Finding a Financial Planner if youre not a High Net-Worth

Finding a Financial Planner if youre not a High Net-Worth Individual

The job of the financial planner is simple enough to comprehend in concept this is a professional who is supposed to take what you would consider your financial goals in life and then tell you how you should save or otherwise build your money up so that you can actually achieve those goals. If you want to buy a house or perhaps prepare for retirement or whatever, you go about finding a financial planner who specializes in the kind of thing you want and he tries to give you a good idea of the big picture of your life to see what's possible and how you can go about doing the things you want.

Now a financial planner isn't the same as an accountant even though an accountant might be skilled in this kind of thing. Basically an accountant merely helps you balance your books and gives you a bit of advice. A financial planner specializes in the advice part.

Now finding a financial planner may not be as simple a matter as you think. Just about anyone can call themselves that. You're basically looking for someone who's certified as competent in this. Basically, you should be looking for someone who's been certified as qualified in his trade by the CFPBS or the Certified Financial Planner Board of Standards.

How exactly do you compensate financial planner once you find someone? Basically, they either work on flat rates, on hourly rates or on commissions. They earn commissions sometimes when you buy or sell any investment on their advice. You don't want to go with someone who does this. You don't want someone who'll profit from it when you make an investment. You want someone who's just there to help you in whatever way you need to be helped.

Finding the right financial planner comes down basically to going with the qualifications. Of course, as we know from working with all kinds of professionals, a certification or a license to practice isn't a guarantee of competence. There are all kinds of doctors out there who don't do a good job, for instance.

To begin with, you should just ask your friends and family for a recommendation. Do they know a financial planner they've had experience with? You could also do worse than go online and check with the National Association of Personal Finance Advisors. You will only get information about fee-charging financial planners here.

You could also try the Garrett Planning Network, which is a body of certified financial planners will work on an hourly fee with people of low net worth.

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