The search is on. You are ready to take the step to look for a financial adviser. Someone you can trust with your hard earned money. Where do you start? The first step is find a financial advisor who is a certified financial planner (CFP). They’re licensed and regulated, plus take mandatory classes on different aspects of financial planning.
When searching for a financial advisor make sure they have strong skills in the following areas:
- Investments
- Loans
- Taxes
- Retirement and employee benefit issues
- Insurance
- Estate planning
“Don’t confuse planners with stockbrokers — the market mavens people call to trade stocks. Financial planners also differ from accountants who can help you lower your tax bill, insurance agents who might lure you in with complicated life insurance policies, or the person at your local Fidelity office urging you to buy mutual funds.” – wsj.com
When you’ve found a financial advisor that you trust, you’ll need to dig a little deeper to iron out some of the more one-to-one issues. First things first, you will to agree on how your advisor will be paid. If you can find an advisor that can package an investment program that includes the cost of the investments, trading, custody and the advisor’s professional services for 1.80% or less, you’re getting a sweet deal.
Nicole Wisehart 