Recently, I participated in a panel discussion at the Snapple Theatre, in New York City. On the dais, were two financial advisors, a certified financial planner, a registered investment advisor and me, the financial coach and trainer. The event was sponsored by a national non-profit organization, and we were assembled to vet out a question rarely discussed in open forums: what to look for when selecting a financial services professional?

The organization brought together a group of panelists whose titles and scope of work and responsibilities represent the nuances within the industry. With six people on the dais, including the moderator, the audience heard a broad spectrum of approaches and perspectives as we shared our nuggets of wisdom. And, our viewpoints merged just as often as they diverged. This was perfect; it brought to light many of the variables you - as a consumer of the industry's products and services - need to consider, including how to differentiate one professional from another and how to match their products/services with your needs.

Though the varied backgrounds of the panelists made for a lively group discussion, the purpose of this issue of "FP" isn't to recreate that evening for you. Rather, it is to share two observations I made that evening, which I believe are common conundrums and to offer a prescription for each.

Conundrum #1: People tend to think too singularly when it comes to money

The moderator did a great job of asking us questions aimed at demystifying the selection criteria and process. But in my opinion, you can't really have a discussion about what goes into finding and hiring a compatible and competent financial professional without also touching on the factors you need to ponder when managing your financial life in general.

Prescription #1: View your money holistically

It is imperative that you begin to recognize that every financial decision you make affects all four areas of your financial life, even if the reverberations are not felt immediately. The areas are what you earn, save, invest and spend. If you adopt this mindset, you may find that you need to work with multiple professionals to accomplish your goals and objectives. A "one-stop" method may not be sufficient. Likewise, you may discover that it's best to do some financial management tasks yourself and outsource the rest.

Conundrum #2: Many people are lop-sided - they give uneven attention either to the past or future

While the moderator's questions were great, the best questions came from the audience during the "Q/A" portion of the evening. Not because of the questions in and of themselves; they were the "usual suspect" of questions, such as: how do I quickly get out of debt; should I pay off my debt before I invest; what's the best way to invest my retirement dollars; what percentage of my salary should I save, etc.? It was because of the personal stories the audience members shared as they asked their questions - their stories, which went beyond the topic at hand, gave the questions context and texture. Their stories also revealed one of life's biggest challenges: how and why we experience imbalance...it is due to managing competing interests and goals.

Prescription #2: Balance is something you practice

Moving from being lop-sided to being in balance is a two step process. It first begins with forgiving yourself of your past mistakes (whether it is due to poor choices or lack of knowledge). Then, you can more easily move to step 2...being diligent about taking care of what you have right now.

No, it's not rocket science; yes, we all know it intellectually. Yet in truth, operating with this awareness is not always what we practice. The usual course of action is to get so caught up in worrying about (oops, I mean preparing for) the future or re-living past financial blunders that we don't take a step back and ask, "Am I doing the best I can with what I currently have?"

For example, if you want to get out of debt (fast!), have you stopped using your credit cards?! If you want a financially secure future, are you setting aside 10-15% of your current gross earnings? In a nutshell, there's no escaping that what you do right now leads to your right future.

Is the question - what to look for when hiring a financial services professional - one with which you are grappling? Or, are you re-evaluating your current provider? If so, take a look at the criteria Sterling recommends using to determine who the right person is for you. There's also a great online article at Bloomberg.com.

Whether you follow Sterling's guidelines, the suggestions from the Bloomberg article, develop your own or some combination thereof, here are some pointers to keep in mind:

• Look for a partner, not just a service provider

You are hiring a professional, but you are also entering into a long-term (hopefully) relationship. Look for someone you feel you can trust and with whom there's some chemistry. Likewise, seek someone with whom you find it easy to communicate.

• Be forthcoming with your "partner"

Transparency is the key to getting the most from the relationship with your financial services provider(s). Very often, that means sharing information no one in your family or close circle of friends knows. But the more s/he knows about you, the more you help them help you. You increase their ability to provide wise counsel as they work to take care of your best interests.

• Stay engaged in the process
I recommend that you set up a decision-making process wherein nothing happens without your permission or sign-off. If that seems daunting, think of Oprah Winfrey...she signs every single check that her company writes. So remember, outsource, don't abdicate!

Mark your calendars for Tuesday, 17 July at 8:00pm!

Just because you're slowing down to relax and enjoy the summer months, it doesn't mean your money has to take a vacation as well! In fact, this is the perfect time to do a financial review - to ensure you are maximizing your earnings, following a smart savings plan, investing appropriately and spending your money wisely! And that's the focus of this month's tele-seminar...my interview with Manisha Thakor and Sharon Kedar, the authors of "O n My Own Two Feet" - A Modern Girl's Guide to Personal Finance. " A book that is perfect for beginners, perfect for those who need a refresher and perfect for a quick summer read (it's less than 200 pages!).

I met Manisha and Sharon at a workshop I facilitated in California, and it was like meeting kindred spirits. Like me, they view their message about money and life as a movement. Join us for a lively, simple and straight- forward conversation about what you can do (and how) to convert financial information into meaningful knowledge. The interview and their book will - literally - enrich your life!

Here are the details for the ""On My Own Two Feet"" tele-seminar:

Date: Tuesday, July 17, 2007

Purpose: To further expand your awareness about you and your money.

Time: 8:00 - 9:00 p.m. To register, click here.

Random links to blogs, articles and websites you may find interesting and noteworthy:

"The Dip: A Little Book That Teaches You When to Quit (and When to Stick)," Seth Godin's latest book

Drew Rozell - Drew is a life coach and writes a blog on "very cool living"

SelfInvestors - a great blog to reinforce your education about investing in stocks

CNN.com article re. credit scores

Let me know what you think! And if you come across something you believe others would find interesting/helpful, please send the link to me at jacquette@sterlingchoices.net.

Modeled after the workshop of the same name, we offer the Stop Treating Your Money So Poorly Workbook (tm). It is a 48-page workbook, which consists of ten worksheets that will provoke you to think about money differently, inspire you to identify and examine your habits and help you make the choices that are right for you, at the right time and in the right way. The workbook is $24.95; the PDF downloadable version is $19.95; both can be purchased directly from Sterling's website. Virtual training support is also provided with your purchase.

Click here for a look inside the workbook.

For additional details, we invite you to click on the Financial Products link in the "Quick Links" section below or visit our website http://www.sterlingchoices.net.

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email: jacquette@sterlingchoices.net

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