Find a Financial Planner and Check up

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Everyone should have a financial plan. Some people decide to create their own financial road map while others decide to hire a financial planner. Some people will develop their own plans and check in with a financial planner periodically just to make sure they are on the right track. Some people might refer to this as a financial check-up. You need to determine what works for you. If you would like to develop your own financial plan, use our financial calculators to assist you.
 
If you have decided that you would like a financial check-up or some financial planning advice from a financial expert, there are a few things you should consider. Be clear about what you are expecting the financial planner to do for you. Also, try to determine your risk tolerance level. For example, if you are not someone who likes to take a lot of risks with your money, this is something you should be prepared to discuss because it will help determine which investment strategy is right for you. Take your time to identify a financial planner. If you have family members, coworkers or friends who have used a financial planner and they had a meaningful experience, ask for a referral. You can also find financial planners at banks, investment firms, law firms and other places.

Not all financial planners are the same. For example, if you are interested in retirement planning, make sure that the financial planner has experience in that area. Also, ask questions such as what kind of services do you provide, how much experience do you have providing these kinds of services, how are you paid for your services (i.e., fees, commissions, etc.), how much does it cost for the different kinds of services you provide, what kinds of clients do you normally serve and is there a minimum income requirement for the clients you usually serve? How often will my financial plan be updated?

Once you have identified a financial planner, do not be afraid to ask them about their experience. You need to feel comfortable and confident that they will be willing and able to assist you with your needs. Make sure you ask about their investment philosophy, qualifications, and fees up front before you agree to use their services. Make sure they are certified. The federal or state government should license the planner. You can even check with the Better Business Bureau to find out if there have been complaints filed against a financial planner.

There is a lot to think about when you are considering a financial planner. However, your finances are very important so it is to you advantage to do your homework and make sure you identify the type of financial planner to meet your needs.

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