You can find plenty of financial advisors in Indianapolis and the surrounding areas. You may not have given much thought to whether you need one or not, but if you are trying to meet certain financial goals, like retirement, a certified financial planner (CFP) can make the journey easier.
CFPs can review your portfolio, assess your risk, and make expert recommendations. They can also check to see if you are paying too much out in taxes or investment fees or not saving enough for retirement and the 20 to 30 years past retirement age.
Since a financial planner can help you get your retirement accounts on track, it may be in your best interest to use a CFP’s services as soon as possible. If you wait too long, it may be difficult to reach certain goals. A CFP will draw up a blueprint based on your goals and circumstance and work with you to increase and diversify your portfolio. The diversification is based on your level of risk as well as your age and how close you are to retirement.
You can find certified financial advisors in the Indianapolis area by searching the databases on the following sites:
The CFP Board of Standards lists certified financial planners and their contact information. You can search the site by name or location.
The National Association of Personal Financial Advisors (NAPFA) features a database of advisors that work on a fee-only basis. You can search the database by name or location.
Your family attorney or elder-law attorney may have recommendations for local financial advisors they have used in the past.
Financial advisors are paid typically one of three ways, although there are exceptions. CFPs may charge a fee annually to your account. This is usually a percentage of your holdings based on the portfolio’s performance throughout the year.
Some CFPs earn a commission from the investment products you purchase. This can lead to a conflict of interest if specific products produce a large kickback and are not products your portfolio necessarily needs.
You may run across CFPs that charge percentage and earn commissions. These advisors tend to provide their clients with lots of services that may include money management in other areas.
To avoid conflict of interest, interview each prospective planner and ask if they are a fiduciary. If the advisor is a fiduciary, then they must put your best interests first in all transactions.
You can check out the background information, credentials, and certification status for each financial advisor on the CFP Board’s website. The site also lists any disciplinary actions taken by the Board.
Don’t forget that your family, friends, and coworkers may have a few suggestions for CFPs in your area.
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