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Choosing a Financial Planner

Choosing a Financial Planner. The Most Important Financial Decision You’ll Ever Make By Mark Helm, Arlington Financial Volunteer. What the Wrong Decision Costs You. Money Time Life Legacy. Who Should Consider Hiring a Financial Planner? . Not Just the Wealthy

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Choosing a Financial Planner

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  1. Choosing a Financial Planner The Most Important Financial Decision You’ll Ever Make By Mark Helm, Arlington Financial Volunteer

  2. What the Wrong Decision Costs You • Money • Time • Life • Legacy

  3. Who Should Consider Hiring a Financial Planner? • Not Just the Wealthy • Anyone who lies awake at night worrying about financial issues • Anyone not willing to read books on financial topics, such as insurance or investing

  4. Five Steps to Choosing a Financial Planner • Gather names • Separate the wheat from the chaff • Meet the candidates • Follow the money • Consider your needs

  5. Gather Names • Financial Planning Association (www.fpanet.org) • National Association of Personal Financial Advisers (www.napfa.org) • Certified Financial Planner Board of Standards (cfp-board.org) • Accountant or attorney • Friends and Family

  6. Separating the Wheat from the Chaff • Credentials • Certified Financial Planner (CFP) • Chartered Financial Analyst (CFA) • Chartered Financial Consultant (ChFC) • Personal Financial Specialist (PFS) • Accredited Financial Counselor (AFC) • Business Degree

  7. Meet the Candidates • Feel Comfortable • Financial Expert vs. Salesman • Experience and Education • Specific Questions

  8. Meeting the Planner:Expert vs. Salesman • Don’t be impressed with the name or office • Comprehensive planning vs. Investing • Does the planner promise to beat the market • (Hint: Good planners usually bear bad news on returns) • Investment philosophy • Long-term Buy-and-Hold vs. Frequent trading • Index Funds

  9. Meet the Planner:Experience and Education • Look for business or economics degrees • Less important if they have credentials • Consider previous experience • Have they worked major brokerage house or a small planning firm • If from another field, ask why they left and why their previous experience helps in this field • How many years in financial planning

  10. Follow the Money:How Does the Planner Get Paid • Commissions • Fee-based • Fee-only

  11. Follow the Money:Problems with Commissions • Who’s the boss • Churning • High-priced products

  12. Follow the Money:Fee-only • Assets Under Management • Annual retainer • Hourly fee

  13. Consider Your Needs • Investment advice vs. Comprehensive financial planning • Specific situations • Do-it-yourself vs. Hiring a manager

  14. STEPS REVIEWED • Gather names • Separate the wheat from the chaff • Meet the candidates • Follow the money • Consider your needs

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