This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

It's OK to Let Your Financial Adviser Be Your Therapist

NEW YORK (TheStreet) -- Even though you hired your financial adviser to provide professional guidance on your investments and fiscal future, it's OK to open up about more emotionally driven financial decisions. Experts say not all money matters are black and white, and confiding in a trusted expert isn't just acceptable -- it's encouraged.

During meetings with your adviser, they'll be more prepared to act as your financial therapist than you might think, says Ken Kamen, president of Mercadien Asset Management. They're tuned in to everything you say, and, like a counselor, they'll show you the steps to take to find your own answers rather than giving you a magic bullet to solve all your problems.

"A lot of people are afraid of money or afraid of what they don't know about their money," Kamen says. "Sometimes you just need to say aloud what you're afraid of. When you go in there and you tell your adviser what keeps you up at night, you'll be amazed how much better you'll feel. Sunlight is the best anesthetic."

Many people think that their money situation is so complex or their problems are so profound that no one will understand their experience, Kamen says. That's just not the case -- financial planners have seen it all.

"Everyone's financial angst is like a fingerprint," Kamen explains. "Everything you saw growing up -- bad financial decisions in the family, money worries, a depression -- it all shaped your unique fears. Everyone has their own boogeyman."

Even though you may be thinking that no one has lived your experience, your situation will still be understandable by an adviser.

"You may think, 'No one has an aunt relying on them for elder care like me,' or "No one has a special needs child like me,' but your adviser has the [grounding] to understand all of this. They are steeped in experience, and just using them as a sounding board can be so cathartic. After you've been talking for a few minutes, you may realize that things aren't nearly as traumatic as you thought they were," Kamen says.

Thankfully, no matter what you say, a financial planner never judges, says Jeff Fishman, founder and managing member of JSF Financial, a concierge wealth management firm in Los Angeles. Like many other financial planners, Fishman has met with families that earn $50,000 a year and those that earn $5 million a month.

Also see: 5 Worst Strategies for Paying Off Your Student Loans

"Our job is not to judge. Our job is to work with each client's situation to meet their goals," Fishman says. "We look at facts."

Because many people talk about finances only with their significant other, they may not understand what it's like to get truly impartial money advice from a third party, Kamen says.

"People tend to talk about finances with their spouse or partner only, and that creates a negative feedback loop, because you're both looking over the same budget, worrying about the same problems over and over again. This makes people shut down about money, but your adviser can give you the insight and release you need," he explains.

To get the most out of your meeting with your financial planner, you have to be completely honest, Fishman says. But would anyone ever really lie to their financial planner?

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,921.10 +116.30 0.65%
S&P 500 2,073.33 +2.68 0.13%
NASDAQ 4,775.8820 +10.5020 0.22%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs