1. Choosing a Financial Planner
The Most Important Financial Decision You’ll Ever Make
By Mark Helm, Arlington Financial Volunteer

2. What the Wrong Decision Costs You
Money
Time
Life
Legacy

3. Who Should Consider Hiring a Financial Planner?
Not Just the Wealthy
Anyone who lies awake at night worrying about financial issues
Anyone not willing to read books on financial topics, such as insurance or investing

4. Five Steps to Choosing a Financial Planner
Gather names
Separate the wheat from the chaff
Meet the candidates
Follow the money
Consider your needs

5. Gather Names Financial Planning Association (www.fpanet.org)
National Association of Personal Financial Advisers (
Certified Financial Planner Board of Standards (cfp-board.org)
Accountant or attorney
Friends and Family

6. Separating the Wheat from the Chaff
Credentials
Certified Financial Planner (CFP)
Chartered Financial Analyst (CFA)
Chartered Financial Consultant (ChFC)
Personal Financial Specialist (PFS)
Accredited Financial Counselor (AFC)
Business Degree

7. Meet the Candidates Feel Comfortable Financial Expert vs. Salesman
Experience and Education
Specific Questions

8. Meeting the Planner: Expert vs. Salesman
Don’t be impressed with the name or office
Comprehensive planning vs. Investing
Does the planner promise to beat the market
(Hint: Good planners usually bear bad news on returns)
Investment philosophy
Long-term Buy-and-Hold vs. Frequent trading
Index Funds

9. Meet the Planner: Experience and Education
Look for business or economics degrees
Less important if they have credentials
Consider previous experience
Have they worked major brokerage house or a small planning firm
If from another field, ask why they left and why their previous experience helps in this field
How many years in financial planning

10. Follow the Money: How Does the Planner Get Paid
Commissions
Fee-based
Fee-only

11. Follow the Money: Problems with Commissions
Who’s the boss
Churning
High-priced products

12. Follow the Money: Fee-only
Assets Under Management
Annual retainer
Hourly fee

13. Consider Your Needs
Investment advice vs. Comprehensive financial planning
Specific situations
Do-it-yourself vs. Hiring a manager

14. STEPS REVIEWED Gather names Separate the wheat from the chaff
Meet the candidates
Follow the money
Consider your needs