8 Tips for Picking a Great Financial Planner

Finding a great financial planner can be tough if you don't know what to look for. Here are eight important factors to consider when looking for, and choosing a financial planner.

1. Do your personalities fit? You’ll likely be meeting with them multiple times when getting started, and at least once a year after that, so it’s important to know if you mesh.

2. Inquire about how the planner is compensated. If you cannot understand what they are explaining or they are hesitant to discuss their fees, that should signal a red flag.

3. Each planner is going to have a unique process, and it is important to inquire about theirs on the front end so that you know what to expect.

4. Ask the planner about some of the common products or services that they recommend at the end of their planning process.

5. Find out who the planner is affiliated with, as this will give clues to the types of recommendations they are going to offer. Ultimately, there are three primary affiliations.

A) Working under the name of an insurance company
B) Working under the name of a mutual fund company
C) Independent, non-affiliated (these planners typically have the most flexibility in product and service selection) 

At the end of the day, each planner is going to have preferred products and services. This is not inherently good or bad; it is just something to keep in mind during your interactions. 

6. Inquire if the planner has any particular areas of expertise. Have them explain what makes them an expert in that area.

7. Ask about any credentials the planner has and what they mean. If you really want to get into the nitty gritty of their qualifications, ask them about what it took to obtain those credentials. Credentials like the CFP® are widely recognized as a standard in excellence, but there are many others,  such as ones created by the companies they work for, that are more promotional in nature than training-based.

8. Most importantly, have some ideas about what you want out of the financial planning process and be able to articulate them. 

If you want to know more about how financial planning can help you, please check out this link.

Feel free to give me a call to talk more at 980-275-1627.

Ed Coambs

Edited by Reena Arora of Arora Media, connect on Facebook

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