Finding a reliable, professional financial planner can take some time and a little headache when you’re curious of how to find someone to manage your confidential information. In most cases, you have to dig deep into the system to learn about the best of the best that are affordable while understanding your financial goals. For most people interested in financial planning, they have to look in the mirror and ask the tough question – Am I ready to do this? Are you? If so, here are 11 key qualities to look for in a financial planner to build your wealth.
Set Financial Goals – enter the market with an idea of what you want to accomplish. Most investors are unaware of their opportunities because they do not complete prior research. Review your financial situation then search for a financial planner to help you achieve your goals.
Seek Referrals – personal referrals tend to produce high-quality results in finding a financial planner. Many investors work with close planners that are known by family members, friends, or colleagues at their company. If you feel more comfortable working with a close connect, maybe your search for a professional can stop by a phone call to a good friend.
Check Credentials – Is the financial planner qualified to assist in managing your wealth? If you want to work with someone, they should have a stellar background in producing results for their clients. Ask for certifications, degrees, and referrals from their current client base. A professional financial planner will be more than happy to supply the information you request.
Mandatory Affiliations with FPA or AFA – affiliation with these top associations means the financial planner has passed the stringent membership criteria. If your planner has affiliate ties, you may have a good one available to help in managing your finances effectively.
Verify Certifications – you can verify certifications of a financial planner by visiting the FPA or AFA websites. Each website offers a search feature for you to verify the information provided by your potential financial planner.
Interview 2 to 4 planners – you may think you found the perfect planner, but as in any business proposition – interview your candidates. Some may have shaky backgrounds that need to be analyzed or clients that are not pleased. Dig to see what makes one of them the best match for your needs before committing to a service offer.
Communications – how will you maintain contact with your financial planner? Discuss the update process in which you learn about your investments. Do you plan to receive faxes, phone calls, emails, or other correspondences to keep you in the loop? If your planner does not know, then you will never know whats going on.
Work with a Reputable Firm – Reputations speak volumes in the financial industry. Consider a firm with a long history of success instead of a new firm that entered the market one year ago. In most cases, you are trying to save money but you should not hinder your opportunities just by cost of management.