How Her Financial Adviser Changed Her Life

When Melanie Hubbard’s Olympic-level dressage horse, Fabi, was delivered to her from overseas, it was a day she never dreamed possible. Now that she’s in her late 60s, her life has entered a brand-new chapter, not defined by retirement but by passion, perseverance and trust.

And if you ask Melanie, she’ll point to her financial adviser, Dana Mascalo, who has been at the center of this journey and the one Melanie credits for making the impossible happen. For 20 years, Dana’s been advising individuals and families who come to her with complex cash flow needs. She acts as their personal CFO, taking a visionary approach to their entire financial lives — advising on investment portfolios, taxes, retirement planning and life transitions. For Dana, the client relationship is a collaboration, one that explores greater possibilities and embraces a willingness to bring each client’s personal vision to life.

As the founder of Wealthramp, I have the privilege of learning from exceptional advisers who truly show up for their clients as well as from clients who tell me their financial adviser has helped transform their lives.

From just $107.88 $24.99 for Kiplinger Personal Finance

Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues

CLICK FOR FREE ISSUE

Sign up for Kiplinger’s Free Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

Pam Krueger

Pam is a recognized investor advocate and award-winning personal finance journalist and author. She is the founder and CEO of Wealthramp, an adviser-matching platform that connects consumers with rigorously vetted and qualified fee-only financial advisers. It is the only service that gives people full control over when and how they talk to their referred advisers. With more than 25 years in investor advocacy, Pam is one of the leading voices on financial literacy and financial empowerment.

The best way to explain why it's so important to choose a financial adviser thoughtfully and what makes an adviser exceptional is through this story of Melanie and Dana.

Melanie’s life-changing year with Dana provides a window into how someone in the role of financial adviser can bring dreams within reach, even if those dreams are financially challenging and ambitious. I’ve interviewed them both, and here are the key lessons you can take from their story about leveraging the skills of an extraordinary adviser.

Lesson No. 1: An adviser with a proactive and collaborative spirit is a must.

Melanie has loved riding horses since childhood. But in the year she retired, she began suffering from a medical condition that would worsen over time and eventually prevent her from riding again.

With that reality on the horizon, she held on to one last dream she was reluctant to even say out loud — she wanted to own and compete with a high-level dressage horse. But the prohibitive expense of purchasing a horse of this caliber seemed far out of reach and nearly impossible.

“I went to talk to my husband and said, ‘Honey, before I can’t ride, I’d like to get a horse and earn my medals,’” Melanie recalled. “And he said, ‘OK.’ Then I called Dana and told her I’d like to get a horse.”

Dana didn’t respond with hesitation or doubt. Instead, she said, “All right, what’s the plan? How much is the horse going to cost? Let me show you exactly what we can do.” Dana gave Melanie a budget and took every expense into account: transportation from Europe, boarding, training, veterinary bills and all the ongoing upkeep costs for Fabi.

What made Dana’s approach stand out was her proactive and collaborative spirit. “Dana didn’t just tell me what I wanted to hear; she showed me the challenges, but also how it could work,” Melanie said. “She kept me grounded but still made me feel my dream was possible.”

When looking for a financial adviser, avoid settling for someone who brings only a transactional mindset. Even if your primary concern is only to reduce your financial stress, minimize your taxes or make your financial life a little more organized, find one who is genuinely invested in your aspirations, willing to go beyond the basics and committed to creating a comprehensive plan to help you achieve them.

Lesson No. 2: Look for an adviser who’ll have the deep conversations.

Dana didn’t just work with Melanie’s financial statements; she truly understood Melanie’s lifelong dream. “She has a lot of empathy — more than I’d ever expect from anyone in finance,” Melanie said. “She keeps track of what’s important in my life.”

Dana’s constant questions, “What do you want to do, and how can I help you get there?” guided their discussions and built a deeper connection between them.

Reflecting on this, Dana explained, “In order to align Melanie’s financial resources in support of what is most meaningful and fulfilling in her life, we needed to have deeper conversations. We needed to help her go from a place of uncertainty to an exciting state of ‘We have to make this happen!’”

This level of engagement can’t be understated. “She really wants to understand,” Melanie said. “She’ll ask, ‘What’s important to you? What do you want to be able to do in your life?’ and then lay out three or four things to work on for the year.”

Dana’s approach wasn’t centered on transactions or typical financial tasks; it was about creating a financial plan that fit Melanie’s life uniquely.

As you interview advisers, look for someone who listens closely, understands your priorities and brings your vision into the planning process. Dana’s understanding of Melanie’s aspirations wasn’t only about managing her investments; it was about knowing her client as a person.

Lesson No. 3: A fiduciary relationship makes a difference.

Dana’s commitment to Melanie’s dream went beyond simple budgeting, and for that Melanie is thankful. Dana approached every decision as a fiduciary — meaning she was legally and ethically bound to act in Melanie’s best interests.

It wasn’t just about saying “yes” to the horse but about ensuring Melanie could comfortably afford it without putting her family’s lifestyle at risk.

“She approaches every decision from a place of honesty and transparency,” Melanie noted. “She tells you not just what you want to hear, but what you need to hear.”

Dana also guided Melanie and her husband through multiple “expense awareness exercises” to outline exactly where their money was going and how different scenarios could play out in retirement. This level of commitment to every financial detail — from taxes and health care to travel and inflation — was what allowed Melanie to feel secure in pursuing her goals.

In your own adviser search, seek out a fiduciary who puts their clients’ best interests first and practices transparency. Working with a fiduciary adviser means you’re getting more than investment advice; you’re often gaining a partner dedicated to protecting your future.

Lesson No. 4: The power of staying the course.

With such a significant purchase on the horizon for Melanie, Dana kept Melanie’s broader financial plan in focus, encouraging her to stay invested even as markets went up and down over the years. “We just stayed the course,” Melanie said. “Dana would say, ‘No, don’t worry.’ And we were lucky because our retirement plan stayed steady. Markets change, and she helped keep us invested and focused.”

For those close to or in retirement, it can be tempting to fear market uncertainty. But a great adviser will help you maintain discipline and focus, adapting to your evolving needs without compromising the long-term plan. That balance of adaptability and resilience is essential, and an outstanding adviser will encourage it.

Lesson No. 5: An adviser should help you dream bigger.

For Melanie, having Dana as a guide allowed her to dare to envision a life she hadn’t thought possible.

One of the most powerful moments of their journey happened over lunch, where Dana shared Melanie’s action plan. “I remember meeting with Melanie at one of our favorite sushi restaurants to go over their long-range retirement projections. When the reality started hitting her that this was going to happen, tears of joy began to fall. I will never forget that!”

Dana’s approach wasn’t simply about reaching one milestone and moving on. As she explained, “The planning process didn’t stop there. As a comprehensive planning advisory firm, we work to create financial life plans that are alive and adaptable — instead of those that you complete one time and file away in a drawer.”

She sees each planning session as a chance to check in, talk things out, adjust and dream anew. “During life transitions and milestones, as well as on a routine basis, we revisit the plan and expenses and look forward with curiosity and open eyes. I often wonder, what will we ‘need to make happen’ next?”

Melanie felt the impact of Dana’s dedication firsthand. “Oh, I was amazed. I never thought I would have a horse like this in my life, and I wouldn’t have if I didn’t have a great financial adviser. There’s absolutely no doubt in my mind.”

Ultimately, it’s important to partner with an adviser who not only provides guidance but also believes in your potential to fulfill your aspirations. It’s important to recognize what an outstanding adviser can do in partnership with you.

Melanie’s story isn’t just a testament to Dana’s abilities; it’s a call for all of us to raise our expectations. Find an adviser who will truly see you as more than an investment account.

Related Content

• How to Get Your Money's Worth From Your Financial Adviser
• Should I Pay a Financial Adviser an Assets Under Management Fee?
• Want to Hire a Remote Financial Adviser? What to Consider
• I Didn’t Think I Needed an Estate Plan Until This Happened
• Five Things I Wish I’d Known Before I Retired