Why Hire a CFP?
Play • 24 min

Finding a financial advisor is daunting because you know it’s important and yet it’s so hard to figure out. 

Bottom line up front: Start with finding Certified Financial Planners (CFP®) that understand your situation; do a little online research and then interview a couple.

Tune into this week’s podcast to learn more about:

  1. Hiring a CFP®. This should be a minimum bar. There are plenty of planners out there and it shows a commitment to doing your best job for clients.
  2. Who calls themselves advisors? It could be a broker, someone working at a local bank, a wealth manager or an insurance provider. Unfortunately hanging out a shingle of “financial advisor” is not distinguishing enough.
  3. Look for domain knowledge. Not only knowledge of financial planning, but also your specific situation. Are you close to retirement? Are you starting a family? Have you just taken your first job?
  4. Understand compensation: make sure that you know how the advisor is paid. Is she paid by how much money she manages? Or paid a commission if you invest in a certain mutual fund or buy life insurance? Make sure you know how your incentives are aligned

Resources:

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