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In the first episode of Tuesdays with Coach Mo, I shared my Career Insurance Plan philosophy which is built on 3 dimensions (like a 3-legged stool) for long-term satisfaction in your professional life: a strong network, a high degree of self-awareness, and a stellar financial plan.
This career insurance plan will help you weather life’s unexpected events while you are creating your best life!
Today on our show, I am joined by Dominique Henderson, a certified financial planner who is talking with me about money moves for young professionals as he sheds light on how hard are you working to make your money work for you?
01:38 Q: What are the emerging trends of customers their wants, their needs for financial services today?
A: CFP does a study every four years or so and talks about how unready people are for retirement. the thing that I really noticed is that consumers of financial services have now become aware enough of financial advisors versus paying for investment management and the type of tools that are out there now.
03:03 Q: Speaking of tools, what are some of your favorites?
A: I believe that there’s maybe 1%-2% of the population that can actually not work with a professional, they’ll be just fine. if you’re not in that camp, then what you need to probably do is get some help. Different spectrum of help are:
04:29 Q: What are some of the points of awareness about diverse populations on how they are engaging with financial service providers?
A: on the basis of perceived financial capability versus ethnicity first, we have:
The Mass Affluent has been kind of like the last to the party to get any attention. The Mass Affluent market has been included in this whole marketing effort. they have all these other tools that allow for the Mass Affluent to get into the marketing like Robo-advisors.
10:57 Q: How would someone determine what type of Financial Services provider will best meet their needs?
A: I think this is really hard to answer because the way I view Financial services, I think most of the time, let’s call it the majority of the population, 90% of people when they think Financial services, they immediately go to investments. The four areas that I believe makes sense for constructing a complete comprehensive financial plan are:
And these will help you uncover your hidden paycheck that I call; those benefits that most people don’t want to read through when first hired in a new job.
14:24 Q: What’s the school of thought in terms of how to take advantage of your employers’ financial offerings?
A: I think you can kind of start with these areas and those start to bring up some of the benefits of unpacking that hidden paycheck:
25:32 Q: What do you think about individuals who decide to engage in the services of the financial professional? What should they be looking for? What are red flags?
A: Most of your audiences are savvy enough to know that all financial advisors are not created equal. And this whole term, financial advisor, you can probably get a different definition depending on the day of the week. I think what you want to make sure you do is to check that the person is licensed. You can go to letsmakeaplan.org which is the CFPs website where you can search for CFP in your area.
Well, that’s all for today’s episode of ‘Tuesdays with Coach Mo’ thanks for listening, and thank you to Dominique Henderson for joining me today.
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Coach Mo Knows (a tip, a coaching question, and a bit of inspiration!)
“Money is a mirror that reflects our personal strengths and weaknesses with amazing clarity”