Choosing the right financial planner is important if you want the right advice in managing your wealth and assets. Financial planners can advise clients on how to invest, save and see their investments grow. However, you should not mistake stockbrokers for financial planners. The first thing to look for in a financial planner is the CFP (Certified Financial Planner) sign. Financial planners with a CFP have passed a strict test conducted by the Certified Financial Planner Board of Standards. Here are a couple of things to look for in a financial planner.
CFP and Recommendation
Of course, the first thing to look for is a certified financial planner as it is a sure sign of credibility. However, to be on the safe side, it is best to ask friends or colleagues for recommendations. It’s best to go with a financial planner your friends or colleagues have worked with in the past. You might want to consult several financial planners before deciding on who to hire. Most financial planners will offer a free consultation.
Choose a financial planner who has relevant experience. If you are looking for someone to assist you in offshore investments, then make sure the financial planner you choose has experience in that area. It would be futile to hire a financial planner who has no experience in offshore investment and asset protection.
Financial planners can either be fee-based or commission based. If you are just starting out and do not have too many assets, you might want to go with a financial planner who charges by the hour. Financial planners who charge by the hour are building on their practice, which means that they will pay more attention to your needs. This is because they need your recommendation to grow their business.
When choosing a financial planner, look for fiduciary. The planner should pledge to work in the client’s best interest at all times, and not have his hidden agenda.
John Labunski is CEO and President of Lincoln Wealth Strategies, a firm dedicated to aiding clients safeguard and grow their investments. He has enjoyed success in executive management positions throughout his career. He also enjoys success as the founder of Lincoln Wealth Advisors LLC and LWA Fund Advisors LLC.