1 / 14

Choosing a Financial Planner

Discover how to choose the right financial planner to secure your future. Learn about the costs of wrong decisions, who should hire a planner, and five essential steps for selecting the best fit. Find reputable sources, evaluate credentials, meet candidates, understand payment structures, and consider your unique needs. Take control of your finances and make informed decisions for a secure financial future.

cleop
Download Presentation

Choosing a Financial Planner

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Choosing a Financial Planner The Most Important Financial Decision You’ll Ever Make By Mark Helm, Arlington Financial Volunteer

  2. What the Wrong Decision Costs You • Money • Time • Life • Legacy

  3. Who Should Consider Hiring a Financial Planner? • Not Just the Wealthy • Anyone who lies awake at night worrying about financial issues • Anyone not willing to read books on financial topics, such as insurance or investing

  4. Five Steps to Choosing a Financial Planner • Gather names • Separate the wheat from the chaff • Meet the candidates • Follow the money • Consider your needs

  5. Gather Names • Financial Planning Association (www.fpanet.org) • National Association of Personal Financial Advisers (www.napfa.org) • Certified Financial Planner Board of Standards (cfp-board.org) • Accountant or attorney • Friends and Family

  6. Separating the Wheat from the Chaff • Credentials • Certified Financial Planner (CFP) • Chartered Financial Analyst (CFA) • Chartered Financial Consultant (ChFC) • Personal Financial Specialist (PFS) • Accredited Financial Counselor (AFC) • Business Degree

  7. Meet the Candidates • Feel Comfortable • Financial Expert vs. Salesman • Experience and Education • Specific Questions

  8. Meeting the Planner:Expert vs. Salesman • Don’t be impressed with the name or office • Comprehensive planning vs. Investing • Does the planner promise to beat the market • (Hint: Good planners usually bear bad news on returns) • Investment philosophy • Long-term Buy-and-Hold vs. Frequent trading • Index Funds

  9. Meet the Planner:Experience and Education • Look for business or economics degrees • Less important if they have credentials • Consider previous experience • Have they worked major brokerage house or a small planning firm • If from another field, ask why they left and why their previous experience helps in this field • How many years in financial planning

  10. Follow the Money:How Does the Planner Get Paid • Commissions • Fee-based • Fee-only

  11. Follow the Money:Problems with Commissions • Who’s the boss • Churning • High-priced products

  12. Follow the Money:Fee-only • Assets Under Management • Annual retainer • Hourly fee

  13. Consider Your Needs • Investment advice vs. Comprehensive financial planning • Specific situations • Do-it-yourself vs. Hiring a manager

  14. STEPS REVIEWED • Gather names • Separate the wheat from the chaff • Meet the candidates • Follow the money • Consider your needs

More Related