We all do a certain amount of financial planning ourselves. But that mostly applies to the very short-term goals (buying an I-Pod the next month or a pair of Police glasses); for financial goals spanning over a few years or a decade or two, you need someone who can provide a specialized service. But all those who provide the same are not equal; it requires sticking to a few guidelines – or say, you need to be systematic to choose the best one. Therefore, go through the following financial planning guide to improve your chances of being advised and served optimally by a financial planner.

The homework depicts preparing the coming together of three elements: Savings and Investment, Risk management and Tax Planning. That’s exactly what the financial planner shall do for you; you only need to ascertain the total value of the wealth you are willing to accumulate over a given span. So see where you want to stand after that span; jot down your every source of cash flow and expenditure; any particular investment/saving scheme you have in mind and of course, the amount you are trying to save every month but failing miserably. With that much of info, a qualified, trained and experienced financial planner can create MAGIC!

If you can find someone trustworthy sharing similar financial goals and strategies, you may approach the financial planner this person is consulting; else, ask as many people as you know for a referral. The local bank or a local brokerage firm can be a good source, but nothing beats going online. Almost all reliable financial planners now own websites under their respective names; it makes gathering the required information a hell lot easier. Besides, choosing one according to the specialization shall impose less labor.

Alternatively, you may contact any of the registered organizations for financial planners; if you want trained, qualified and reliable financial planners in galore, then these should be the places. That way, you do not need to worry about an atrocious fee structure and neither do you have to worry about getting cheated.

The points you need to emphasize here are:

1. The kind of qualification the financial planning expert has. These range from CPA and CFP to RFC. But always make sure if the person is registered with an authorized financial planning organization.



2. Lay down the sheet on which you did your homework and risk tolerance calculations and ask his recommendations on it.

No two independent financial planning experts or financial planning company is going to charge you the same for their services; at the most, you can strike a balance between his expectations and your power to spend.

If you just want an assessment of your financial plans, chances are you shall require paying a small charge. However, let that not end your spree; pay the person/company and compare their assessments with someone else in the same field. Charges shall apply here as well, but that way, you shall become sure about your money falling into the right hands.

Now, it’s not that a financial planner takes the contract from you and leaves you in darkness till his recommendations bear fruits. The rule is, he must provide you with a monthly/quarterly report for you to understand how your finances are doing. That’s what forms a clear communication between you and your chosen financial planning expert; if he denies that, he is certainly not your man.