Baring Your Finances to Your Adviser
That's what it could feel like for some folks, and it could stop them from seeking retirement help. Financial advisers need to put themselves in their clients' shoes to appreciate the other side of the process.


Next to one’s health, perhaps nothing is so private as one’s financial circumstances, and that can cause a problem for people who just can’t open up and ask for the help they need to make a secure retirement plan.
For many people, the reluctance to engage a financial adviser may be due to fear or embarrassment. These emotions take many forms, but here are a few:
- Fear of making a mistake
- Reluctance to admit to having done a poor job doing it themselves
- Fear of looking foolish
Over the course of my two decades as an adviser I’ve met lots of otherwise successful people who have done a poor job of managing their finances. Some struggled because of inattention while trying to do it themselves, others had bad experiences with unscrupulous or commission-motivated advisers.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
As advisers, we must face the fact that our profession suffers from a perceived lack of integrity. A 2016 Gallup poll rated stockbrokers in the bottom third of professions in terms of trust, only slightly above car sellers and politicians. It doesn’t help that some of Wall Street’s largest firms have resisted efforts to broaden the fiduciary standard of care to include all adviser-client relationships.
Advisers should think about how prospective clients feel and take steps to make it easier for consumers to seek professional advice. Let’s face it, an initial meeting with a financial adviser is akin to “financially disrobing” in front of someone they hardly know.
Here are some tips for both advisers and consumers on how to create an atmosphere that can help overcome the reluctance some may have in working with an adviser.
For advisers:
- Offer complimentary consultations that add value, even if the person isn’t a great fit for you. That value can be as simple as referring them to another capable adviser or providing them with notes from your meeting that outline key areas that they need to address.
- Be transparent about fees and services offered. Think about shopping for a new TV. Think about the confusion one would experience if the price weren’t listed on the display wall. Not knowing what something costs creates anxiety and initial lack of trust. In addition, far too many advisers market themselves as “financial planners” but lack the CFP credential.
For consumers:
- Do your homework. The CFP Board and NAPFA offer valuable guides that help educate and inform consumers about how to seek an adviser.
- Take ownership. Not sure where to start? Your public library can suggest books on personal finance (here are a few of my favorites), and many community colleges offer personal finance classes as part of their lifelong learning mission. Investing time to get an understanding of the basics helps make for a savvy consumer.
Remember, it’s never the wrong time to do that right thing. The journey to financial independence begins with a step.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Mike Palmer has over 25 years of experience helping successful people make smart decisions about money. He is a graduate of the University of North Carolina at Chapel Hill and is a CERTIFIED FINANCIAL PLANNER™ professional. Mr. Palmer is a member of several professional organizations, including the National Association of Personal Financial Advisors (NAPFA) and past member of the TIAA-CREF Board of Advisors.
-
5 Easy Weatherproofing Projects That Help Prevent Damage and Save on Insurance
Protect your home from storms and water damage with these simple weatherproofing upgrades — some may help reduce your home insurance premium.
By Paige Cerulli
-
If Trump Fires Jerome Powell, What Happens To Savings and Mortgage Rates?
President Donald Trump expressed his desire to remove Fed Chair Jerome Powell. If the president is successful, how would it impact your savings accounts?
By Sean Jackson
-
Four Takeaways From Filing Your Taxes to Boost Your Financial Future
Now that another tax season is in the rearview mirror for most of us, what lessons can you take from what you learned about your finances to plan for the future?
By Kate Winget
-
What Claims Adjusters Are Thinking vs What They're Saying
After a natural disaster, few of us are at our best, but here's what to keep in mind when you're interacting with your insurance company's claims adjuster.
By Karl Susman, CPCU, LUTCF, CIC, CSFP, CFS, CPIA, AAI-M, PLCS
-
Looking to Make a Job Change? How to Stand Out Like a Pro
To make a strong first impression in interviews or when networking, skip your job title and work history and use an opening gambit that highlights your talents.
By Anne deBruin Sample, CEO
-
First 100 Days: Trump's Impact on Your Finances
Here are some opportunities to consider regarding investing, interest rates and tax cuts as the financial landscape shifts under the new administration.
By Daniel Razvi, Esquire
-
What Would Happen if You Put Your Tax Refund in an IRA?
Not only could you get a tax break, but the compounding effect over 35 years could turn the average refund into nearly $14,000.
By Romi Savova
-
Children Can't Afford to Fly the Nest? Here's How to Help
The high cost of living means more adult children are staying at home. Here are four ways to help financially so they can eventually spread their wings.
By Kelli Kiemle, AIF®
-
A QLAC Does So Much More Than Simply Defer Taxes
Here are the multiple ways you can use a QLAC, from managing retirement risks to creating income for specific retirement needs and wants.
By Jerry Golden, Investment Adviser Representative
-
Self-Directed Brokerage Accounts: Retirement's Hidden Gem?
SDBAs are often overlooked, but they can offer more flexibility and growth potential inside your 401(k) when actively managed by a professional.
By Scott M. Dougan, RFC, Investment Adviser