How to Choose a Financial Planner
Dealing with financial issues can cause all types of stress. There are times, however, that using the services of a financial planner will help you reach your financial goals. However, choosing a professional to help you with this endeavor isn't as easy as some would think.
With that said, here are some questions and answers that will help aid you in your decision process, courtesy of the Certified Financial Planner board (www.CFP.net). These questions provide a great starting point for you to ask your prospective financial planner before you sign on the dotted line.
1. What experience do you have?
Ask about the financial planner’s philosophy and their previous work experience. They should be able to convey how this relates to their practice.
2. What are your qualifications?
Anyone can call themselves a financial planner, so be sure and ask what qualifies them to offer financial planning advice and whether they are recognized as a CERTIFIED FINANCIAL PLANNER™ professional or CFP® practitioner, a Certified Public Accountant-Personal Financial Specialist (CPA-PFS), or a Chartered Financial Consultant (ChFC). Ask about continuing education and how they stay current on changes in the financial planning field.
3. What services do you offer?
Find out what services are offered and if they match your needs. Generally, financial planners cannot sell insurance or securities products such as mutual funds or stocks without the proper licenses, or give investment advice unless registered with state or Federal authorities.
4. What is your approach to financial planning?
Most financial planners have a typical type of client and financial situations they like to work with. Some planners offer comprehensive plans while others work on a project basis or hourly rate.
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