The most common topics when working with an advisor involve investment strategies, tax optimization and retirement planning. These are important topics to work through, but sometimes another area needs to be addressed first. Sometimes the most important first step isn’t growing and optimizing wealth but gaining control and understanding—that’s where financial counseling comes in.

What are the Differences between Advising and Counseling?

While both advising and counseling aim to improve your financial well-being, they approach it from different starting points. In your financial journey, both types of advising should be discussed:

Financial Advising

• Long-term planning (retirement, investment, estate and income tax strategies)
• Optimization and wealth-building
• Typically assumes some level of financial stability

Financial Counseling

• Understanding your current financial habits and priorities
• Building foundational knowledge (budgeting, debt management, saving)
• Addressing money stress, behavioral patterns, and confidence

Both services are valuable, but they serve different needs, depending on where someone is in their financial journey.

Why Counseling Sometimes Needs to Come First

As important as long-term strategies are, for someone who doesn’t yet feel in control of their finances, trying to focus on them can feel overwhelming. In fact, it can be counterproductive.

Consider someone living paycheck to paycheck, unsure how much they spend each month, burdened by credit card debt, or lacking an emergency fund. Bringing up estate planning or tax-loss harvesting might feel not only out of reach, but irrelevant. The stress and shame that often accompany financial disorganization can make people feel like they’re failing before they’ve even begun.

These issues aren’t exclusive to any one income level or age group. High earners may still overspend or lack a clear budget. Young professionals may carry student loans and not know how to address other financial goals. Retirees might be afraid to spend, unsure of how much they can safely draw from savings. These are all counseling conversations, not just planning conversations. A primary responsibility of a good advisor is to be open to these conversations, not as someone who is there to judge, but to understand.

The Role of the Advisor as Counselor

This is why it’s so important for financial professionals to not only plan—but to listen.

In my own experience, I’ve spoken with clients who felt hesitant or even embarrassed to talk about their financial habits. They worried that their situation was too messy or “not ready” for a professional. But the reality is, those conversations are often the most transformative.

When someone feels safe enough to say, “I don’t know where my money is going each month,” or “I’m stressed every time I look at my credit card balance,” they’re actually opening the door to progress. Not judgment—just honest, foundational improvement.

This is where an advisor who’s trained—or simply patient enough—to engage in counseling-style conversations can make all the difference.

Improving Your Experience

What’s often overlooked is that financial counseling actually enhances financial advising. A client who has worked through their budgeting, understands their cash flow and feels more confident in day-to-day decisions is far more likely to follow through on long-term strategies.

When the foundation is strong, the rest of the plan becomes more actionable. Counseling doesn’t delay progress—it prepares you for it.

Questions to Reflect On

If you’re wondering whether you’d benefit from financial counseling, ask yourself:

• Do I feel confident in how I manage my money month to month?
• Do I know where my money goes, and am I happy with that?
• Am I free of unresolved financial stress, fear or confusion?
• Do I have a clear view of my financial life?

If you answered “no” or “I’m not sure” to any of these, counseling may be a great place to start.

Final Thoughts

Financial counseling is an essential piece of the financial advising puzzle. Before opening a new account or restructuring your portfolio, take a moment to talk with your advisor about what’s really on your mind. What’s causing stress? Where do you want more clarity or control? These conversations are often the most important place to start. Let’s start having them.

For more than 100 years, Busey Wealth Management advisors have been helping clients find a financial strategy that works for their individual needs. To find an advisor near you, visit busey.com/wealth-management.

This is not intended to provide legal, tax or accounting advice. Any statement contained in this communication concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. Clients should obtain their own independent tax advice based on their particular circumstances.

This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities.

This presentation is for general information purposes only. It does not take into account the particular investment objectives, restrictions, tax and financial situation or other needs of any specific client.