Tips on Finding a Qualified Financial planner
(NewsUSA) - Retirement planning. Long-term care insurance. College savings. These complex financial topics can be downright baffling.
As their financial needs change, many people find it a good idea to consult a qualified professional to help them navigate the nuances of financial planning.
"The first step is to decide which aspects of your overall financial picture require professional help," said Rich Linsday, president of the Society of Financial Service Professionals. "If you need help funding a college education, for example, you want to make sure the planner you choose has strengths in that area."
Linsday offers the following tips to help consumers choose a financial planner:
1. Ask about the planner's educational background and professional credentials. Because there are no state or federal laws requiring planners to meet minimum requirements for education and credentials, virtually anyone can represent themselves as a "financial planner." Professional credentials help ensure that the person has the education and training to provide you with informed advice and ethical service.
2. Find out if the planner will provide an initial meeting at no cost. During that meeting, ask the planner to explain the process for preparing a plan. This may include gathering financial data, setting goals and determining how much risk you can tolerate. Be sure that you and the planner agree on what will be included in the plan before it is written.
3. Understand whether the planner will have access to your money. Be sure the agreement clearly states, in writing, the extent to which the planner has authorized access to any of your assets.
4. Ask yourself if you would feel confident working with this person. Once you're convinced that the planner is qualified in terms of education and experience, you will want to make sure you feel at ease when discussing confidential financial details and your personal financial goals.