Find Yourself A Good Financial Planner
Posted on July 31, 2010
Filed Under Debt Relief, Loans, Mortgage, Personal Finance, Refinancing Solutions | Leave a Comment
In your effort to locate the right financial planner for you, you need to meet with and assess candidates. How can you assess them though? You should ask about their experience in terms of length of time and types and numbers of practices with whom they have worked. The candidate should be readily able to explain past experience and it’s relation to their present line. It is also very advantageous to hire a planner who has already experienced a recession or “down” stock market if you will want them to provide investment advice. The term “financial planner” means different things to different people and it is essential that you get clarification as to exactly what qualifications the candidate has. For example you can determine whether they hold such titles as Certified Financial Planner or Chartered Financial Analyst. Holding these titles is indicative of having successfully completed comprehensive examinations and illustrate a dedication to the profession. You should also establish what plans the candidate has for professional advancement course to stay abreast of changes in the field of financial planning. Your next question should be about what the planner can offer you in the way of financial services. Planners are unable to offer securities or insurance products such as stocks or mutual funds unless they are properly licensed, but they are also unable to give advice about such investments unless they are registered with Federal or State authorities. You need to know what licenses, credentials and areas of experience your planner possesses, as there are some planners who can give financial planning advice yet are unable to sell financial products because they are not licensed to do so. Other financial planners are restricted and are only able to give financial planning advice on specific areas of training such as taxes or estate planning.
Your next question should be whether or not the planner works independently of financial product sponsors. Some planners work for discount or full-service stock brokerage firms, banks or insurance companies – this is what is known as financial product sponsors. It is important to know what type of financial situations or clientele the planner enjoys working with, so you know what to expect. For example, some financial planners will provide professional advice only in specific areas, yet others can create a multi-faceted plan that will bring all of your financial goals together under one umbrella. Be sure to choose a planner whose viewpoint in financial investments matches your own to avoid getting someone that is too cautious or too aggressive for your tastes. Your next question should be about costs. It is important that you ask about costs, fees and rates from the very beginning. While your total costs will depend upon your investment needs, the planner should be able to give you at least a general estimate of costs typically associated with the work you are requesting to be done. The planner’s hourly rate fee, flat fees or commission percentages should all be discussed as part of the initial financial planning session. The final question should be to ask about the licenses that the planner holds. You need to be sure to choose a financial planner that is licensed to offer advice in the securities or insurance investments that you are interested in exploring. There are different types of financial planners – some possess a license to advise clients, yet work more like a salesman giving a pitch; and there are other planners who are more serious about the industry and continue to get re-certified each year, expanding upon their education and knowledge. You need to choose a financial planner that has the ability to offer everything that you will need.
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