Once upon a time…

A young man wanted to build a house. He had never built one before and didn’t know quite what to expect but he knew that this would be the house he lived in with his family for the rest of his life, and that it would continue to shelter his family after he was gone.  Because this was such an important undertaking he decided to get some advise.

First, he went to the lumberyard to ask the Lumberjack what he should build his house out of. The Lumberjack listened to what he needed in the new house and explained to him how lumber was the best choice for all his needs. He had a very compelling case. Lumber was strong, a natural insulator and cheap enough to be replaced as needed. A lumber house could meet all of his needs.

 His mind was pretty much made up but because this was such an important project he decided to go ahead and get a second opinion. So he went to the brickyard and told the Bricklayer what he needed in a house and asked what he should build it out of. The Bricklayer listened intently and considered the mans need. After a few moments, the Bricklayer explained how the only way the man would get everything he needed out of a house was to build it with brick. The man listened to his advice and saw that he had a very good point. Brick is very strong, waterproof, can endure the elements and lasts a very long time. A brick house could meet all of his needs.

His mind was made up but just to make sure, he thought he would get one more opinion. He went to the Masons shop and told him about his dilemma. The Mason listened intently to the mans story then told him that his best bet was to build his house from stone. It was long lasting, very very strong and always available. The man had finally made up his mind.

When the man went home that night he told his wife about his day. He was very proud of himself because he got the opinion of three professionals before making up his mind to build a house out of stone. His wife thought for a moment and asked him, “Dear, are you sure you spoke to the right professionals”? “What do you mean” he asked. She answered, “It seems to me that a bricklayer would be an expert on bricks, and a Mason on stone, but none of these professionals are true experts on building a house”. The man stopped and thought for a few moments about what his wife had said and then asked her, “But who would I ask about building a house”? “Why, an architect of course” his wife answered.

The man knew his wife was right and set off the next morning to see an Architect. The man explained everything he needed in a house and how he wanted the house to take care of his family after he was gone. The Architect listened intently and explained to him that for a house to do everything the man wanted it to, it would have to be built of wood, brick, stone, steel, aluminum and many other materials. He worked with the Architect to ensure that the final design met all of his requirements and the Architect offered his advise on several areas that the man had not considered. When all was said and done, the man not only had a very well thought out plan for a house that met all his needs, but he also had someone to go to when things in his life created changes in his plans.

Soon after, the man and his family built their new house with the help of the Architect. And they all lived happily ever after.

THE END

While this story was obviously fictional, the message is something that we can easily apply to our finances. When getting advise on financial matters, be sure to ask the right people. I have had many meetings with insurance agents, mortgage companies, investors, and tax accountants and all of them seem to know exactly what I need to make sure that my financial planning needs are met and that my family will be taken care of when I’m gone. However, I’ve found that the best financial plan incorporates more than just an insurance agent or mortgage broker can offer. A full financial plan requires a full financial architect. Someone who is knowedgable  in many, if not all areas of personal finance.

Be sure you know what areas your financial advisor is fluent in before you trust your families future to his planning and advise. And beware of the roaming insurance agents who knock on your door and claim to be able to help you protect your families future. They may know their trade well and make a convincing case but be sure you get some advice from an architect before you make your final decision.