Continuing with this analogy of the funnel and going further down, a financial planner is a type of financial advisor. Most individuals who need money help will enlist a financial planner, which is a more specific type of financial advisor. But the decision regarding the "type" of financial planner requires some investigation. Before hiring a planner to help with your finances, make sure to understand what you are paying for. Question the planner about their specific training and qualifications, fee structure, and services the professional will provide.
Consider developing a list of questions when vetting a financial planner. It's important to note that under the Department of Labor's new fiduciary rule, all professionals who give retirement planning advice or who create retirement plans are held to a certain legal and ethical standard. Financial Industry Regulatory Authority. North American Securities Administrators Association.
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I Accept Show Purposes. Your Money. You should determine your needs before you decide what kind of financial advisor to work with. Ask family, friends and coworkers for referrals and search online. If you want to work with a financial planner, you should look for a CFP. Certified financial planners must complete relevant coursework in financial planning and pass a rigorous examination. The exam ensures that they can apply their education to financial situations.
They also must have at least three years of full-time financial planning experience. It can be challenging to figure out what advice you need, but it can be even tougher to know if you are getting it at a fair price. The cost will depend on a few factors, like how the individual advisor or planner is compensated and whether they will provide their advisory service on an ongoing basis. Advisors are generally compensated in one of three ways: fee-only, fee-based or by commission.
If you would like to speak to a Financial Advisor , we offer an Initial Financial Consultation without cost or commitment. Meetings are held either at our offices, by video or by telephone. Our telephone number is This article provides information about investing, but not personal advice. Remember that investments can go up and down in value, you may get back less than you put in. Are you looking to partner with an award-winning independent financial adviser?
Make smarter decisions with your finances - book a call with an expert today. Home About us Meet the team Why us? Published in November What does a financial advisor do? What does a financial planner do? Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance.
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Table of Contents. What's the Difference? What Those Acronyms Mean. The Bottom Line. By Tim Lemke. Tim Lemke has more than 20 years of experience as a writer. He specializes in writing about investing, cryptocurrency, stocks, banking, business, and more.
In , he joined investment management company T.
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