What you need to know before you choose your financial professional to help simplify your financial lifestyle

Selecting the right financial professional is essential to helping you simplify your financial lifestyle.  Hiring the RIGHT financial professional will save you time, help you reach your goals, and help you make important financial decisions. Financial delegation will lead to financial simplification to find out why you should delegate your financial task to a financial professional.

You agree you should delegate your financial task to a financial professional.  NOW WHAT.  Now you must research financial professionals to help.  Just hiring anyone who says they are a financial professional is not the way to go.  You may get lucky and find a good one or you could end up with a bad one which will create more problems and stress than you need.  You will end up making your financial life more complicated if you hire someone who is not qualified or does not have the experience necessary to handle your financial task.

So take the time to find the right person to help you with your financial task.  Yes this may be time consuming in the beginning but if you have the right person it will save you time and money in the long-term as well as simplify your financial lifestyle, which is your goal.

Here are some tips to help you find the right financial professional to simplify your personal finances:

WHAT ARE YOUR NEEDS
– Determine what you want to delegate to your financial professional.  Do you just need your tax return prepared or do you want some to provide you with tax advice?  Do you want a financial planner to prepare a full financial plan or do you just want someone to execute stock trades.  You must determine your financial professionals role because all financial professionals provide different levels of service.  Know what you want before you begin your search.

WHAT ARE THEIR QUALIFICATIONS – You want to check what qualifications this individual has.  The more certification an individual has is a good indication the individual has extensive knowledge but you do not want to just look at the certification.  You also want to know what these certifications means by knowing the meaning behind the certification helps you determine the individual expertise.  Some of the more popular financial designations include CPA, CFP, CFA, and ChFC.  You also want to know how much experience this individual has handling individuals in similar to your situation.  For example if this individual usually works with individuals with simple estates or simple tax situations, if you have a more complicated estate and complex taxes will this individual know how to handle the issues that larger estates and more complex tax returns require its possible but its something you want to consider.

HOW ARE THEY COMPENSATED – You want to know how your financial professional is compensated for their work.  Is their compensation based on the products they sell or they compensated by the hour, or is it a flat fee for their services.  You want to know this upfront prior to engaging their services.  For example when your looking for an estate planning attorney you want to know if you will be charged by the hour or will you be charged a flat rate for the drafting of the will and estate plan documents.  You also want to know if you are charged by the hour.  What is the hourly rate and how many hours will it take to complete the estate plan?

AVAILABILITY OF ADVISOR – How available will this individual be? Is this person looking to build a relationship with you. Will they be available to meet with you regularly to review your tax return, estate plan, or financial plan and willing to answer your questions?  You want someone you can rely on to handle your finances as if they were there own always looking out for your best interest.  So when your interviewing your financial professional ask some questions about how they work with their clients even asking for some client references to ask existing clients their experience with that advisor.

Yes, I know this seems like a lot of information to simply hire a financial professional but its important you engage the right advisor because your looking for a long-term relationship with this individual.  The more research you do up front the better chance of finding the right financial professional to fit your personal financial needs.

So take action by gathering names of financial professionals you want to interview for your financial tasks. Finding the right financial professional to handle your finances will lead to a simplified financial lifestyle.  Let me know some of your experiences hiring a financial professional.

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