Financial Planner

How to Pick a Financial Planner

After years of working with clients and businesses, I found practice in the financial planning departments of various organizations. During these years, I met hundreds of financial planners. I wanted to know how to pick a financial planner.

After government surveys conducted by the Department of Labor, the National Foundation for Financial Planning, and other surveys, it became apparent that although there are many planners, not all of them made promises that they would keep. For example, one planner offered plans for traveling, retirement planning, and college savings. Another planner assured me that he wouldn’t miss me out andthat he would be working with me until I was close to retirement. 성범죄 전문 변호사

Unfortunately, the truth is different. Many planners have the same work, the same location, the same hours, and the same strained relationship with their clients. It almost seems like a scam. Hence, after years of meeting the same stressful people, I was ready to meet my last financial planner.

I remember beginning our session by asking the planner if he had any plans for me and he responded by telling me that he was busy and that he just met with a client that day. After two hours, he was done and told me that he had an appointment with me. He turned and left. I was disappointed, but also relieved. I wanted to see if this planner was different from the rest. The last time I visited with this planner, his fee was $1,500.

Two years later, I found out that he had another client and this time my ex wife! He was going through our deceased mother’s estate and that client asked for something that we didn’t have. My ex told him that the transaction wasn’t important, but I wanted to know why. His reply was that he worked on commission and there was no way that he was going to lose money on the deal unless he lost all of his commission as the planner.

Credit after 20 years, lesson learned

4) The best financial planners will be the ones that document their strategy. If a planner claims that they use index funds and live index funds, dig a little deeper and ask them detailed about the specifics of their strategy. Also, find out how many years they have been in the business, how much experience do they have, and ask them for the names of other financial planners whom they are referring. One important financial planning document is your portfolio which should be reviewed at least every 6 months.

5) Review your portfolio annually and reevaluate your overall financial situation and investment plans. Focus on what is working for you. Find out what is working for you whether it involves index funds, Mutual Funds, stocks, bonds, T-bills, etc. Ask your financial planner for names of people or companies that they have worked with that had a positive impact on your financial portfolio.

6) Use qualified and licensed financial planners by seeking the right professional for the job before handing over your hard-earned money. Ask your financial planner to explain his investment methodology and track record to your account. Also, consider hiring a fee-only financial planner. With these, the planner will help you save money by telling you what they will do for you and when you should do it. Finding professional financial planners is as easy as it gets.