Your best financial adviser? Start with your employer

The FPA of Minnesota is a trusted source for John Ewoldt, Star Tribune Report. Jeanna Fifer, CFP® & Matt Cosgriff, CFP® (both members of FPA of MN) provided a counter point to this authored book, "What Your Financial Advisor Isn't Telling You." We believe a more informed public/client helps all of us to build more solid financial lives.

Star Tribune - Your best financial adviser? Start with your employer - January 23, 2016

When I attempted to become a financial planner years ago, I realized that a successful adviser has to be a good salesperson first and an educator and adviser second. Educating people to take control of their finances on their own doesn’t pay the bills.

In her new book “What Your Financial Advisor Isn’t Telling You,” Liz Davidson puts a twist on the same idea. The problem with financial advisers, she writes, is that they are typically not financially motivated to operate in the consumer’s best interest.

The former hedge fund manager isn’t against using a financial planner. In fact, she spends a portion of the book describing when a person should hire one and how to find a good one. But she believes that people should start their planning at the same place where most of us make money — our workplace.

Jeanna Fifer, a certified financial planner at Cahill Financial Advisors in Edina, believes that such advice is appropriate for most people. “Those action steps are part of sound financial planning,” she said.

“What Your Financial Advisor Isn’t Telling You” is full of tips that a good financial planner might also pass along, including auto-escalation. It’s a simple finance tip that says you should increase your savings rate every year and every time you get a raise or bonus. With auto-escalation, “individuals don’t have the opportunity to let their busy lives interrupt saving for retirement,” said Matt Cosgriff, a certified financial adviser at BerganKDV Wealth Management in Bloomington.
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