When you have a question do you immediately go to the internet to look up the answer? Or do you ask a friend or family member instead? What if you needed advice about money? Would you still search the internet, or would it be better to ask a professional?
Sometimes it is beneficial to consult a financial planner. A financial planner is a professional who takes inventory of your finances and then creates a plan to help you reach your goals for a secure financial future.
How can a financial planner help you? If your finances are simple——that is, you are working and putting away money—you may not need a financial planner. If your finances are more complex or your situation changes—for example, you get a significant pay raise or receive a large bonus or get married—a consultation with a professional financial planner may help you. Click each row below to see what a financial planner can provide.
Financial planners are knowledgeable about investing and managing money. They will guide you toward making better choices such as reducing spending, paying off debt, and saving or investing.
Financial planners will keep you on track and offer advice about the best strategies to improve your finances and reach your long-term goals.
As your life and finances change, a financial planner will help you adjust your plan.
Once you decide you need a financial planner and you find someone who fits your needs, how can you be sure they are qualified to handle your money? The most important thing to look for is certification. A certified financial planner (CFP) has completed a financial certification exam and must adhere to financial planning standards.
Now that you have a better idea of what a financial planner does and what qualifications to look for, what advice would you give to your friend Lee about selecting a financial planner?
Lee recently started a new job with a higher salary. He previously struggled with paying bills and saving money for his future. What advice would you give Lee about consulting a financial advisor?
It would be a good idea for him to consult a financial planner since his circumstances changed and he received an increase in income. A financial planner can hold him accountable by putting a plan together to help him save for his future.
