Finding A Financial Planner You Trust
Considering the current rocky condition of the economy, watching your finances appears to be even more important than usual. U.S. News and World Report offers ideas on the best way to get someone to help you: a financial planner.
As the article points out, if you’re not careful in choosing a financial planner, it’s possible that they will invest your money in mutual funds, stocks, corporate bonds, derivatives or any of a plethora of financial investments that could lead your life savings and retirement plans into the abyss.
So how does one find the right financial planner? After all, as Sheryl Garrett, founder of the Garrett Planning Network, told U.S. News, “Anyone can call themselves a financial planner or adviser,” says Sheryl Garrett, founder of the Garrett Planning Network. “No minimum experience or education is required by law.”
U.S. News offers 6 ideas that with some legwork will improve your chance of finding a financial planner that’s right for you:
Wikipedia offers additional ideas on the purpose of a financial planner that are also useful including the different types of planning:
- Risk Management and Insurance Planning Managing cash flow risks through sound risk management and insurance techniques
- Investment and Planning Issues Planning, creating and managing capital accumulation to generate future capital and cash flows for reinvestment and spending
- Retirement Planning Planning to ensure financial independence at retirement
- Tax Planning Planning for the reduction of tax liabilities and the freeing-up of cash flows for other purposes
- Estate Planning Planning for the creation, accumulation, conservation and distribution of assets
- Cash Flow and Liability Management Maintaining and enhancing personal cash flows through debt and lifestyle management
- Relationship Management Moving beyond pure product selling to understand and service the core needs of the client
