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Question for the Money Doctors

Question submitted on Jun 23, 2011.


What are your suggestions for due diligence in choosing a financial planner?


I look for this FIRST (because it''s the easiest part) : credentials and experience.

Beware, because ANYONE can say they are a "Financial Planner". The industry is not quite where it needs to be (i.e. there are legal reasons people can''t call themselves doctors, lawyers, or CPA''s). Insurance salesman tell you they are "financial planners" as do brokers, etc.  The real truth is they deal mostly with only one small portion of financial planning.

The designations I would look for are CPA, PFS or CFP or QFP.

As long as they are not new to the field (5 years +) and the credentials listed above here is the next step:

Find someone you can talk to!!! By that I mean someone who makes you feel comfortable. Someone you would choose as a friend...DON"T work with anyone who talks TO you...or explains in such a way that have difficulty understanding.

Lastly find out how they get paid (flat fee or commission). just so you know.

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