A financial planner, also called financial advisor, provides clients with advice on how best to save and invest their money to achieve their financial goals. A financial planner in St. Louis, MO can help a person develop a strategy for a long-term goal such as retirement, a short-term goal like buying a home, or a mixture of both. Your financial health and well-being is at stake, so it’s important to choose a good advisor you can trust.
Check Credentials
Anyone can call themselves a financial planner, but that doesn’t mean they have the ability to help you with your money goals. To protect yourself and your cash, work with a certified financial planner (CFP). People with this designation have usually graduated from a reputable educational program and passed a rigorous test centered on personal finance to receive a credential from the Certified Financial Planner Board of Standards. These people are also usually licensed and must conform to certain government regulations.
Choose Flat Fee Payment Model
Financial planners can make money in two different ways: by charging a flat fee for counsel or charging a commission whenever clients buy or sell stock. It’s best to work with financial advisors who charge flat fees or hourly rates for their services. A person who works on commission may suggest a plan of action or steer you towards products that don’t necessarily benefit you and only lines their pockets with commission fees.
Conduct a Background Check
The financial planner will be assisting you with managing your money. It’s important the person can be trusted to not run away into the night with your nest egg. Start by asking the planner if he or she has ever been convicted of a crime or come under investigation by a regulatory agency. Don’t simply take the person’s word for it, though. Use the tools at your disposal, like the Internet, to look up background information on the person.
If you have financial goals you want to achieve, a Financial planners in St. Louis MO can help you remain disciplined enough to obtain the desired outcome. Take time to select a good advisor so you can enjoy the benefits of a solid relationship.
