“I figured if I was going to advise my friends and family to work with me I better offer the best products.”

Today we are interviewing Stephanie Turner a financial planner with Northwestern Mutual out of Columbia, MO. Stephanie has great insight on what small business owners need to know about financial planning.

Stephanie sat down with us to answer questions about what small business owners need to know, and why she is so passionate about it!

MO:
Why are you passionate about financial planning?

Stephanie:
I am a strong believer in personal responsibility. There are so many things changing and it’s important the average citizen be educated. Most people have dreams and goals to retire, travel, and offer a better life to the next generation than their own. That’s not going to happen by chance. It takes a ton of discipline to save. We have to learn to be proactive rather than reactive. It often takes a financial “coach” to keep you on track for your most amazing future.

MO:
You mention not wanting people to make some mistakes that people you know have made. What do you believe is the most common mistake people make when they are not educated on financial planning?

Stephanie:
People do not want to talk or face the fact that there are “ugh ohs” in life. It’s difficult to picture oneself dying prematurely, unable to work due to an illness or be taken care of in our elderly years. Insurance is all based on your age and health so most people do not find these plans urgent until it’s too late to purchase them when in fact you should buy them when you don’t need them.

MO:
Your approach to financial planning is refreshingly different than the pushy stereotype. What do you do differently, and why is this important?

Stephanie:
I love getting to know each prospect. I spend an hour just getting to know about them and their goals in the first meeting with someone. Based on what they share then I design specific recommendations. It’s not the hottest stock or mutual fund it’s what’s right for them. I pride myself on customer service. I call each client twice a year and they’re often shocked when I call them on their birthdays just to say hello. I do hold people accountable which I like to call being politely persistent. I do it because I care and it’s what the client said they wanted to achieve.

MO:
What is one small thing all of our readers can do today to better prepare for retirement?

Stephanie:
It sounds simple, but meet with someone you trust at least once a year. So many things change in your life and in the industry and it’s important to know about these things. Most of us find time to see a dentist twice a year, and how fun is that? This is your financial future and it should be taken seriously.

MO:
Why did you choose to work with Northwestern Mutual?

Stephanie:
NM has been around for 154 years and has the strongest financial ratings possible. They’re a mutual company which means they have no stockholders. The clients own the company and reap the financial benefits. I figured if I was going to advise my friends and family to work with me I better offer the best products.

MO:
What would your advice be to entrepreneurs who may not save as much as they should because they are constantly investing in their business?

Stephanie:
This is a challenge I know, but I tell my clients to make sure to put at least 5% outside of their business. So many things can change with that business so it’s important to have a backup fund.