If you are navigating a busy professional or family life, chances are you have reached a point where “doing it all” when it comes to your finances no longer makes sense. Our peak earning years often coincide with our peak busy years – and in this season of life, managing our financial life becomes increasingly complex and full of potential tradeoffs. Even in straightforward situations, managing growing 401ks and brokerage accounts, surprise tax bills, and making sure one’s assets are protected through insurance and estate planning can become overwhelming, even for those who are financially savvy.
This is where a financial planner steps in. A great advisor is like a strategic partner who knows your goals and aspirations, understands your financial life, and develops a plan that helps you prioritize and achieve your money goals. A productive relationship with an advisor can even unlock hidden financial potential and help you build a rich and fulfilling life beyond what you may have thought possible.
Still, working with a planner is only as effective as the relationship you build with them. Here’s how to ensure you’re getting the most value from that partnership.
1. Look for a Fee-Only, Fiduciary Relationship
A fee-only fiduciary advisor is compensated solely by you—not by commissions, product sales, or third-party arrangements. This model minimizes the potential for conflicted advice and aligns their interests squarely with yours.
- “Fee-only” ensures your planner is paid for their advice, not for what they sell.
- “Fiduciary” means they are legally and ethically bound to act in your best interest.
Look for the CFP® designation and affiliations with organizations like NAPFA, which require strict adherence to fiduciary principles.
2. Think Beyond Investment Returns
Yes, your investments matter—but they are only one piece of the puzzle. A great financial planner functions more like a personal CFO, helping you allocate resources, manage risk, and make well-informed decisions across your entire financial life.
Areas a planner can help include:
- Navigating equity compensation and deferred compensation plans
- Modeling early retirement or partial work transitions
- Optimizing your investments to minimize taxes
- Coordinating with estate attorneys and accountants
- Timing charitable giving for maximum tax impact
- Planning for legacy goals and intergenerational wealth
A good financial planner won’t just manage your portfolio – they will help manage financial complexity.
3. Be Open and Transparent
The more open you are with your advisor, the more helpful they can be. That means sharing more than just account balances or W-2s. Bring the broader picture: career pivots, family dynamics, long-term aspirations—even the parts you’re not sure how to quantify.
Sometimes people approach their advisor like a financial mechanic. But a good planner works best as a strategist. That rental property you’re holding in an LLC? That charitable passion you haven’t mentioned yet? Those details could reshape your plan in important ways.
4. Leverage Your Financial Advisor as a Thought Partner
One of the most underused aspects of a financial planner is their role as a sounding board throughout the year (not just at tax time or during your annual check-in).
A great advisor will want to hear from you, especially during periods where your life is changing or you are making big decisions.
Here are some ideal areas to tackle in partnership with your advisor:
- Have our priorities or life goals changed?
- Has our financial picture changed enough that we should revise our plan?
- Is our tax strategy still optimal given recent tax law updates?
- Are we planning a large expense or life transition where the planner can provide valuable input?
- Are there any new financial risks or gaps to address?
- Are we staying on track with philanthropic and estate planning goals?
5. Plan for the “What Ifs” Before They Become “Now Whats”
Some of the most consequential financial decisions happen during transitions: business sales, career changes, market shifts, inheritance events. These inflection points often carry opportunity – but can also bring added risk.
A proactive planner helps you anticipate scenarios, not just react to them. Whether you’re considering a second home, scaling back your work, or funding your child’s education, the best advice happens before the need arises.
A Long-Term Relationship That Gets Better With Age
The best financial planning relationships are collaborative. You bring your vision and the values, and your planner brings the technical expertise and experience to help you execute on them.
Choosing the right advisor is an important step. But how you work with them—what you ask, what you share, and how often you engage—is just as important.
