A financial planner is an individual who has qualifications to assist organizations or individuals in the management of their assets. They are important because some people have no financial knowledge. Others need guidance. Here are some of the factors that should be considered before hiring one.
PLANNING CREDENTIALS
Just like other professions, having credentials gives the clients the confidence in their planners. Credentials like certified financial planner or personal financial specialist are given to individuals who have undertaken courses and satisfied the board of examiners that they are worthy of the title. That means that the individuals have the knowledge and experience. Moreover, they have agreed to adhere to the rules and practice standards.
AVAILABILTY
Before settling on a planner, it is important to make sure that they are easily accessible via email or phone but most importantly in person. Ask the planner how many clients they have to weigh how busy they are. It is also important to know which duties they personally handle and which ones they delegate to say junior staff.
FEE STRUCTURE
The fee structure can help an individual determine whether the financial planner has the clients’ interests at heart or they just want to make profits. Some financial planners charge for their professional advice only. That is how it should be. Others charge the advice, commissions, referral fees and other financial incentives on the products they recommend. Their charges could end up being higher than they should be. The professional advice from the first bunch …