Many would say the right time to consult a financial counselor is when you are struggling with debt or facing financial hardship, and this is definitely a critical time to seek outside advice, but the fact is, anytime is a good time for a financial review. Getting married, loss of a job, starting a new business, expanding your family, a divorce, career changes or any other major life event that can affect your financial situation positively or negatively gives you a valid reason to consider reaching out to a financial counselor or advisor.
Some may think a financial counselor or advisor is only a resource for the wealthy, but that couldn’t be further from the truth. Managing your money and your debt is what financial counselors do regardless of how much you have of either. Seeking assistance or guidance is one of the first steps to your financial success. When looking for a financial counselor, shop around and ask questions. Ensure your choice has a good reputation and know your business will remain confidential, while leaving you feeling comfortable moving forward.
It is also important to point out in the financial world, there is a difference between an advisor and a counselor. Learning the difference will help direct you to the advice and assistance you require. Though the words ‘advisor’ and ‘counselor’ are at times used interchangeably, they provide financial guidance in different ways. Reaching the status of advisor or counselor also requires unique qualifications and certifications.
· Focus on helping clients build wealth or achieve long-term goals.
· Oversee retirement planning, including effective usage of 401k’s or IRA’s.
· Advise on investment/tax management.
· Assist with estate planning.
· Set up to be commission based with related fees.
· Focus on helping clients with core personal finances.
· Assist with budgeting and debt management.
· Educate clients about credit scores and how to improve overall financial soundness.
· Create a spending plan, set financial goals, and recommend lifestyle changes.
· Set up as fee/income based but can often be a free service.
At Dakotaland, there are over 20 certified Credit Union Financial Counselors on staff prepared to assist you with a free and confidential financial review. Each counselor possesses the skills and knowledge required to guide our members to successful financial decisions. No obligation, only sound advice, and assistance to build your financial fitness and freedom to do what you want to do.