What is the best way to find the right financial planner for you?

Question

I am a young professional with a small (but regular) income, minimal debt, (with bad credit), and regular monthly expenses. I have a 401k that I set up with ZERO guidance, and a small checking account I dip into for "emergencies"... I'd like to know where I stand with my personal budget and my future major purchases (home, vehicle). I am not sure where to go for helpful guidance that won't cost an arm and a leg... any thoughts?

Answer 1

Most 'financial planners' are actually salesmen that want to sell you expensive products (mutual funds, insurance). You can do better just learning a bit about investing and setting up a budget for yourself.

There are online forums that will be helpful :

http://socialize.morningstar.com/NewSocialize/asp/AllConv.asp?forumId=F100000002

and here is a good read:

http://socialize.morningstar.com/NewSocialize/asp/FullConv.asp?forumId=F100000002&convId=60825&t1=1114727748&t1=1185852443

And there are good online classes for free:

http://www.morningstar.com/Cover/Classroom.html

https://flagship.vanguard.com/VGApp/hnw/planningeducation

The important thing is to not get overwhelmed....just set up a plan for learning and break it down into small steps. Make your financial future a project.

Use google to find a site you like for budgeting.

Good for you for taking charge of your finances!!

Answer 2

Hello Crystal,

It appears you are searching for an inexpensive financial planner. I suggest you contact the American Institue of CPAs and ask for a Personal Financial Specialist (PFS) in your area who takes on new clients with limited resources. A person who holds a PFS must also hold a CPA license. This provides a higher level of assurance the person you work with is most qualified.

Best,

Mason Krangle, CPA, PFS, MBA, ChFC
Denver

Answer 3

Finance Companies such as HDAmeritrade and UBS as well as most banks have financial planners as staff. A 401 K can be rolled over to an IRA where you can join a mutual fund. In either plan you have some control of your investment.

Answer 4

check with your credit union. The one that I work at has 2 financial planners (one for budgeting, one for investing) - services for either one are free.

Answer 5

One of the best pieces of advice about finding a financial planner is this:
They're worth considering if they're willing to show you *their* portfolio, and if they've invested that portfolio in the same securities that they offer/sell.

Answer 6

library ... probably free


:-)