written by A.T. "Al" Benelli, CFP, FIC |  

Not all investors are created equal.

According to study results released by the Financial Planning Association of Washington, D.C., there are distinct money “types” that trained financial advisors, such as Certified Financial Planners, look to identify in early interviews with clients.

Do you recognize one or more of these?

Innocents often live in denial, are easily overwhelmed by financial information and rely heavily on the advice and opinions of others.

They tend to be the most trusting because they generally don’t see people or situations clearly — which leaves them open to bad decisions at best and fraud at worst.

Victims tend to live in the past and blame their woes on outside factors and situations they claim they can’t control.

They may have been abused, betrayed, or have suffered some great financial loss, but they generally see life as something they can’t change.

Warriors are generally successful business people and will listen to financial advisors, but they make their own decisions. They tend to be great caretakers.

Martyrs generally put other people before their own financial health .

They use their money to rescue others based on high expectations of the people they’re rescuing, but these decisions may be costly in the long run.

Fools combine features of both the Innocent and Warrior because they have no clue about what they’re doing but act fearlessly anyway.

They are financially adventurous, act on impulse and are victims or beneficiaries of “dumb luck”.

Creators/Artists often have a love/hate relationship with money.

They’re constantly struggling to make their finances work, but they often feel that by caring about money they are doing something that is wrong or bad.

Tyrants hoard money and use it to manipulate others.

They may have everything they need, but they’re never comfortable with their lives because they fear losing control or missing out on the next “windfall”.

Magicians are as the ideal money type.

They’re aware of their circumstances and responsibilities and can see situations very clearly. They understand the “magic” of changing their situation to match their goals and objectives rather than the other way around.

A financial planner tries to see through all the static that surrounds a person or a family unit to find out what is really needed to create a solid financial profile.

One of the toughest aspects of getting a financial plan going is recognizing how your personal style, mindset and life situation might affect your investment decisions.

A trained and qualified financial professional will understand this challenge and can help you think through your choices and remove any unnecessary emotional biases.

The resulting portfolio should feel a perfect fit for you.

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