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Financial planners, money managers, stockbrokers, accountants, insurance agents. How many times have you heard people use those titles interchangeably? Probably far too often.
With that said, let's take a quick look at what types of services a financial planner can provide.
To become a certified financial planner, you must pass a series of tests and then pass a two-day comprehensive exam with the CFP Board of Standards. The CFP certification is not required by law.
Financial planners and advisers may or may not be stockbrokers, they may or may not be insurance agents and the one you choose is hopefully not a salesperson whose primary objective is to sell you financial products. What a financial adviser is supposed to be is fairly straightforward - a trained professional who helps clients understand and achieve financial goals. You see, financial advisers historically have not come out of college with the career goal of being a financial adviser. Most started in another profession. Many start as insurance agents, stockbrokers, accountants or lawyers.
There are a number of reasons for people to seek the advice of a financial planner. Retirement planning, investment reviews, college planning and insurance reviews are some of the most common. A professional will take into account all details of your financial situation, and then help you to evaluate financial goals and assess the timeframe and likelihood of achieving those goals. Once that evaluation is complete, the advisers will create a detailed plan for achieving those goals. The planner should also offer periodic reviews of your plan.
Financial advisers are also often consulted for shorter-term planning and reviews of isolated financial issues such as household budget reviews, estate and tax planning.
Financial advisers get paid in a variety of ways. Some earn commissions from financial products, some charge fees for advice and asset management, and some do both interchangeably. Regardless of the popular press' bias toward fee-only planners, either type can offer a caring, competent professional who can do the job for you. You need to understand how your financial planner gets paid and ask for disclosure when there are commissions involved that may raise the issue of objectivity. Also discover whether the planner has access and regularly uses a wide range of products and services.
You should interview him or her before committing to their services. Don't be bashful about asking a few important questions about their credentials, fee structure and experience. And ask for references. There's a lot on the line, so make sure your first investment is in someone who can get the job done right.
Printable Version
John P. Napolitano
U.S. Wealth Management
uswealthcompanies.com
Phone: (781) 849-9200
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Financial planning is one of the fastest growing careers in America today. Have you ever wondered what you need to become a CFP® and how you can make it a successful career path? Written by veteran certified financial planning expert, John P. Napolitano, this book contains information on: education and training; the certification process, including differences state-by-state; tips for setting up in private practice; self-marketing techniques, including networking and client base expansion; and the all important client management and trust building.
Click here to purchase John's book from Amazon.com
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Investment advisory services offered residents of CA, CT, FL, IL, IN, KY, LA, ME, MA, NV, NH, NJ, NY, NC, PA, RI, SC, RN, TX and VT through advisory representatives of U.S. Financial Advisors, LLC (USFA), an SEC-registered investment advisor. Securities offered to residents of AL, AR, AZ, CA, CT, DC, FL, GA, HI, IA, IL, IN, KY, LA, MA, MD, ME, MI, MN, MO, NC, ND, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, VA, VT and WA through registered representatives of Lincoln Financial Securities, a registered broker-dealer and member FINRA/SIPC.
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In CA, insurance may be offered through LFS Marketing & Insurance Sales Corporation.
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