For many of us, managing personal finances and planning for long-term financial goals can be the cause of many sleepless nights. Whether you’re building an emergency fund, planning for a large purchase or looking to gain financial freedom, access to a financial advisor can help you get closer to these goals.
Financial advisors are financial professionals who are able to guide us in making the best financial decisions for the goals we are wanting to reach. But with this decision-making comes sharing confidential and often sensitive information. For Black LGBTQ+ womxn and non-binary people, finding a financial advisor becomes a more complicated task in that the advisor not only needs to be able to provide financial advice but also need to be an ally to the community to help create a space in which we feel comfortable in sharing the type of information needed to gain the most benefits from their services. That’s why we’ve put together four tips to consider when looking for your own financial advisor:
1. Dispel the myth that financial planning is only for the wealthy
It’s a fairly common misconception that financial planning and financial counselling are best suited to those well above the wealth gap. In fact, financial planning and financial counselling are most important in supporting communities who have historically been placed at a financial disadvantage such as Black LGBTQ+ womxn and non-binary people by assisting to create a sustainable financial plan to ensure family security and combat the challenges faced by the community.
2. Be clear about your needs
The first step in finding the financial advisor you need to meet your unique financial goals is to be aware of what the goals you are wanting to achieve are. Taking stock of your current financial situation can help start this process, and draw up a list of any assets and debts to gain a better understanding of where you are in need of guidance. Then assess your short-term and long-term financial goals, this will look different for everyone but being honest with yourself will place you at the best starting point for meeting with a financial advisor and help to guide them on where they are best able to support you in achieving financial freedom.
3. Dedicate time to research
Finding a financial advisor you can trust with sensitive information is an important step, much like the start of any relationship beginning from a place of honesty and comfort creates a safe space in which we feel safe and able to show up authentically.
Online research, friends or trusted groups will be able to provide some guidance and recommendations, but it’s important to trust your gut when making this decision. If you feel uncomfortable or they seem nervous when you share your family dynamic or your future plans, chances are if your gut is reacting negatively they aren’t the right fit for you. Don’t shy away from asking direct questions in this initial meeting, this is the start of a long-term relationship after all and asking the questions that will help you to feel most comfortable will go a long way to forming a beneficial experience for you and your finances.
4. Improve your financial literacy
While online research and advice will go a long way to get you started on improving your financial literacy, doing so in isolation is not the only way. Our My Moon Landing community is here to support you on your journey to financial freedom. With access to financial coaching sessions specifically created with the needs of Black LGBTQ+ womxn and non-binary people in mind, the Financial Fundamentals course equips you with the skills, tools and resources you need to develop the key financial skills necessary to obtain financial sustainability.
If you identify as a Black LGBTQ+ womxn or non-binary person and are interested in our free financial coaching sessions, follow this link to join us on our journey to financial freedom.
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