The financial landscape is complex to navigate for the average person. There are pitfalls that could cost you your hard earned savings.
Unfortunately, many people believe they can pursue their careers, business interests, raise a family and properly manage a growing nest egg all at the same time.
Smart people know they have to delegate responsibilities sometimes. No one is an expert in everything, and it’s not a sign of weakness to seek professional help.
A trustworthy and experienced certified financial planner will allow you to pay attention to your home and professional life, while your investments and financial concerns are guided by a careful hand.
It’s good that in the Plano, Texas area, it’s easy to find a competent certified financial planner.
When should you start working with a financial planner? The sooner you start relying on a trustworthy financial planner, the better. You have a greater chance of achieving financial security later in life if you start young.
If you don’t have a financial planner, find one and start growing your assets. If you already have a financial planner, make sure you discuss any changes in your circumstances since you last met.
Looking for a financial planner doesn’t have to be a difficult undertaking. Start by asking people you trust for recommendations. Find someone who is happy with their planner, and ask them to tell you why.
An even easier way to find a financial planner is to use online search tools.
The Better Business Bureau maintains a list of accredited financial consultants in Texas that you can visit here.
You might also use the searchable database kept by the CFP Board of Standards. You can use the database to find a planner based on your needs such as location, specialty, or compensation type.
Use the CFP Board of Standards certification check tool to check a financial planner’s certification status; simply enter the planner’s name and location. The check tool will provide with some important information:
The planner’s certification status Whether the financial planner has been disciplined If a bankruptcy was filed in the past decade
Make sure that the financial planner you choose is a fiduciary. With a fiduciary you know that the planner is required by law to put your best interests first. With a fiduciary, you can have greater confidence in the planner you choose.
One of the ways a financial planner is compensated is called: fee-based. The fee-based compensation model means that a (small) percentage of your holdings are used to pay the planner.
Commission based compensation means that the planner is paid by the financial companies he represents. This can create a conflict of interest.
If the planner also sells insurance products (which are usually commission based), he’ll likely use a mixed model of compensation.
For people with fewer assets, you can also pay a planner by the hour.
Before choosing a planner, meet with all your best prospects and interview them thoroughly. With diligence and care, you’ll find someone to guide your finances for years to come.
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