Five Tips to Find the Right Financial Professional
These tips will help you find the right financial professional quickly
A financial planner is a critical part of an individual's future, as this professional can provide valuable investment and savings guidance. Finding the right financial planner is key and a wrong decision may have serious consequences on a person's finances for years to come.
However, selecting a financial professional who has an investor's best interests in mind can be simple. Just consider the following tips:
- Look at the costs - The Wall Street Journal notes that a financial planner's compensation structure should be a major consideration. While many of these professionals work on commission, others charge upfront fees. Consider all of the costs involved in hiring and retaining a financial professional to fully understand his or her budgetary impact.
- Conduct research - A background check is essential to find the right financial professional. Don't be afraid to ask questions about this expert, as he or she will be tasked with managing a person's financial portfolio in the foreseeable future. Getting references and checking credentials is also helpful and ensures that a person can make an informed decision.
- Meet with several financial planners - No two financial planners are identical, and meeting with several of these experts is valuable for a number of reasons. Not only can an individual learn about what exactly each financial professional has to offer, but he or she may also get immediate responses to questions.
- Listen to what financial professionals have to say - U.S. News and World Report's Kerry Hannon states that how a financial planner approaches a meeting with a current or prospective client says a lot about his or her work ethic. A financial planner who is well prepared and can provide instant support may prove to be the right choice. Conversely, a financial professional who struggles to respond to an individual's concerns or questions is likely to be removed from consideration.
- Know who to ask for help - Colleagues, family members and friends may be happy to help an individual in his or her search for a qualified financial planner. A person must know what questions to ask a financial professional, however, in order to find the right expert to fulfill his or her requests. Brainstorm a list of questions in advance and search for financial professionals who can respond to these queries. Many people may be able to guide a person in the right direction as well, which makes knowing what support a financial planner should be able to provide is worthwhile.
When searching for a financial planner, choose wisely, and the decision could provide significant value for years to come.