Spend to Save
Spending in the right places will save you money
If you are like most busy professionals, you simply don’t have the time or expertise to get your finances in order. This can lead to costly mistakes that can shake your financial stability, giving you heartache and headaches. Spending money to work with a qualified financial advisor will end up saving you time and money in the long run.
Financial planning can help you:
- Minimize your taxes
- Maximize your investment returns
- Make your retirement years more comfortable and secure
- Handle your day-to-day finances faster and easier
- Increase your savings and optimize the growth of your wealth
- Improve your cash flow for a better balance between income and expenses
- Accumulate funds for special goals, like higher education for children
- Have more confidence in your financial decisions
How to Find a Financial Planner
Consider that many professionals – from brokers to accountants to insurance agents – market themselves as financial planners these days. What you want is a Certified Financial Planner who will look not just at your stocks, taxes or insurance needs but also at your current net worth and your long-term goals.
What to Look for When Choosing a Financial Planner
When you select a financial advisor, there are a number of factors you must take into account, including expertise, experience, integrity and even personal compatibility. If you are looking for objective advice, you can’t ignore the question of how the advisor is compensated.
Why Select a Fee-Only Comprehensive Financial Advisor?
The greater the advisor’s dependence on commission income, the greater the potential conflict. In the end, that conflict can cost you in out-of-pocket expenses as well as in the quality of advice you receive. There is a significant conflict of interest if an advisor stands to gain financially from any recommendations you follow.
You also can get a list of planners near you from the National Association of Personal Financial Advisors, a fee-only association (888-333-6659 or napfa.org), or the Financial Planning Association (888-806-7526 or fpanet.org).
Finally, be aware that training, credentials and professional reputation only go so far. Ultimately, you’ve got to feel comfortable with your financial advisor, and no reference or degree can tell you if a planner is right for you. For that, you’ve got to meet him or her face-to-face and ask the right questions.