what to know before hiring a financial adviser
TRANSCRIPT
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What to Know Before Hiring a Financial Adviser Featuring Certified Financial Planners: @R_Alan_Moore, @KatieYRL, @WrenneFinancial, @Marybstorj and @Sophiabera
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Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about steps to take before hiring a financial planner.“
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Wednesdays | 3 p.m. ET
Why have many people never seen a financial adviser?
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Many people never see financial advisers because of lack of awareness, cost, or apathy toward financial matters.
Tweet by @GraceKvantas
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Tweet by @Sophiabera
to work with a financial planner.Many people don’t think they have enough money
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Working with an advisor also means being ready for change and exposing bad habits, which can be a tough pill to swallow.
Tweet by @Marybstorj
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Why is seeing a financial counselor helpful? When is a good time?
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While most people wait until there’s a problem, you can really go at any time. In fact, it’s better to go BEFORE trouble.
Tweet by @LeslieHTayneEsq
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People don’t plan to fail, they fail to plan! A planner will help you get it done. Tweet by @WrenneFinancial
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Any time is good to meet with a planner -- Facing life transitions, tackling debt, figuring out employee benefits, goal planning.
Tweet by @Marybstorj
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What types of qualifications and experience should an adviser have?
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Look for a financial adviser who is a certified financial planner (CFP). They’re licensed and regulated, plus take mandatory classes on
different aspects of financial planning. Source: The Wall Street Journal
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Look for an advisor who specializes in clients like you. Tweet by @ErikOKlumpp
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What types of financial advisers should you avoid? Any warning signs?
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If you feel like you’re being pushed, sold or talked down to,run away and find a better advisor. Tweet by @KatieYRL
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Avoid any advisor who does not have a clear, transparent fee structure and who will not work as your fiduciary.
Tweet by @XYPlanning
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What services do financial planners offer?
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Organization - Accountability - Objectivity - Proactivity - Education - Partnership
Tweet by @WrenneFinancial
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Budgeting help, debt repayment plans, maximizing companybenefits, choosing 401(k) investments, goal setting and more! Tweet by @Sophiabera
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How are financial advisers compensated for providing services?
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Good financial advisors should only get paid by you (the client) directly through fees. We call that being fee-only.
Tweet by @R_Alan_Moore
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Know the difference between “fee-only” and “fee-based”. Fee-onlyis paid by YOU. Fee-based can also receive outside commissions.
Tweet by @ErikOKlumpp
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How can you make sure a financial planner is a fiduciary?
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Questions to ask your financial adviser:
- Are you acting under fiduciary standard?- Can you put that in writing?
Source: Bankrate
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Ask a planner to sign a fiduciary oath. All #XYNP
Tweet by @XYPlanning
advisors have taken an oath.
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How often does a person need to see a financial adviser?
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This usually depends on the person, but I think quarterly or semi-annually is sufficient. Tweet by @LeslieHTayneEsq
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Any final tips on how to find a great financial planner?
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Interview a few different people. There are many great planners out there, but it often comes down to a personality fit.
Tweet by @Sophiabera
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Working with a Financial Planner is a relationship. Approach the search like you would a partner.
Tweet by @ErikOKlumpp
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Check out all the resources and tips shared:
ex.pn/adviser
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