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Certified Financial Planners - Investment HelpMost people are intimidated or don't know much when it comes to finances - budgeting, investing, insurance products, mutual funds, retirement saving, tax planning. They don't teach these things in school, so most people have no formal training or education in these topics. But just as you wouldn't perform surgery on yourself or try to build your own house without help, you don't have to tackle these financial chores on your own. There are a group of finance professionals that can help you with cash management and budgeting, insurance planning, retirement and college savings plans, tax planning, estate planning, and more. They can earn the designation of CFP (what is a CFP? certified financial planner) by completing the CFP Board Comprehensive Certification Examination, by acquiring 3-5 years of financial planning experience, by completing a minimum of 30 hours of continuing education every two years (in areas such as estate planning, retirement planning, employee benefits, investment management, tax planning, etc.), and by subscribing to the CFP Code of Ethics.
Then you will develop your own personal financial plan, including risk management and protecting your assets, developing an acceptable cash reserve system, reviewing insurance requirements, and having an equity investing plan (mutual funds, bonds, stocks). The final ongoing step is review and revision - monitoring your financial progress and adjusting it as needed. Your financial planner will have a longterm view as you work together as a team to achieve your goals. Finding a financial planner - How to select a CFPThe best way to find a financial planner is by getting a referral from a friend who is happy with their planner. But there are other ways as well. There are a number of services that can help you find a certified financial planner near you. Start with WiserAdvisor.com - its a free service where you fill our your basic information and needs and they forward it onto several select advisors who will then contact you. Charles Schwab offers a free guide called Getting Started with an Independent Financial Advisor, which covers: "the basics of how to choose an independent financial advisor, the advantages of working with an advisor, tough questions you should ask any advisor, and a checklist to help you evaluate your current advisor." You can call Schwab or visit their website (Schwab.com). You should discuss payment options before signing up with a Financial Planner - some are paid on commission on the products they sell, some are paid a fixed salary, some charge hourly rates, some are paid in a percentage of assets they invest for you. Talk to several during the interview phase and don't be afraid to negotiate. Getting help with investments and your finances won't be free, but the long term returns and benefits should far outweigh the costs. For frequently asked questions about CFPS, check out this website. You can also read interview tips here: things like what services they will provide, how they are paid, what credentials they have, and references from current clients.
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