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5 things to consider when choosing a financial planner

2019-04-09 Finance No comment

Unlike people who call themselves CPAs or doctors, almost anyone can call themselves “financial planners” or “financial advisors” regardless of their educational background and professional experience. In addition, not everyone makes recommendations without bias, and not everyone always acts in the best interests of the client.

To ensure that your financial planner is well qualified in personal finances and is fair in his advice, consider the following five things:

1. Plan vouchers: Have highly respected vouchers in financial planning, such as a Registered Financial Planner [CFP] or Personal Financial Specialist [PFS], confirming that the professionals you intend to work with have acquired the necessary education and experience. Financial planner. CFP and PFS certificates are only awarded to those who meet educational certification requirements and personal financial planning experience. In addition, they must pass the certification exam and agree to abide by the standards of practice and continuing education requirements.

2. Subject matter expertise: Financial planners are planning professionals, not necessarily subject matter experts. For example, a financial planner will be good at tax analysis and planning, but unlike a registered public account [CPA] or an IRS registered agent [EA], he may not necessarily be a subject matter expert in terms of tax rules. He can be good at making investment plans, but unlike the Chartered Financial Analyst [CFA], he may not be the authority of the investment entity. Working with financial planners, he is also a subject matter expert in the personal finance field and is very important to achieving your financial goals.

3. Customer Specialization: Not all financial planners serve all types of customers. Most focused on providing specific profiles for only certain types of customers. For example, an individual planner can build his expertise and customize his services to serve only individuals and families of certain occupations, or specific life stages with specific financial goals and net assets. Ask the planner whether to provide a specific profile for a particular type of customer to determine if it suits your situation and financial goals.

4. Expense structure: The fee structure largely determines what interests him best for his clients – his clients or his own interests. Only fee-paying professionals charge a recommended fee, while fee-paying professionals not only charge fees, but also get commissions, referral fees and other financial incentives for the products and solutions they recommend for you. Therefore, the fee-only proposal is more likely to be fair and in your best interest, not the advice of the financial planner based on the fee. Working with professionals, their fee structure is conflict-free and can benefit you.

5. Usability: He or she should be available frequently, attentive, and accessible. Ask the planner about the number of clients he currently serves and the number of clients he plans to serve on a regular basis in the future. This ratio of customer to plan staff is one of the key factors in assessing the future availability of your planner. In addition, ask the planner what program activities are typically performed and which program activities are delegated to participating planners or other junior staff. Finally, make sure you have easy access to planners by phone and email during normal business hours.

Once you have selected some qualified and unbiased financial planners in the local area, please consult the person who provides free initial consultation. During the initial consultation, assess the availability of planners and any other professional attributes you seek in your financial planner.

It is important to have a qualified and unbiased financial planner in your financial goals. When searching, consider the professional qualifications of the planner, customer specialization, subject matter expertise, cost structure and availability to choose the right financial planner for your needs.

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