Why Your Financial Planner Needs a Financial Planner

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If you learned that your financial planner had their own financial planner, would you be concerned? Would you see it as a confession of incompetence or a sign of confidence and wisdom?

Years ago, when I told my clients that I had a financial planner, their reactions fell into both categories. Those concerned about my competence responded much like the client who asked me, “Should I be worried?” The opposite response was typified by another client who said, “That’s a pretty strong endorsement of your profession, that you think so highly of your services you seek them out from a peer.”

Taking it a step further, I would be very concerned if my financial planner didn’t have their own planner. Research shows that financial planning results in increased emotional and financial wellbeing, even for clients who are planners themselves.

It may seem obvious that financial planners should be capable of doing their own financial planning. But that is no more the case than assuming physicians should be capable of taking care of all their family members’ medical problems, or attorneys should represent themselves in court, or therapists should do their own therapy.