Financial savings advice can come in many forms from many sources. It could be some generic advice in a magazine, on a blog or on television. Or, it could be that you could find your financial savings advice from a professional financial planner.
A financial savings advice professional is best when they have credentials for Certified Financial Planner. This ensures that they have undergone the studies and rigorous testing needed to train a competent, knowledgeable financial planner. In addition to the training, knowledge and credentials, you will also want to look at a few other items of interest.
Find financial guidance from a professional who has also taken a fiduciary oath. This means that their only interest is the best interest of their client's financial savings health. This is as opposed to a financial savings advice planner who is working with their own intentions in mind only. This can happen when a savings professional works on sales commission selling a company's products to clients who are seeking financial savings advice.
Rather than finding a professional planner who is going to work on sales commission, look instead for a professional who you pay fee-only. Fee-only planners make their money by acting as your financial savings advice consultant. This means that you will pay them per hour or per project.
In addition to seeking out fee-only planners, you will also want to find a planner who has a clean professional record. This includes any activities that have included corrective action from their credentialing board. If the situation has been cleared up then the record will show that this situation has been corrected.
When you are looking for financial savings advice, you will need to look for advice that comes from a professional who specializes in your needs. There are professionals who specialize in everything from retirement planning to paying for parenthood to marriage and divorce. Investing in college, a Roth IRA and 401k can be confusing, but it can be made much easier with professional savings advice.
A professional can also give advice on how to make your money work better for you. It could be through making investments that they will help you to make your money working for you. The saving efforts you have made can be made to work for you through professional advice. You may also, therefore, want to look for a professional who has National Association of Securities Dealers credentials, beyond the general planner credentials. You may need insurance products as well, and therefore may want to seek out an individual who has proper credentials to advise you on insurance and insurance products.
When you have determined who it is you would like as your professional, you will find that your first meeting will help you determine your goals. A savings advice professional will evaluate your present financial savings situation to determine ways for you to meet your savings goals. The professional will evaluate your cash flow and net worth. Cash flow is how much income is arriving versus what is going out in expenses. If you have a positive cash flow, then you can be sure you will have money to invest.
Then, they will evaluate your present finances. When they have finished assessing your situation, they will give you a report of your situation. At that point they will probably provide their evaluation and their plan for you to meet your saving goals. This may include selling some assets, making more income, cutting expenses and even moving assets from one vehicle to another vehicle.
When you have taken in the recommendations of your professional planner, then you can start on your new saving path. When you start to look forward to your new life, sometimes you may find that your money situation changes. This can be a good time to contact your professional planner for additional advisement. Then you can perhaps consider a follow up assessment. It may be helpful and recommended by your planner. Or, they may have an easy way to re-balance your saving plan.
Financial savings advice can come in many forms for the many financial needs that you have. When you have decided you would like to consult a professional rather than the popular advisors on television, books and on the Internet, consult professional organizations to find the planner for you. If you have other kinds of specific monetary needs, such as tax planning or estate planning needs, you may want to hire a different advisor to help you with those matters. It really depends on the experience and expertise of your initial professional. If you trust your initial planner, and they do not handle the special matters for which you need help, consider contacting them for a referral.
Our specialists will conduct a custom search to find local planners and advisors who meet your specific requirements.
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