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Should I Hire a Financial Advisor?
Financial planning can overwhelm the best of us. Add concerns about having enough to actually retire, and the question as to whether to seek the help of a financial advisor often comes up. There are merits to hiring a financial advisor to help you with your retirement planning. A good financial advisor can do a lot for you. They can evaluate every aspect of your financial life, which includes your savings, investments, insurance, taxes, retirement, and estate planning. Then, they can create a detailed financial plan or strategy to help you meet those financial goals.
Of course, the key word here is "good". Finding a good financial advisor that can help you meet your goals does require a bit of legwork on your part. The fact that there are over 50 designations and certifications for financial planners does not make your job any easier. A few of the more common designations you are likely to encounter include:
- Certified Financial Planner (CFP). This is one of the most respected financial planning designations out there. Individuals with this designation must have a minimum of three years of experience, follow a strict code of ethics, and pass a series of three exams. They can usually offer their clients a broad range of financial advice.
- Chartered Financial Consultant (ChFC). This is typically an insurance professional who focuses on some aspects of financial planning. To obtain this designation, they must meet certain additional education requirements in investments and economics.
- Chartered Retirement Planning Counselor (CRPC). Like CFPs, these individuals must pass an exam and meet a strict code of ethics to receive their designation from the College of Financial Planning and specialize in retirement planning.
- Certified Public Accountant (CPA). These individuals are experienced accountants who have met strict education and licensing requirements.
- Personal Financial Specialist (PFS). CPAs pursue additional financial planning education. There are exam and experience requirements, which must be met before they can earn the CPA/PFS designation.
Recommendations from friends and family are always a good place to start when trying to find a financial planner, but you should not stop there. Talk to other professionals such as your attorney, banker or accountant. They often keep a list of referrals. You are more likely to find a few good leads through these types of referrals instead of simply grabbing a few names out of the phone book or off the Internet.
Like hiring any other professional, you will probably need to interview more than one candidate, face-to-face. A good financial advisor will understand this and work to answer any questions you have to put your mind at ease. Reputable financial advisors will not charge a fee for an introductory meeting, so if you encounter an advisor who wants to charge you a "consultation fee" for that first meet and greet, then take a pass.
What types of questions should you ask a financial advisor? Here are a few questions you can start with:
- What type of experience do you have, particularly with people in my situation?
- What is your educational background?
- What is your recent employment history?
- What licenses or designations do you hold?
- Are you registered or licensed with the SEC, state, or Financial Industry Regulatory Authority (FINRA)?
- What products and services do you offer?
- How are you paid for your services?
- What is your usual hourly rate, flat fee, or commission?
- Have you ever been disciplined by any government regulatory agency for unethical or improper conduct?
- Have you ever been sued by a client who was not happy with the work you did?
The final question you need to ask yourself when interviewing each financial planner is, "Do I feel comfortable enough to share my personal and financial information with this person?" You will be disclosing a lot about yourself and your financial situation. If you do not feel that you can honestly and openly share information with this individual, you should move on to the next candidate.
About the Author
Over the past five years, Diana has worked with more than 60 businesses and entrepreneurs worldwide on a variety of special projects. More information is available on her website, www.dhbivona.com. ©Diana Heeb Bivona. Reprint Rights: You may reprint this article provided it is printed in its entirety, is not edited in any way, and the author's name and website link is included.
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