!
Elyse: PSLF is annoying but real! Last form is being processed for loan forgiveness.
Kate R: Finally started putting money in a HYSA
Alli: Referred my sister to my HYSA bank and we're both getting 5.40% for the next 3 months!!
Al H: Wanted takeout, made fakeout at home instead 💪🏼
Michelle F: Got an offer for a Westin resort. 4 nights for $249, when usually 300 per night min