Working With a CFP® Professional — What You Need to Know
(NewsUSA)
- Congratulations! You’ve already taken one of the most important steps to secure your financial future — connecting with a CERTIFIED FINANCIAL PLANNER™ professional. You will want to make the most of this opportunity to plot the best course forward for you and your family.
Your first meeting with your CFP® professional sets the groundwork for the financial planning process. Before mapping out a comprehensive financial plan that aligns with your objectives and risk tolerance, your CFP® professional needs to get to know you. Getting to know you includes finding out more about the following:
Your Personal Circumstances
Financial advice depends on your age and stage of life. What are your personal obligations and responsibilities? Do you have a growing family? Are college expenses in your future? Perhaps you’re starting a business, planning for retirement or caring for a child with disabilities.
Your Financial Circumstances
What’s your financial situation right now? Do you have a solid emergency fund or are you still working to create your first budget? Your CFP® professional will perform a detailed analysis of your financial condition. Bring these documents to the meeting in addition to any paperwork or questionnaires that your CFP® professional may have sent you ahead of time.
Your Goals
Everyone has dreams and goals. What are yours? You probably have a few short-term and long-term financial goals to bring to this first conversation, from a family vacation to leaving a bequest to your favorite charity. Don’t worry if you don’t have all your goals figured out. Your advisor is there to help you set and prioritize them.
When you hire a CFP® professional, you are hiring a trusted advisor who has made a commitment to putting your best interests first. As part of their certification, a CFP® professional commits to CFP Board to act as a fiduciary — which means to act in the best interests of the client at all times.
In working with a CFP® professional, you also have to consider logistics, especially how you’ll pay for their services. Financial advisors may charge differently, or one financial advisor may offer various ways that clients can choose to pay. Whether it’s fees or commissions, compensation is one of the 10 key issues to raise with your CERTIFIED FINANCIAL PLANNER™ professional.
Remember, it’s your future. Whatever your goals are, your CFP® professional will help you navigate the path forward. Find your CFP® professional today.
