Why should you work with a financial advisor?

by ECCU

February 17, 2017

ECCU is committed to helping members integrate their faith and finances. We share this commitment with Christian financial advisors. So Linda Carlson, an assistant vice president and relationship manager with ECCU, recently asked a group of certified Christian Financial Advisors about the value of working with a personal financial advisor who sees godly stewardship as their top priority.

Before we look at the distinctives of working with a Christian advisor, let’s first consider the cost of consulting with a professional, Christian or otherwise. Eliminating unnecessary expenses is one basic key to good financial management. Is it a good use of money to partner with an expert to help you manage your personal finances, or is it a frivolous expense?

One way to think about this question is to look at other areas of your life. If you aren’t handy, you hire licensed contractors to do maintenance or repair work on your home. If you’re not mechanical, you take your car to a certified mechanic to get it serviced. Similarly, if you aren’t skilled in managing money, it makes sense to partner with someone who has that training and expertise.

“Think of managing your finances like building a team, much like you would have at your job on a project or at your company,” says Ryan Bourque, managing partner with Bourque & Associates, Inc. in Irvine, California. “You want to make sure that you play off of the strengths of each team member so they can add their expertise to the tasks at hand.”

Bourque says that experts like registered investment advisors (RIA), certified financial planners (CFP) and certified financial advisors (CFA) can be valuable members of your financial management team. Others would be certified public accountants (CPA), certified Kingdom Advisors (CKA) and banking professionals.

On a foundational level, experts like these can help you begin to get your financial house in order by assessing your current financial position and advising you concerning common financial issues like erratic cash flow and excessive debt. One benefit of this kind of counsel, says Aaron Henning, executive vice president of operations with AMIC Advisors in Orland Park, Illinois, is that you have someone to help you follow through on your desire to be a good steward of your financial resources. Another practical benefit is that an advisor can help you protect and provide for your family.

Beyond the basics, a financial professional can help you set financial goals and provide guidance for your investments to help you achieve those goals.

So yes, for many people it does make sense to work with a financial advisor. Next time we’ll look at why you should consider working with a Christian advisor whose top priority is godly stewardship.

 

This blog is the first in a series based on feedback received from a group of financial professionals associated with Kingdom Advisors and Ministry Partners about the value of working with a personal financial advisor who see godly stewardship as their top priority.
Disclaimer – The above is for information purposes only.  It is not intended to provide, and should not be relied upon for tax, legal, account or investment advice.  Consult with your own advisor before engaging in any transaction.

Category: Common Cents