Due to space limitations only GRAPE members are listed in this category. The following is selected information from the Certified Financial Planner Board of Standards.
10 Questions to Ask When Choosing a Financial Planner
You may be considering help from a financial planner for a number or reasons. The questions below will help you evaluate several financial planners to find the one that's right for you.
1. What experience do you have?
How long ahs the planner been in practice and the number of types of companies which she has been associated. Ask the planner to briefly describe work experience. Choose a financial planner who has experience counseling individuals.
2. What are your qualifications?
Ask the planner what qualifies him to offer financial planning advice and whether he is recognized as a Certified Financial PlannerTM or CFP practitioner, a Certified Public Accountant-Personal Financial Specialist (CPA-PFS), or a Chartered Financial Consultant (ChFC). Look for a planner who has proven experience in financial planning topics such as insurance, tax planning, investments, estate planning or retirement planning.
3. What Services do you offer?
Generally, financial planners cannot sell insurance or securities products such as mutual funds or stocks without the proper licenses, or give investment advice unless register with state or Federal authorities. Some planners offer financial products. Others may provide advice only in specific areas such as estate planning or on tax matters.
4. What is your approach to financial planning?
Ask the planner about the type of clients and financial situations she typically likes to work with. Make sure the planner's viewpoint on investing is not too cautious or overly aggressive for you. Some planners require you to have a certain net worth before offering services.
5. Will you be the only person working with me?
The financial planner may work with you himself or have others in the office assist him. Get a list of their names to check on their backgrounds.
6. How will I pay for your services?
7. How much do you typically charge?
8. Could anyone besides me benefit from you recommendations?
For example, financial planners who sell insurance policies, securities or mutual funds have a business relationship with eh companies that provide these financial products. The planner may also have relationships or partnerships that should be disclosed to you, such as business she receives for referring you to other professionals.
9. Have you ever been publicly disciplined for any unlawful or unethical actions in your professional career?
10. Can I have it in writing?
To check the disciplinary history of a financial planner or adviser, contact Certified Financial Planner Board of Standards, Inc. (888) 237-6275. (www.CFP.net)
Other resource to contact include:
New York State Association of Insurance and Financial Advisors, Inc. (NYSAIFA)
38 Sheridan Avenue, Albany, NY 12210-2714
Phone: (518) 462-5567
Fax: (518) 462-5569
www.nysaifa.com
Also contact NYSAIFA's local affiliate: Rochester Association of Insurance and Financial Advisors (RAIFA) at (585) 385-0008, by fax at (585) 385-0949, or by email at raifa@rochester.rr.com.
The Financial Planning Association
Suite B-300, 5775 Glenridge Drive, NE
Atlanta, Georgia, 30328-9904
Phone: (800) 322-4237
Fax: (404) 845-3660
www.fpanet.org
Society of Financial Service Professionals
270 S. Bryn Mawr Avenue
Bryn Mawr, PA 19010-2195
Phone: (610) 526-2500
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