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10 Questions to Ask When Choosing a Financial Planner
*1. What experience do you have?*
Find out how long the planner has been in practice and the number and types
of companies with which she has been associated. Ask the planner to briefly
describe her work experience and how it relates to her current practice.
Choose a financial planner who has experience counseling individuals on
their financial needs.
*2. What are your qualifications?*
The term "financial planner" is used by many financial professionals. Ask
the planner what qualifies him to offer financial planning advice and
whether he is recognized as a CERTIFIED FINANCIAL PLANNERâ„¢ professional or
CFP(r) practitioner, a Certified Public Accountant/ Personal Financial
Specialist (CPA/PFS), or a Chartered Financial Consultant (ChFC). Look for a
planner who has proven experience in financial planning topics such as
insurance, tax planning, investments, estate planning or retirement
planning. Determine what steps the planner takes to stay current with
changes and developments in the financial planning field. If the planner
holds a financial planning designation or certification, check on his
background with CFP Board or other relevant professional organizations.
*3. What services do you offer?*
The services a financial planner offers depend on a number of factors
including credentials, licenses and areas of expertise. Generally, financial
planners cannot sell insurance or securities products such as mutual funds
or stocks without the proper licenses, or give investment advice unless
registered with state or Federal authorities. Some planners offer financial
planning advice on a range of topics but do not sell financial products.
Others may provide advice only in specific areas such as estate planning or
on tax matters.
*4. What is your approach to financial planning?*
Ask the financial planner about the type of clients and financial situations
she typically likes to work with. Some planners prefer to develop one plan
by bringing together allof your financial goals. Others provide advice on
specific areas, as needed. Make sure the planner's viewpoint on investing is
not too cautious or overly aggressive for you. Some planners require you to
have a certain net worth before offering services. Find out if the planner
will carry out the financial recommendations developed for you or refer you
to others who will do so.
*5. Will you be the only person working with me?*
The financial planner may work with you himself or have others in the office
assist him. You may want to meet everyone who will be working with you. If
the planner works with professionals outside his own practice (such as
attorneys, insurance agents or tax specialists) to develop or carry out
financial planning recommendations, get a list of their names to check on
their backgrounds.