The Financial Planning Association recently bestowed its lifetime achievement award, the P. Kemp Fain Jr. Award, to Harold Evensky, a Certified Financial Planner and professor of financial planning at Texas Tech University. Here are our tips on how to select the right financial planner!
SO FOR SOMEONE LOOKING FOR FINANCIAL ADVICE, WHERE DO THEY BEGIN?
It’s a confusing marketplace. What is a Financial Planner or Wealth Manager or Financial Advisor? According to one regulator, there are more than 184 designations and certifications for financial advisors!
Reflect: What are you looking for? A comprehensive approach to financial planning? An answer to a specific question? Or product-related advice such as insurance, annuities, or investments?
WHAT EXPERIENCE AND QUALIFICATIONS SHOULD I EXPECT?
- Experience: What are the financial planner’s competency areas? Years of experience?
- Qualifications: What are the financial planner’s certifications, education, commitment to continuing learning?
HOW DO YOU ASSESS IF A FINANCIAL PLANNER IS THE “RIGHT FIT”?
- Services offered: Is the financial planner Client-centric or Product-centric?
- Good fit clients: communication style, typical client profile?
HOW ARE FINANCIAL PLANNERS PAID?
- Compensation: fees, commissions, both?
- Fiduciary vs. suitability: are they committed to placing your interests above their own? (CFP certificants MUST be a fiduciary).
Also, remember to check out the broker by reviewing their record at the Financial Industry Regulatory Authority’s website.
Asset Planning Corporation might be the right financial planner for you! Contact us for a free initial meeting!
