If you assumed that only the wealthy use financial advisors, you’ll be surprised to learn that certified financial planners (CFPs) are accessible to everyone. These planners can help you meet your financial goals like growing your retirement account to last you 20 to 30 years past retirement age.
CFPs can also conduct a risk assessment and help you make potentially profitable investment portfolio decisions. They can review your finances to see where you are losing money such as paying too much in investment fees and taxes. There are several CFPs in the Cleveland area that can help you get started right away.
It is best to start working with a financial planner right away in order to meet your goals. Most people don’t think about retirement until they are nearing retirement age, but you should consider hiring a planner early enough to get your portfolio on track.
If you already have a CFP, consider meeting with them annually to discuss your current net worth and what you can do to diversify your portfolio. You should also meet with your advisor if you experience a life event such as marriage, divorce, or the death of a spouse.
You can find certified personal planners in the local areas by using the following sites:
The CFP Board of Standards allows you to search for CFPs across the country.
The National Association of Personal Financial Advisors (NAPFA) lists planners in the area that only charge fees and not commissions.
Your elder-law attorney or family attorney may be able to give you recommendations for financial advisors in the area that they have used in the past with great results.
The CFP Board’s website can help you take a closer look at prospective advisors in your area. You can check the planner’s certification status, bankruptcy history, and review any past disciplinary actions the Board has taken against the CFP.
You may want to ask your friends, family, and colleagues for recommendations for financial advisors. When you sit down to interview an advisor, clarify how the CFP or the firm gets paid. Most CFPs charge a fee, earn a commission, or charge both a fee and earn a commission.
The CFPs that charge a fee typically charge a percentage of your holdings annually. This fee is based on your portfolio’s performance. Those advisors that earn a commission from the investment products they sell may not have your best interests at heart. Ask the advisor if they are a fiduciary. This means their actions must reflect your best interests and not their own monetary goals.
CFPs that work on the combination of the fee and commission-based model tend to offer several services to their clients. These can include portfolio advice, investment trading, and money management. The one you choose should be based off your individual needs to reach your goals.
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