When it comes to finances, brutal honesty is the best policy. That’s the first step Financial Adviser Rochelle Plaster recommends when clients come to her for advice; the more detailed the picture, the better.
“If you buy a five dollar coffee every day, that affects your finances,” she said. “If that’s left out, it changes the financial picture, and my advice won’t be as good.”
Plaster works for the Bonney Lake branch of Edward Jones, a popular stop after Jan. 1.
She estimates that she does 50 percent of her business between January and March. That figure is a combination of clients preparing taxes, and clients vying for greater financial power in the new year, she said.
“We get an influx of people at the beginning of the new year who want to grow their assets,” she said. “The biggest one we get has to be clients who want to build an emergency fund, or greater savings.”
After examining a client’s financial records exhaustively, Plaster helps determine the percentage of disposable income the client is comfortable investing.
The key word is comfortable. Many clients claim they want to invest aggressively, she said, but may opt for more conservative investments after she explains the risk aggressive investments entail.
Edward Jones’s fee structure is based on the gains of net assets, so clients won’t pay unless they see their nest egg grow.
That’s also good news for people who want to get their debt under control.
“We’re not a debt consolidation service, but I can help clients develop a plan to manage the debt they have,” Plaster said. “For those clients, the debt has to be eliminated before we can discuss an emergency fund.”
Edward Jones Bonney Lake is located at 21104 state Route 410 East.