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What You Need To Know About Finding A Financial Planner

Before you hire a financial planner, you should conduct an interview and ask a lot of questions so you can determine whether he or she will be able to effectively handle your accounts. Your first question should be about experience. You need to ask about past work experience in order to find out how that knowledge will be relative to your current situation. Ask how many years your planner has been in the business, how many companies have they been associated with and the types of companies as well. You will also need to find out about any special services your financial planner could provide, for example, if you will also be seeking investment advice, it is important to find a planner that knows how to work effectively in a downturn market and economy. 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.

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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. Inquire as to the fee structure for the planner’s professional services. Actual cost will likely be determined by the goals and desires of the client, though any reputable financial planner ought to be capable of offering a rough guess regarding probable pricing. Information necessary to conduct a thorough analysis of any fee structure includes the professional’s hourly rate, flat fees charged for particular types of services, and commission structures for any product purchases made as a result of professional advice received. 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.

Linda
Linda Alvarado loves writing about technology and science updates. She also loves to keep her mind and body fresh by doing intense workouts and meditation sessions.