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Finding a Financial Planner
Selecting the Right One for Your Family By Amy Carey
Moody agrees, but adds that just because a planner claims to be "fee-only" doesn't mean he or she is the best candidate for you. Weigh experience and credentials over how fees are charged. "A [poor planner] charging a fee is still a [poor planner]," he says.
Finally, find out about the planner's investment philosophy. What are his or her values? Do they match yours? How comfortable do you feel about the potential advisor's ideas? If you're not in sync with the advisor, look elsewhere.
For example, when Parmet's "great" financial planner retired, she passed her clients on to her father, a qualified planner with years of experience. However, Parmet wasn't as comfortable with the new advisor's strategies. While she appreciated his expertise, she decided to look elsewhere for a new financial advisor, one who was on the same wavelength as Parmet and her growing family.
Whether you choose a fee-only advisor, go for a financial planner with a degree or elect to hire a savvy candidate with only a few years' experience, follow your instincts when it comes to financial planning services. Remember: You're the boss. Stay in control, and enjoy the confidence of knowing your financial future is in the best hands.