How to Choose a Financial Adviser

Financial advisers provide a wide range of planning services. Advisers also use different fee structures such as fee only, commission only or fee plus commission. Some companies that sell investment packages offer financial planning services, but these services can be geared towards the company's funds. Fee only planners create a comprehensive financial plan that includes all of your goals. These planners work independently and do not sell investment products. Select a planner who can satisfy your financial planning requirements and service expectations.

Instructions

Difficulty: Moderately Challenging

1. Determine what types of financial advice you need and seek a planner who will meet your needs. Examples of the different types of advice include: retirement, money management, college saving, tax planning and investing.
2. Start by asking family and friends if they know a good financial adviser. Ask detailed questions about the type of financial planning services they received, fees paid and satisfaction with the process. Also ask about any problems or concerns.
3. Search the Internet for financial planners. Narrow the field to 2 or 3 options. There are several national associations that provide a directory of planners.
4. Interview your top candidates. Don't be shy, ask a lot of questions. Get detailed information about the planner's area of expertise, education, experience, money management philosophy, services and fees. Ask what type of information the adviser will provide and how long the financial planning process will take.
5. After you select an adviser, be prepared to provide detailed information about your finances including income, expenses, debt and goals.

Tips & Warnings

• Make sure your financial planner knows her stuff--ask if she is certified.
• Trust your instincts. If you don't feel comfortable with a prospective adviser, keep looking. You are going to make important financial decisions based on the advice of your planner, so you should work with someone you trust.