How to find the Best Financial Planner

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What should you look for when shopping for a financial planner? A referral from a friend is always great or another professional that you trust, like a lawyer.

You should also look at their professional designations and how much they charge.

how to find a financial planner

Look for professional designations: Anyone can call themselves a financial planner. You can find them at banks, brokerage houses, insurance agencies and independent firms. The gold standard is a certified financial planner (CFP) or a chartered financial consultant (ChFC), who has taken extensive classes on several aspects of financial planning.

Look at how they charge: Some planners are fee-only and do not make money on the investments they sell. Others charge an annual percentage of your assets, typically 0.5 to 2 percent, to manage them. Some earn commissions based on what you buy. “Fees should be based on the scope of a client’s needs, said Daniel Elie, a Miami certified financial planner affiliated with the Garrett Planning Network. Many planners have a minimum investment amount of $250,000 and up. “They may charge an upfront planning fee of $750 for a computerized program, up to $10,000 for portfolios in the millions,” Siegel said.

Some planners offer a second opinion for do-it-yourself investors who have their money with low-cost brokerage houses like Vanguard, Fidelity or T. Rowe Price, or who have most of their funds tucked in a 401(k). “Since [these clients] don’t have a chunk of money that needs to be managed, those people would pay a flat fee for a year of planning and guidance,” she said. That fee could range from several hundred to several thousand dollars, or a percentage of net worth. The client could go back for a recheck as needed.

Do your research: Look at a planner’s website for his or her specialization, such as college or retirement planning, and read the bio, Butchey said. Determine how much money you want to invest. Think about how much time you have to invest and your goals.

For more info: visit Miami Herald