The world of financial planning can be a scary one. If you’re like me, the last time you opened up a 401(k) statement it looked like something written by aliens. But the truth is that many people need help navigating the confusing world of personal finance, and that’s where a good financial planner comes in. You might think that hiring a financial planner means signing up with someone who’ll charge you high fees or push their own products on you—but it’s not always this way! In fact, there are several things you should consider when hiring someone to help manage your money:
Pick Someone Who Fits Your Finances
The first step in choosing the right financial planner is to figure out what you want. You don’t have to be a math whiz, but if you don’t know how much money you make, it’s hard for someone else to help you plan for your future. You need to know your net worth and how much of that is made up of assets like stocks or real estate (versus liabilities like debt). And once you’ve got that information down, it’s time to find a financial planner who can help with everything else.
Don’t Pay For Financial Advice
You should never have to pay for financial advice. The law states that financial planners must be paid by the client, not the client’s employer or any other party. If you are being asked for a fee by someone who claims to be a financial planner, they are not. They are scammers. Report them immediately to your local authorities and the police. Hire someone like Vincent Camarda. He is a financial planner professional who has coached hundreds of clients on how to make better financial decisions.
Make Sure Your Expectations Align With Your Planner’s
Whether you’re working with a financial planner, an investment advisor or both, make sure that your expectations align with those of your professional. You’ll be paying this person to give advice and help you reach your goals—and if you don’t get what you want from them, it’s time to look for another adviser like Vincent Camarda.
When meeting with your potential guide through the financial maze, discuss what exactly it is that brings one person into the office: How much money do they want to make? How many clients are in their pipeline? What are their typical fees charged per hour? What types of clients do they typically serve (retirees versus new moms)?
Ask how often they meet with clients and whether there are any minimums required on their side before they will agree to work with someone; most importantly, ask if these metrics surprise or disappoint them. If there’s anything about what makes up their job description that seems counterintuitive to how things should work out in practice—if it seems like this person would spend too much time answering questions when she has other customers waiting—then perhaps consider looking elsewhere for help with your finances.
There’s no one-size-fits-all when it comes to financial planning. The best thing you can do is find someone who fits your expectations and personality so that you can feel comfortable talking about your finances.