Back during my Army days, I attended the Field Artillery Captains Career Course for 6 months in lovely Fort Sill, Oklahoma.

On the third day of the course we were issued over 110 pounds of field manuals covering all things field artillery and combined arms operations. After lugging the 110 pound box-o-manuals back to my car, I tried to understand why in the world they would give us so many friggin’ books.

They weren’t expecting us to read all these things, were they?

As we approached our first exam it became clear why we were issued all these manuals. You see, every exam in that course was timed…and open book.

You see, the Army didn’t want us to memorize every single bit of knowledge about how to conduct field artillery operations. What they did want was for us to be handed a problem with multiple potential solutions, figure out a solution, justify that solution, and implement that solution; all in a timely manner.

The key to doing that effectively? It’s not memorizing every bit of information. It’s understanding enough about the subject material to be able to ask the right questions, and know where to look for potential answers.

So, how does this all relate to financial planning?

To me, the best financial planners DO NOT have all the answers to your financial problems readily available in their head.

Sure, they may have some, but the best planners have a strong understanding of their “known unknowns” and a strong process to mitigate those. They might not know the answer to your questions today, but they’re experts at knowing where to look to best formulate an answer that gives you the best shot of reaching your goals.

So, should your financial planner be an expert in all things financial?

Nope.

They should be an expert in identifying the right problem, figuring out and justifying a solution, and helping you implement that solution.