Find help with an adviser

SEEKING ADVICE

Plan and prepare finances with the help of an adviser

Financial advisers are an invaluable resource who are relying on investment advisers should work for people who need help managing their money. with one who has a Chartered Financial Analyst Historically, there is a misconception that financial certificate. Different types of credentials indicate advisers are only for the rich, but anyone can benefit the professional has proficiency in specific areas of from both education and guidance when it comes to financial planning and regulations. finances. Though people with complex finances tend to benefit more from planners, the key is finding a professional who understands your personal needs and is willing to work with you. According to U.S. News and World Report, some financial advisers are no longer interested in working with people without substantial portfolios. Certain firms have stopped paying commissions to brokers for accounts that are considered small, including customers with assets worth between $100,000 and $500,000. While Finding a fiduciary People new to investing will no doubt find some financial jargon confusing. Fiduciary is one term that is important. A fiduciary is a financial professional n Look around online. There are diverse online resources that can be beneficial when searching for an adviser. Many of these sources, including U.S. News & World Report and The Garrett Planning Network, offer searchable databases or maps where users can find financial advisers in their areas who cater to the middle class. To review credentials, experience and more information about individual advisers in your area, search for their Investment Adviser Public Disclosures online at www.adviserinfo.sec.gov. n Contact a professional association. The National Association of Personal Financial advisers can who must place clients’ interests ahead that can make it difficult to provide resources for finding local financial advisers. of his or her own. Fiduciaries also find help, there are still ways Visit www.napfa.org for listings. Individuals can also must disclose any existing or potential conflicts of interest that might affect clients’ willingness to work with them. That includes how they earn their money. Non-fiduciaries have no such responsibility, so they can sell clients a to receive assistance from local professionals, you just have to find the right fit. n Ask friends for recommendations. If a look at the Accredited Financial Counselor website at www.afcpe.org to find professionals. Accredited financial counselors often focus on helping low- and middle-income people at affordable prices with relevant financial assistance. particular investment without having to financial adviser has worked n Research compensation. Financial advisers may tell clients how their own compensation is affected by that sale. Some fiduciaries work for specific funds that only allow them to sell those particular funds’ proprietary products. That’s the case even if they believe there are other investments that are better with a friend, family member or colleague they may also be able to provide services to you. People who have worked with the adviser you’re considering will be able to receive compensation in one of two ways: fee-only and non-fee-only. A fee-only adviser typically charges an hourly fee or flat rate for services. A non-feeonly adviser may be compensated at a percentage of assets earned or may receive incentives and commissions from their companies based on prefor given clients. Such arrangements offer more insight about the established sales goals or objectives. There are no must be shared with clients for advisors benefits and process. To find right and wrong answers to fee schedules, but find a to maintain their fiduciary status. The professionals with reputable situation that works best for you. Certified Financial Planner Board of Standards’ “Rules of Conduct” can be found at www.cfp.net. credentials, look for someone who has a Certified Financial Planner or Personal Financial Finally, remember that the financial planning process isn’t uniform. Do your due diligence and ask important questions before hiring an adviser. Specialist designation. Those