Choosing your independent financial planner

Posted on: 16 March 2015

A financial planner can be a good help when it comes to these tough economic times. They can assist you to save your money, invest and finally make it grow. These professionals can also assist you in tackling a certain financial goal say, buying a new house. However, financial planners are in plenty and just as with any profession, they are not all good. You need to know how to pick the right one considering you'll be taking money advice from them. Here are some expert tips to know before picking one out.


The most significant credential you need to look for is the Certified Financial Planner (CFP) certificate. This shows that the planner has been through a vigorous test and knows all there is about the details of personal finance. CFPs are a good start because they need to continue their education on matters concerning financial issues and ethics.

Consider their pay structure

With planners, there are those who charge by the hour, flat rate or commission based ones. Commission based planners earn their income as commission when someone sells stock or from an investment. These are the planners you should try and avoid when starting out. They may have personal interest in convincing you to make a bigger investment just because they'll get something from it.

A planner who charges by the hour would be your best fit particularly if your needs are fairly simple. These ones are usually much cheaper. Don't fret if you get one that's just starting out. They'll go through great lengths to build their business because they rely on your recommendation.

Look for a fiduciary

This simply means that the planner has sworn to act in the best interest of their clients at all times and without bias. This is a very critical factor. Investment professionals that are not fiduciaries are usually have lesser standards. They can get you a deal or investment that is simply suitable for you but not necessarily critical or ideal for your situation.

Conduct a background check

You need to know if your client has been involved in any queer behaviours. Ask them if they've ever been under investigation if even if they turned out to be innocent. You should also try and connect with their previous clients who had interest similar to yours and get their view of the planner. Google the planner, search for whoever administered their credentials and give them a call to ascertain it's valid.

For more information, check out companies such as Maddern Financial Advisers.


Pocket Money: Finance For The Young And Young At Heart

As a high school teacher, I am responsible for the “Life Skills” curriculum for senior students. When I first started teaching thirty years ago, the biggest problem was helping students to decide which car insurance to buy. These days, some students in my classes have already left home and are self-supporting. In some cases, they teach ME about budgeting! There are many new options available now with online banks, new insurance products and increasingly flexible payment options. There are so many financial opportunities, and pitfalls, for my students. I make sure that I keep up-to-date in order to provide valid information. I realise that it isn’t just my senior students who are trying to navigate their way through this brave new world of money and finance. This blog should help you to learn about the latest in financial news. I really hope that you find it useful.