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Intro: |
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| Beware of "free" financial seminars and financial planning classes. Often these classes are taught by people who will try to convince you to hire them as a financial planner. They'll then try to sell you investment products. When your planner retires or sells his or her practice, you're relieved of all contractual obligations. Don't let your planner assign your agreement to another planner. Instead, consider the new planner referred from your retiring planner, and go through the search process again. |
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Now it's time to interview your final candidates. Set up an appointment, but be clear that the meeting is only for you to ask questions. The planner should not charge you for this time--nor should he or she be hesitant to set up this meeting, as it's a fairly standard practice. Bring your list of questions. You may want to leave space to record his or her answers and keep the document for your records. How long have they been in business? A good amount of time is three years or more. What services do they offer? Some may provide advice in related areas such as estate planning or tax matters. While it's nice to have a multi-talented planner, be wary of those who might be spreading themselves too thin. Decide what services you're looking for before you begin your search. If you want a specialist, ask them to demonstrate their background in that particular area of financial planning. If you want your planner to give you recommendations on all aspects of your financial situation, a specialist who will focus on one particular area may not be the best option for you. What is their approach to financial planning? Make sure their approach matches your goals and attitude toward risk. What type of clients and financial situations do they usually work with? Ideally, their clients will have profiles similar to you. Ask to talk to them as references. Do they carry liability insurance? Insist on a planner who carries protection, in case they make an investment mistake for which they're liable. Will they provide strategies and product recommendations that you can implement on your own? Find out if your planner's goal is to only provide you with a plan that you handle yourself, or to manage your assets as well. If you're happy with the overall picture once the interview is over, then it's time to set up a consultation where you can talk about specific goals and planning schedules. A good planner won't be daunted by your questions, and will probably even expect them. Whoever you choose will be given the enormous responsibility of planning your financial life. By demonstrating to the planner that you're serious about your financial decisions, you'll establish a relationship based on mutual respect. -end-   All steps at once (printable version) |
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Interview the planner
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