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Five Tips to Find the Right Financial Professional

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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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

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