What Yoga Taught Me About the Importance of Working With an Advisor
Yoga is an important part of my life. This stress-reducing exercise keeps me mentally focused and balanced. When the pandemic hit, my yoga studio adapted quickly and within a week they were livestreaming classes so that I could easily continue my weekly practice from the comfort of my home.
I immediately noticed something interesting. I did not feel comfortable sharing my screen during classes. Showing my home to others felt like an invasion of privacy and I had a hard time adapting to this new way of practicing yoga.
I ended up attending online classes for a year, but I remained off-camera during this period. Being off-camera allowed me to stop during class whenever I wanted, do something different, or not follow the instructor. This gave me a false sense of safety and I ended up not finishing the class many times and for many different reasons.
I rationalized this behavior by saying to myself, “Online yoga classes are not the same, I’m not part of a community, and I feel isolated.” Then one day, I decided that this must end. I set up a room just for yoga and meditation and I turned my camera on.
From the first on-camera class, I felt the full benefits of yoga again. I was part of a class and benefited from the energy from the instructor. I did not stop or quit, and the class felt natural. It felt great to set aside once again time to take care of myself and be in class even though I was home. I was part of a community; feelings of isolation were gone, and the yoga classes finally started to have the same effect as I would have gotten at the yoga studio.
As I reflected on the benefits on yoga classes (whether they’re in-person or online), it occurred to me that financial advisors play a role that is like yoga instructors. Just as a yoga instructor guides his or her class, financial advisors guide their clients and provide a variety of benefits.
We all need different levels of accountability, some more than others. An advisor can reflect back on you and your life goals and help you adjust your actions when needed in order to achieve a plan that aligns with your most important personal values.
2) Guidance and direction.
We all go through multiple life changes, such as marriage, having kids, changing jobs, and losing loved ones. I have noticed that these are the times when my clients need me the most to make clear, well-thought-out decisions about the next steps to take. That can be as simple as what kind of 529 plan to choose or how to negotiate your next compensation package.
If we are lucky, we love what we do for work and we prefer to leave it to a professional to advise us on financial planning issues. Being able to rely on someone who has the resources and knowledge to answer any pressing questions you might have can be liberating and can give you a sense of calm and peace.
4) Family CEO.
Finally, I believe an advisor who is passionate about helping you and your family should always show you the whole picture. An advisor can give you an overall perspective about your goals and how they relate to your everyday decisions, whether they be about investments or any financial goal. There shouldn’t be a question too simple or too complex for an advisor who understands your situation in depth and can serve as your trusted confidant.
[Related: Taxes in Retirement: Three Tax Planning Tips]
After thirteen years of experience in the financial services industry, Beata Dragovics opened her own firm, Freedom Trail Financial, LLC, an independent boutique wealth management firm in Boston that works extensively with executives and professionals from various pharmaceutical and biotech firms.
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Owner & Principal
Freedom Trail Financial, LLC
From a young age, I always knew I wanted a career where I’d be helping people and doing meaningful work. Growing up in Hungary, I was inspired by my mother who opened her own CPA firm and encouraged me to study English and travel. Today, I’m the founder of Freedom Trail Financial, an independent wealth management firm which offers comprehensive, personalized financial planning and investment management. A woman-owned and-operated financial planning firm, Freedom Trail Financial... Continue Reading
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