Our Finances and the People who manage them

by Kristina Tahnyak on December 10, 2010 · 2 comments

Happy Friday DINKS!  Today we are going to touch a personal topic for me, our relationships with our financial planners or personal bankers.  As you know I am a personal financial planner and I have had some of the same clients for over 5 years.  I don’t personally have a personal financial planner who manages my money, but I do know other financial planners who have their own personal financial planner.

I want to know what you think of your personal financial planner, or personal banker. If you do have a personal financial planner did you personally choose them or where you “assigned” to them?

If you have been with your personal financial planner for several years, have you developed a personal relationship with your personal banker? I have clients who have invited me to their homes for dinner and to their children’s weddings. I have also been invited to meet my client’s friends at their country club, as well as to their birthday parties.  I have even had a client drive with me on my shopping trip to NYC because they needed a ride.  For the record, we did not stay together or come home together…that was a nightmare to explain at the border. In return I have clients who expect to be invited to my wedding with Nick…if I ever get married to Nick.

When we spend so much time with the same person, it is normal to develop a personal relation with them…even if they are our personal financial planner.  As the majority of my friends work in finance, I am always fascinated to know how people outside of “the bank world” see financial services employees.  Do you like your personal financial planner? And now the million dollar question…Do you trust your personal financial planner 100%?

Here are some other articles from around the web about money management and personal financial planning.

And here are a couple carnivals we participated in this week — I was Editor’s Pick for one!

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{ 2 comments… read them below or add one }

1 Tim December 10, 2010 at 9:38 pm

i’m our personal financial planner and I do NOT trust myself 100%. I do need to get an independent view and a second set of eyes. with that said, you should NEVER trust your adviser/planner implicitly or 100%. You should always question the rational for their advice and recommendations. I don’t see any problem with establishing a personal relationship, but at the end of the day you have to draw the line that business is business. If either of you cannot handle it, then you need to have someone else look at your money. Again, though, you should never implicitly trust anyone 100% with your money, because you should be an active participant to some degree.

2 Sonja December 14, 2010 at 5:19 pm

I got a financial planner shortly after I started my first ‘adult’ job and started making a decent amount of money. At the time I didn’t know much about finances and felt I needed someone to set me on the right course. That was 15 years ago. Since then I’ve learned a lot more about personal finance as it is something of a hobby for me so I don’t feel I need a financial planner’s guidance anymore. My situation is fairly complicated (expat who has lived and invested in several different countries’ retirement systems) and I had a lot of trouble finding any financial planner that could give me all around advice for my situation. This drove me to educate myself on personal finance, investing and taxes. Nobody cares about your money more than you do. This year I dissolved my relationship with my financial planner and now take care of my own finances.

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