6 Key Questions Hiring a Financial Planner
Everything You Need to Know
A financial planner assists you and your family to figure out how to best save earnings, retain value, grow holdings and protect your assets to meet long-term financial goals. Planners should provide short- and long-term expectations with the same portfolio, which can be quite an undertaking. The value of the planner is that he or she provides you an objective opinion of where best to put assets that will have the greatest likelihood of financial goal success.
The Role of a Financial Planner
Many people confuse a financial planner with a stockbroker. Planners are also not public accountants; it is not their job to manage tax filings or track spending. Because a planner acts as a professional adviser, they are often seen as filling in a gray area between the tax accountant and the brokerage trader. Some financial planners are also bridging the gap between CPAs and traders by offering investment management, tax solutions and full-service financial planning. There are ways to make sure a planner is qualified to do the work needed for proper asset and wealth management. Here are 6 questions that you should be asking when hiring a new financial planner.
1: How Long Have You Been Practicing?
While most planners are qualified, finding someone that you trust with your savings and the future of your financial path is incredibly important. Everyone needs to get a start somewhere, but finding someone with experience is key. It may be helpful to know that for an advisor to be eligible for a CERTIFIED FINANCIAL PLANNER™ (CFP®) designation, they need to have at least 3 years of experience.1
2: What Are Your Credentials?
Choose a financial planner who possesses the appropriate professional qualifications to meet your needs, such as the CFP® credential. To become a CFP®, the planner must pass testing that demonstrates they meet regulated educational requirements and professional standards.
3: What Is Your Niche?
Some financial planners may choose to work with a niche clientele – pre-retirees, doctors, educators, women, etc. Some require you to have a minimum amount of investible assets. Alternatively, some planners are more accommodating to helping everyone who meets some general criteria – regardless of age or profession. Many specialize in only one area of financial planning such as retirement planning or estate planning. A well-rounded comprehensive financial plan should consider more than just investments; It should also consider the retirement concerns, insurance coverage, business interests, wealth preservation and estate planning, as well as other goals, like college savings. Finding a planner who works with others like you is a great way to make sure they will understand your specific needs and be familiar with options available to you.
4: What Process do you Follow?
Does your advisor follow a process to determine what solutions are best for you? The CFP® Board defines Financial Planning as “the output of a collaborative process that helps maximize your potential for meeting your life goals. This is done through financial advice that integrates relevant elements of your personal and financial circumstances.”2
- https://www.cfp.net/get-certified/certification-process/exam-requirement/about-the-cfp-exam
- https://www.letsmakeaplan.org/how-to-choose-a-planner/types-of-services
Securities and investment advisory services offered through Osaic Wealth, Inc., member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. 3522 Paesanos Parkway, Suite 100, San Antonio, TX 78231. Branch: 210-998-5000. 6498491-20240321
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5: What Are Your Retirement Planning Projections?
Do you know how much money you will be able to spend each year from now through your life expectancy?
The answer to this is based on assumptions about:s
- Rate of return of assets
- Pace of inflation
- Spending habits
- Health and family history
You’ll want to work with a planner who is able to help you think in the long term and offer realistic expectations of what retirement may look like. They should be able to help you balance your ability to live comfortably today while preparing for a sound retirement.
6: How Are You Compensated?
Transparency is important. Make sure your planner explains the fees clearly so you have a solid understanding of what you’re expected to pay and the services you will receive.
When it comes to planning for your future, a strong financial planner is an important part of this process. Hiring a trustworthy financial planner is something to take seriously. Asking yourself these questions is an important step towards hiring the right person for you and your family.
About Me:
Welcome to the San Antonio area! I am a Financial Advisor at Platinum Wealth Solutions of Texas, a local financial services firm dedicated to positively impacting lives, lifestyles and legacies through comprehensive financial planning.
People choose to work with me because they find it comfortable to discuss their retirement and insurance goals with me, and because I am able to help simplify what can be a chaotic financial world. My goal is to deliver unmatched service and pay special attention to what is important to you. The benefit I provide to my clients is that they can be confident knowing that they are locked arm in arm with a team of experienced professionals whom they can trust to assist them from their working years through their golden years.
I look forward to working with you and your family to reach your financial goals. Reach out and let’s start a conversation.
Brent McCrary
Certified Financial Planner (CFP)
www.BrentMcCrary.com
Cell: 210-998-5037
Email: [email protected]