How Do You Choose A Financial Planner?Submitted by Helping Families Build A Financial Legacy on May 3rd, 2018
- Choose a Financial Planner Who is a Fiduciary
You want a financial planner who will always work for your best interests. Though you would hope this would be the case for all financial planners, not all advisors are legally obligated to do this. A fiduciary has a legal and ethical obligation to do what is best for the customer. Not all advisors act in a fiduciary capacity, and you may not be able to tell based on their titles or credentials alone. To determine if your advisor is an investment fiduciary, enter their information into the Investment Advisor Public Disclosure website at https://adviserinfo.sec.gov/ If the advisor is registered, you can read a report listing the advisor’s qualifications as well as any complaints or enforcement actions.
- Choose a Certified Financial Planner
It is important to be sure that your advisor has a solid education, follows ethical standards, and receives continual training so they are up to date with changes and trends. The title “financial planner” does not refer to any specific certification or credential and can be used by people regardless of their experience, ethical standards, or education. In contrast, a CERTIFIED FINANCIAL PLANNER™ professional (CFP®) is required to pass a comprehensive examination and meet minimum education and training standards. CFP® professionals must adhere to a strict code of ethics and complete continuing education requirements. Visit www.letsmakeaplan.org to learn more about CFP® professionals.
- Choose a Financial Planner Who is a Good Fit
Your relationship with your financial planner is a long-term relationship and is inherently personal because you are asking your advisor to help you secure your financial future and that of your children and/or grandchildren. You need someone who makes you feel comfortable and who encourages you to ask any questions you may have. Each financial planner has a personal style, area of expertise, and approach to working with clients. Your advisor should fit your investment philosophy, goals, planning needs, and communication style. For example, if one of your goals is to save for your children’s college education, an advisor who is not knowledgeable about educational savings plans would not be a good fit.
Lori Nadglowski, CFP®, MBA is the founder of Laurel Wealth Management, a firm focused on building your family’s financial legacy. For more information on financial planning and to book a complimentary discovery meeting, contact Lori at 813-252-0799 or http://www.laurelwm.com/contact.