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You can do anything you put your mind to. But unfortunately, finances is not one of your strengths. You are a business executives and have done everything correctly in your life. You went to school, you achieved high marks, you graduated, got married, landed a great job, had kids, and you are now an executive with a 10+ year career. You even traded in your 2-seater convertible for a 6-passenger van with the captain seats and TVs in the headrest.
You spend your weekdays working, and your weekends running between soccer practice and ordering a number 1 with a lemonade at Chick-fil-A.
You make time for everything in your life, but finances.
It is not something you have time to sit down and learn but keep telling yourself... one day. You took a few courses in college, review your retirement account every now and again, you know the balance, and know the difference between a stock and a bond but you couldn't rebalance a portfolio if your life depended on it.
As a Certified Private Wealth Advisor®️ professional with over a decade of experience myself, I understand the frustration. You want to enjoy your wealth, not spend your weekends and free time, managing it.
As you approach retirement, you realize you need to do something and fast because your kids are approaching college.
In this article I answer some of the top questions, busy business executives ask, and interview Nic Nielsen, CFP®️ who shares his perspective on how he partners with busy executives to create a one-page financial plan that simplifies the life of even the busiest executive.
10-years of Brutal Financial Advice for Busy Business Executives ft. Nic Nielsen, CFP®️
What is Christian Financial Planning?
Christian Financial planning is the process of assessing the current financial situation of an individual to identify future financial goals and how to reach those goals. Many investors think that investing and financial planning are synonymous but they are not. Financial planning includes subjects including but not limited to: Debt-management, Savings, Taxes, Insurance, Estate Planning, Investment, College Planning, and Wealth Transfers.
What is the main purpose of Christian Financial Planning?
A financial plan acts as a living document that evolves and changes as you go through life's journey. It helps you prepare and overcome some of life's most difficult situations such as marriage, divorce, death, birth of children, and job changes. All investors go through some type of life transition that they can prepare for. The question is not if something will happen, but when and how to pay for it?
Have you heard the joke, "The only things that are certain is death and taxes"? In the financial world we take that joke very seriously. When you financially plan, you can lower the risk of the people you leave behind, having to clean up any mess or debt that you leave behind. Busy executives like yourself worry daily about what will happen to your family if something happens to you?
What Should A Christian Financial Plan Include?
Every financial plan is unique to the individual and their stage in life. Considerations can include: age, career status, income, expenses, goals, debt, marital status, and tax obligation. Some of the most popular topics include:
Financial Goals
Retirement Plans
Insurance Coverage
Estate Plans
Debt-Management
Budgeting and Cash Flow
Emergency Funds
Faith and Family
Basically a Christian financial plan helps you be in control of your income, expenses and investments such that you can manage your money and achieve your goals with less anxiety.
How Do You Know If They Are A Good Christian Financial Advisor?
There is not a definitive way to determine if a financial advisor is good. But there are qualities that you should look for when looking for a good financial advisor.
They listen more than they talk
When creating a financial plan, a financial advisor needs the financial details. And those details can only come from you. If a majority of the conversation is about how great they are, what they know, and how satisfied their other clients are, you may want to look somewhere else. A good financial advisor wants to understand you better. The more information they know about you, the better the recommendation they can make about your finances.
Obtaining a certification is not a guarantee that you will have a good financial advisor but it improves your probability. It is signal that tells the world that you were at least exposed to the information, proficient enough at the time to pass the exam, and may have a working knowledge. All certifications are not created equal and there are more than many of us can count. A good advisor will be able to explain their certification and how that will translate into a better experience for you. If you are unsure you can always go to the website of the certification and look at the requirements necessary to obtain the certification. Some common Certified Private Wealth Advisor®️ and Certified Financial Planner™️
Relatable
Let's face it. We like to do business with people we like. And who is more likeable in our eyes other than ourselves? Finding a financial advisor that shares your core beliefs, values, and ethics can be a major step in the right direction. You are a busy executives with kids and your financial advisor is a busy executive with kids too. So when you miss a meeting because your kid is sick, or had an unexpected soccer practice, they understand. Having an advisor that understands your lifestyle because they also live it, can be a game changer in selecting a financial advisor. So be sure to ask them about themselves and things they like to do.
Christian Financial Advisors for Business Executives
Compensation
What are ISOs and RSUs? If you are a business executive, you have seen these terms in your employee compensation packages, but what do they mean? How do you redeem them? When should you redeem them? What are the tax consequences?
Business executives face unique challenges that most investors don't face. Conversations about vesting schedules rarely come up at Thanksgiving dinner. So where do you get help?
Finding a financial advisor that serves business executives will be your best chance at success. They understand your complex compensation packages and can guide you in making financial decisions that will reduce the risk of losing money due to unforeseen consequences.
Lifestyle Preservation
Once you are on top, many executives want to stay on top. You don't want to go from traveling at will, to eating beans and bologna. Working with a financial advisor who specializes in business executives, they can help you save more efficiently and withdraw strategically, to maximize your wealth in retirement.
Financial advisors for business executives understand that the goal is not just to make it to retirement but through retirement.
Putting it all together
If you are tired of procrastinating and need some more insight from real-life financial advisors. Tune into the podcast below as we provide real life answers to real life problems. We discuss the importance of a financial plan, choosing the right financial advisors, struggles of the busy executives, and how you can prepare for retirement.
10 Years of Brutal Financial Planning Advice for Busy Executives ft. Nic Nielsen, CFP®️
In this episode of "Financial Advisors Say the Darndest Things Podcast," host A.B. Ridgeway welcomes Nic Nielsen, CFP®️, a financial planner specializing in helping executives manage their stock options and organize their life. Nic shares his journey from a bank teller to a CERTIFIED FINANCIAL PLANNER™️, offering insights into the financial challenges and opportunities faced by professionals.
The episode delves into practical advice on handling stock options and the importance of understanding money management.
Stay tuned for valuable resources and stories that blend financial wisdom with engaging anecdotes.
Key Takeaways:
Navigating Stock Options:
Managing stock options can be daunting for sales executives, especially with the risk of making wrong moves that could jeopardize their retirement plans. Nic emphasizes the importance of having a clear, concise financial plan to make informed decisions about stock options. Utilizing a CERTIFIED FINANCIAL PLANNER™️ can help in understanding and optimizing these assets.
The Power of Christian Financial Planning:
Christian financial planning goes beyond just managing investments; it involves creating a holistic strategy that encompasses all aspects of personal finance. Nic’s transition from a chemical engineering major to a financial advisor was driven by the realization that understanding money management is crucial for long-term financial stability and helping others achieve their financial goals.
Lessons from the Banking Industry:
Working as a bank teller provided Nic with unique insights into people's spending and saving habits. Observing the various ways customers handled their finances gave him a foundational understanding of financial behaviors, which proved invaluable in his career as a financial planner. This experience highlighted the importance of grassroots financial education.
Financial Mistakes to Avoid:
Nic discusses common financial mistakes made by sales executives, such as not diversifying investments and failing to plan for taxes on stock options. He offers a resource guide titled "Seven Money Mistakes Every Sales Executive Should Avoid," which is essential for anyone looking to avoid pitfalls and achieve financial success.
Unexpected Career Influences:
A pivotal conversation with his grandfather steered Nic towards financial planning. His grandfather's advice that understanding money would ensure job security and the ability to help others profoundly impacted Nic's career choice. This underscores the importance of mentorship and guidance in shaping one's professional path.
Quotes:
"If you understand how money works, you'll probably always have a job, you'll be able to take care of your family, but most importantly, you'll be able to help other people." - Nic Nielsen, CFP®️
"Financial planning isn't just about managing investments; it's about creating a comprehensive strategy that covers all facets of your financial life." - A.B. Ridgeway, CPWA®️
"Being a bank teller exposed me to how people get money into the bank, their spending habits, and the different ways they handle their finances, which was invaluable in my career as a financial planner." - Nic Nielsen, CFP®️
This episode is packed with practical advice and engaging stories, making it a must-listen for executives and anyone interested in financial planning. Tune in to learn how to navigate your financial future with confidence and clarity.
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About Financial Advisors Say The Darndest Things Podcast:
As Christians, we were taught to be good stewards over our tithing and giving to the less fortunate. But when it came to our personal finances and investing we were left clueless on what the Bible says. What does the Bible say about managing debt, leaving a legacy, investing, and planning for your retirement? Mr. Christian Finance answers these and many other questions because we want to teach you how to become rich and righteous!
Meet A.B. Ridgeway:
A.B. Ridgeway, MBA, CPWA®️ (info@abrwealthmanagement.com) is the owner and Christian Financial Advisor with A.B. Ridgeway Wealth Management. With a decade in the finance industry, his goal is to give believers clarity around the most confusing topic in the Bible, money, and tithing. A.B. Ridgeway helps tithing Christians become cheerful givers but unlocking their money-making potential, so they can prosper and be the great stewards of the wealth God has entrusted them with.
*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.
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