A financial advisor’s mission is to help people plan their futures in a secure and financial-stable setting. They give advice on retirement plans, investing, inheritance, wills, 401(k)s, credit ratings, insurance policies, college funds, etc. It can be difficult when choosing a financial advisor that you trust, but it gets better once the correct professional has been found. They provide support through hard times in life where credit can’t be touched or when an unfortunate accident happens.
Financial advisors have years of knowledge built up inside them that helps advise the right decision at the right time. The following article will discuss reasons why hiring a qualified financial planner can be helpful for many families in Mesa, AZ.
Today’s financial advisor can be anyone from a college student to a senior citizen. There is no specific educational background that needs to be completed, as there are many courses and seminars available for those who feel they need more training before becoming a financial advisor. The financial planner should have at least three years of experience in the field and should also be part of an organization such as the National Association of Personal Financial Advisors (NAPFA) or the Financial Planning Association (FPA). These organizations offer high standards and their members follow them carefully. While not all advisors follow these rules, it wouldn’t hurt to check before hiring one just to make sure that your best interests will be kept above anything else. Before getting into any specifics, a financial planner should not be hired if they are trying to sell their own products.
Advisors should always decline those offers and look out for the customer’s best interests. Financial planners that have been recommended by friends, family members, or even business associates could prove to be a good fit for your needs. It is important to find a financial planner who fits well with your preferences and values because you will likely go through a lot of highs and lows together over the years. The financial planner should be able to answer questions in a clear, concise manner and when asking them about their experience or qualifications, make sure you are provided with the same information every time.
Financial planners usually have fees for their services, but they are relatively low when compared to other professionals that can help with your financial future. A question must always be asked—is this person worth what they are charging? From experience, it is often found that a financial planner’s price depends on several factors. For example, if they have more education, then the fee would probably be higher because of it. If there aren’t any credentials or professional designations attached to them at all, then the rate will typically go down because of it. The industry average seems to be about one to two percent of a household’s total financial plan, but it is not uncommon for a planner to ask for a much higher number. Finally, if they charge a standard hourly rate, then their fee could become significantly less expensive because of the time constraint.
Contact Northwestern Mutual at (602) 560-7331 if you’re looking for a financial advisor.