Choosing the right financial planner is very important for your financial wellbeing. Whether you are looking to save for retirement, invest and grow your money, or get out of debt, a financial planner can provide you with the expertise and experience you need to reach your specific financial goal or set of goals. However, choosing a financial planner can be both overwhelming and challenging. How do you identify the right one to help you meet your goals?
Here are 6 simple steps to help you when choosing a financial planner.
1.Assess Your Finances
The first thing you need to do before looking for a financial planner is to get organized. Take some time and analyze your finances. What is your current financial status and where do you see yourself in the future? How much is your monthly budget and what are your spending needs? How much should you be saving? Do you own any assets? Do you have outstanding debts? Go over these questions carefully; they will help you set a foundation and determine which type of financial planner you will need
2.Determine the Type of Planner You Will Need
The next step is to decide which financial planner your investment requires. Choosing a financial planner is a big decision and should be taken seriously. This is because a wrong financial planner will put his interests before yours and will recommend products that are not right for you.
Meet a few prospective planners. Ask questions. Financial planners may have specialties in investments, retirement, taxes or estate planning. Unfortunately, today many people who go by the title ‘financial planner’ know nothing about financial planning and they do not have any experience. It is advisable to choose a financial planner who is certified and has met all the education and experience required to legally perform his duties
3. Do Your Due Diligence
Once you are sure of which financial planner is right for you, don’t forget to do your due diligence. Remember, your financial planner is someone who will handle your personal investments. Do your homework. Protect yourself from smart talking salespeople who masquerade as financial planners but only serve their own interests.
4. Which Level Of Advice Are You Looking For?
The more your financial planner does for you, the more money you will have to pay him. It is therefore important to determine the level of service you will need from your planner and how much you can do for yourself to ensure that you only pay for valuable knowledge and save on time.
5. Find out How the Financial Planner Is Paid
Vet your prospective financial planner and ask them how they are compensated. Planners who are paid commissions from selling products to clients might impact the services you receive from them. Ideally, the way your financial planner is paid should not affect the quality of services they render. A good financial planner should always put the client first before compensation.
6. Establish Mutual Trust and Transparency
Once you have selected the financial planner of your choice, you will have to be honest and forthcoming in order to allow him/her to make the right recommendations for you. Collaborate with your planner; demonstrate a willingness to commit and you will achieve your financial goals.
Looking for a local financial planner in Canberra? Look no further. Burley Griffin Finance Co. will give you the best investment advice Canberra to cater for your needs and goals. Get in touch with them today and start your journey to financial independence.