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When and How to Hire a Financial Planner

Posted by : Premraj | Posted on : Thursday, August 13, 2009



Financial planners provide personal finance management, and their help allows simple people to find solutions to big problems. If you are looking for help setting long-term goals and you want to know where you can go in the future in terms of savings and investments, financial planners are definitely your best option to aid you in the process. Finding a financial planner is simple to do, but let’s look at some ways to figure out what you want to look for in a good financial planner. Also included are steps for deciding if a financial planner is needed in your life.   

Times to look for a financial planner   

If you’re living a busy and hectic life or you just don’t have time to get your finances going, then it is time to get a financial planner. Figuring out your financing is not only hard but it’s also confusing, and to top it off, it just takes too much time! Making a personal budget is always a good idea, but if you can’t make one due to time constraints, it is better to get a personal finance planner.   

When your life has just become too complex with bills (like multiple loans or mortgages), then getting a financial planner will help you understand where you are and where you want to go. They will help you get organized and show you what it will take to maintain all those bills in an easy manner. 

Another time to look for a financial planner is when you decide that you aren’t knowledgeable to figure out the best solutions for your money. This may happen when you find you have come into a large sum of money, like the lottery or an inheritance.  You may find out you simply aren’t qualified to make the proper decisions. If you try out some budgeting tools, you can really determine when you need professional finance help.  

Looking for a financial planner  

Looking for the right financial planner is not hard once you know how to.  While it seems that anyone can start a financial planning company and use the adage, it is relieving to know that there is a financial planning association and certain credentials that make them part of this group.  You can go to their website, www.fpanet.org to locate a certified financial planner in your area.  It’s as simple as entering your ZIP code.  You can do the same at www.napfa.org where you can locate advisors on a fee-only basis, or www.cfp.net on its search tool.  

After meeting one, decide if they fit your needs.  If you choose to look for one on your own or are referred, don’t be shy.  Ask for educational credentials.  Many universities offer a program for its students to complete while working toward their degree.  It wouldn’t hurt if someone had a bachelor’s degree in finance, accounting, or business. 

There many different types of financial planners out there. You need to determine what kind of personal financing you have problems with. There are financial planners who work for big companies and their strategies may not suit your needs. A small business owner, for example, is going to have a different set of issues than a stay at home mom. You have to pick someone who attends to your needs. Budget software like that at www.BudgetPulse.com, is available to help you identify where you need the financial planner’s help by showing you  areas you may struggle in.  

Preparing so your financial planner can help you  

Make a list of your current assets or liabilities and come up with a general picture of your financial situation. It is important that you understand where you are and where you want to go in terms of your business or finances. It gives you a better way of getting help if the financial planner has an understanding of all aspects of your situation. Make a personal budget with everything that you pay to keep yourself and your planner updated with your finances. 

It is also important to find about fees and charges when dealing with financial planners. Make an average assessment on the fees and look for a financial planner that would give you the best price. That fee will become part of your monthly payments. 

When you have chosen a financial planner, you need to schedule a meeting to discuss your options. Money tracking is now easier with professional help. Bring all your financial documents and have an idea on how you would like the financial planner to help you. Then all you have to do is listen to their suggestions.

Comments : 11 Comments | Category : Personal Finance, Planning | Tags :

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