Thursday, 31 January 2019

Manage My Retirement, Please!

The truth is anyone can be a financial planner or advisor. Financial planners do not even need a high school degree. So, before you hand over your hard earned money to just anyone, you need to learn about them. But, how do you choose a reputable financial planner? Finding the perfect financial planner does not have to be an impossible task. By following these steps, you can find the right person to manage your retirement. 

Get referrals 

Ask family and friends who they use. Other financial professionals can be a great resource for referrals. CPAs, Bookkeepers, estate and tax lawyers are just some of the professionals that can offer great leads. Professional associations offer a treasure trove of potential money managers. 

Ask questions 

What experience do you have as a financial planner? 
Why you ask the question: This gives you an idea of how experienced the planner is. 
The ideal answer: The more experience the better. 
What kind of training/education do you have? 
Why you ask the question: As stated earlier, anyone can be a financial advisor. You want to make sure you choose a planner that is well educated in finance and investing. 
The ideal answer: A business degree - either finance or accounting degree are preferred, but if the planner has an MBA or other graduate finance or accounting degree is all the better. People with these degrees have the obvious financial training, but less obvious is that they tend to be detailed-oriented and make the best advisors. Also look for any of the CFP, CFA, or CPA designations. What licenses do you hold? Why you ask the question: If they are not licensed to sell securities and insurance, walk away. Series 6 allows the agent to sell mutual funds and variable annuities.
Series 7 allows the agent to sell corporate securities.

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