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Tips for Finding an Experienced Financial Planner

For those who feel helpless in choosing the right mutual funds, those who are forced to make array of financial decisions such as retirement savings, kids college expenses and mortgage. Those dealing with debt and insurance problems, do not know what to do with the stock options received at work, or those who need advice on investing an inheritance, it is time to hire a good financial planner.

Selecting the Right Financial Planner

Choosing the right financial planner breaks down into three important tasks – knowing the adviser’s technical ability, compatibility to the situation and trustworthiness. It is important to choose a planner who has been in the business for several years and has at least one certification, most preferably the Certified Financial Planner certificate or CFP. Equally important is to gather factual information about the planner the client is dealing with. But above all, the planner should be accustomed to working with people in similar situation.

Explaining the Financial Planning Philosophy

No planners can predict the future of their clients or the market movement. But they will make sure that the clients are well-diversified and have the necessary knowledge to limit risks. A good financial planner should talk about the financial planning process and not about the hot stock in the market. If the client feels that he is being sold to or getting a feel for how rushed the planner is in explaining the plan process, it is better to end the meeting. If the planner is speaking in financial jargon and understanding what the client really expects, it is time to go ahead with the next step.

Once a short list of financial planners is made, the next step is to schedule an in-person interview. This process should be free of charge. It may seem time consuming but the opportunity to get to know the person who can handle the client’s financial future is worth the time. It is also crucial that the client be come prepared with financial information, such as investment balances, total income, debt as well as net worth.

The due diligence in selecting the financial planner might seem a never-ending task, but using an ethical planner and starting a new journey towards financial freedom is better than doing nothing. The right planner will teach the person to make better financial decisions every day. All that said, there are many good financial planners in Cincinnati that would do a fantastic job for their clients.

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