FINANCIAL ADVISORS
Do You need a Financial Advisor? If you need help with your blueprint for the future, you may want to consult a financial advisor, who can give you advice on everything from budgeting, taxes, retirement and estate planning to investments, insurance and real estate.
How Much will it Cost?
Some financial advisors charge you no fee; instead they make a commission on the financial vehicles that they sell you. Other advisors are fee-only, which means they charge you for their services but do not make a commission on financial products you buy. Still others charge a fee for providing the financial plan and may also receive commissions if they sell you any products.
Shop around and talk to several financial advisors.
Be sure you feel comfortable with them and can understand their explanations. Ask for their credentials. One credential is a Certified Financial Planner (CFP) designation, which means the planner has taken a series of courses in financial planning, has passed an exam, has at least three years' experience and takes continuing education courses each year.
Other designations include Chartered Financial Consultant (ChFC), Certified Public Accountant (CPA) and Registered Financial Planner (RFP). Investment advisors and broker/dealers may also be regulated by the state. The Securities and Exchange Commission (SEC) regulates broker/dealers and some investment advisors. Individuals associated with these firms generally must pass certain licensing examinations.
