When you are trying to figure out if you have enough saved up for retirement or looking for ways to increase your investments and net worth, a financial advisor is just the help you need. An advisor, or certified financial planner (CFP), can review your investment portfolio and financial plan. These experts can help you make decisions based on your risk assessment that will benefit your finances in the future. You can find plenty of CFPs in Sarasota and the surrounding area.
It’s important to have a financial plan in place to last you through your retirement years and beyond. With more seniors living 20 to 30 years longer after retirement, you want to make sure your money will last. A financial planner not only provides you with opportunities to increase your portfolio’s worth, but they can also check to see if you are saving enough for retirement and paying too much in taxes and investment fees.
The sooner you get started with a financial advisor, the more time you will have to increase your net worth and meet financial goals. If you already work with a planner, consider meeting annually or semi-annually to review your portfolio and discuss any life events, such as marriage, divorce, or the death of your spouse.
You can locate certified and legitimate financial advisors using the following resources:
The National Association of Personal Financial Advisors (NAPFA) lists “fee-only” advisors.
The CFP Board of Standards features a database of certified professionals that you can search for by name or location.
You can also ask for referrals from your family attorney or elder-law attorney.
Before choosing a CFP, you need to understand the different ways an advisor is paid.
Fee-based model – the fee-based model allows the CFP to charge you an annual percentage on your holdings, which is dependent on the portfolio’s performance during the year.
Commission-based model – in a commission-based model, the CFP earns a commission for the investment products you purchase.
Charges fees AND earns commissions – full-service CFPs can charge both fees and earn a commission based on your portfolio and investments.
CFPs that provide not only portfolio recommendations and trading, but also manage your money in other areas may use the fee and commission –based model. To avoid conflict of interest, confirm that the advisor is a fiduciary and has your best interests in mind during all transactions.
Ask your friends, family, and coworkers for recommendations for CFPs in the Sarasota area. You will want to sit down for an in-person interview to get a “feel” for the advisor. They should be able to provide you with a list of references.
You can also check on the certification status and disciplinary actions taken on the advisor through the CFP Board’s website.
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