5 points to consider while selecting a financial planner

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A financial Planner is undoubtedly a valuable person, as they will help us in setting up our financial dreams and goals. A good advisor will work out the things and create plans that should adjust the needs of the clients while working with the other respective professionals such as tax advisors, insurance agents, lawyers, etc. For more details, visit https://sproutadvisers.com/

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Presentation Transcript

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Five points to consider while selecting a financial planner

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Content Financial Planner Things to consider to hire Credentials and SME Client Specialization and Availability Fee Structure

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Financial Planner A financial Planner is undoubtedly a valuable person as they will help us in setting up our financial dreams and goals. A good advisor will work out the things and create plans that should adjust the needs of the clients while working with the other respective professionals such as tax advisors insurance agents lawyers etc.

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Things to consider Hiring a financial planner can be quite demanding work. Unlike a CPA or RIA a person can be a financial planner without any degree and certification. That’s why most of the people have a concern about whether or not to hire a financial planner or advisor for their work. CREDENTIALS Here are the 5 most important points to consider to ensure that you hire a well-qualified financial planner for yourself: SUBJECT MATTER EXPERTISE CLIENT SPECIALIZATION FEE STRUCTURE AVAILABILITY

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Credentials Select a financial planner with a highly- regarded credential in the field. Such as Certified Financial planner CFS or Personal Financial Specialist to make sure that the person you are hiring is a certified professional and has all the required education and experience to work as a Financial Planner for you. They are certified which means they would have met all the requirements to be a financial planner with knowledge and skills. Not at all the financial planners are experts at every aspect of planning. Some might be skilled at tax analysis and planning but can’t be an expert in tax rules like a CPA or IRS enrolled agent. And some might be good at investment planning but not as a Financial Analyst. So select a financial planner who is a subject matter expert of your required financial goals for the best service. Subject Matter Expertise

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Client Specialization The planner should give you all the necessary attention for better service. Ask the planner how many clients are managing now and how will choose in for the future. Since the clients to the planner ratio are very important to know the fact of their availability. And even ask which medium of communication is preferable for them. Not at all the financial planners are experts at every aspect of planning. Some might be skilled at tax analysis and planning but can’t be an expert in tax rules like a CPA or IRS enrolled agent. And some might be good at investment planning but not as a Financial Analyst. So select a financial planner who is a subject matter expert of your required financial goals for the best service. Availability

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Fee Structure The fee structure of the financial planner will show you out whether he serves to his client’s interest or his own. A fee-only planner charges only fees for their service and advice and whereas fee-based planner will charge fees and even takes the commission referral fees and other incentives for the products they recommend to you. The nature of the planner fee should also be taken into consideration. Select a financial planner whose fee structure is conflict-free and best for you. Some financial planners will offer free consultation services use them and ask these questions and take some interview the planner before you shortlist the best and unbiased planner for you.

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