On a semi regular basis a few family members, a friend and I meet for art sessions. The others are skilled painters and artists, unfortunately for me painting is not my forte. I’d rather express my creativity by putting pieces together to make a sum bigger than its parts, be it wrapping paper photos etc. Plus I love fixing things. I enjoy getting broken parts with the glue, tape, pliers, or nails and getting it to work again or restoring it to the original condition. Hmmm do you detect a pattern here?
Over the Christmas holidays my cousin who lives in the US came to visit. She is part of a blended family. We spent a lot of enjoyable time catching up, and the conversation turned to financial topics. Her financial situation is more complex than most people. She is not one of my clients. She expressed concern because she didn’t want me to advise her for free.
This is not the first time I have encountered that same respect for my knowledge and I find it validating. But presently I would insist that no one pay me directly to be able to access my experience and knowledge. Should I have the same perspective of my time doctors or lawyers do?
Contrast this with a client I rarely see, in part because this person is very hard to contact, via any media. On the occasions this person does communicate or we meet, there is little acceptance of my guidance.
I know my advice and recommendations can be valuable for 2 reasons: First I have seen the results when a family or couple are engaged and accept my expertise. The peace of mind they gain is priceless. Secondly many clients tell me so! And believe me, that is more motivating than getting paid!
Do you know how a profession is different from other careers? Professions among other characteristics have specialized knowledge, a code of ethics and very importantly the profession’s actions must benefit society. The Financial Planning Standards Council which governs the Certified Financial Planning designation wants people to understand that CFPs are professionals. In 2001 when I passed the CFP exam the pass rate was 44%. And the learning is ongoing.
Managing your finances is not one of the most fun adult skills, as many people have told me. That is why when clients progress because of our professional relationship it is gratifying. It makes all the stress, continuing education, constantly increasing regulation, and refining of my communication skills worthwhile.