How do I hire a financial adviser?
I'm terrible at managing my money. I overspend, I overdraft, and I never have savings leftover. I am wondering if there is some I can turn to that would manage my money for me? Like I give them 2% of my annual salary and then they take care of everything for me. Is there a person like that out there that would do that? Thanks.
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This is a very interesting question. I've never seen it on here before. I work in corporate finance, and one section of my job is not just to manage the corporate cash flows (determine what money is owed; paying it; deciding when to pay it; etc.) -- I also do the same thing for the owner's personal finances.
So, yes -- people like that do exist. I have a BBA in Finance; directly manage a corporate subsidiary company; manage the owner's retirement portfolio (commercial and residential rental properties); oversee cash flows for the main corporation; AND, do exactly what you are talking about -- pay bills, loans, and make suggestions about the personal finances of the owner.
Unless you have a high net worth (and/or take in a lot of cash per month to oversee), paying 2% to someone to help you may not be an attractive return for a finance professional. And by finance professional I specifically mean money managers for-hire, like CFPs and retirement professionals. You should look for people employed as "office managers" -- bookkeepers with authority. These people do what you're talking about for a living and do so, compensated, not by commissions but with a salary.
If you are a CFP (certified financial planner), then you are largely paid by commissions, which means you are only interested in high net worth individuals, or highly paid (in earned income) individuals. These people will likely not be interested in what you're talking about, even though, by definition, that is their area of expertise.
However, let's say you have an office manager who has a steady full-time job. It is likely not a high paying job, but office managers are like financial planners employed by ONE (relatively) high-net worth individual. They have spare time. They might be interested in your proposal.
So, goto your local chamber of commerce. Figure out which businesses are not really small, but not really huge. Whoever the office manager / accounting manager / finance manager / operations manager (lots of different titles here) for that midsize company might consider handling your finances, on the side, for that stated 2% of your gross salary, as a good source of side income.
If you can find a person trained in corporate finance, either classically at university or so trained by virtue of work experience, then you have a person who is capable of giving you good personal financial advice. Call the company -- speak to the owner or his representative in person -- and see if they are willing to help you.
1) The owner might say... "Sure. I will lend you my office manager. You pay me 2% of your annual salary, and I will pay him/her to do it; I'll just add it to his/her duties."
2) The owner might say... "I don't have a problem with it if my office manager does this on the side. Let me get him on the phone for you ..." -- at which point you set up an appointment with said office manager, say what you would like done, and negotiate with him to do it on the side for your benefit.
So yes, there are people out there. Chambers of Commerce usually have extensive lists of businesses in the area local to you -- along with contact information. They give these out freely. Call enough of them, and you will find a person to help you run your "office" -- e.g., your personal finances.
Just realize that if you task another person to oversee your personal finances, it will be his or her job to TELL YOU -- YOU DON'T NEED TO SPEND ON THIS OR THAT. If you are not willing to accept that advice -- if you do not feel able to stop your bad habits when they are pointed out by the personal finance person you employ -- then you will end up in a worse situation than before; for, you will be paying an extra 2% to do the exact the same thing you were doing before.
Good luck to you.
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