hire financial planner

Important Questions to Ask Before You Hire a Financial Planner

Finance News

How to Hire Financial Planner?

Choosing to hire a financial planner is an important step towards financial independence – you will be able to do more with your money. Whether you are hiring an individual or a company to help you become a better money manager one thing you will quickly realize is that it isn’t all that easy – there are many who advertise such services but they don’t all deliver. It would be a gross mistake to hire the wrong financial manager because it would result in you wasting the same money that you are trying to save. Before you hire any financial manager you must ask the following questions:


What is your background and how much experience do you have?

Any good financial manager has the proper training and background. They should tell you where they went to school and what they studied and also whether they have any training that is specific to financial management.


What kind of clients do you work with?

Different types of financial managers work with different types of clients. There are those who deal with people who make lots of money, so if you don’t draw a large salary they may offer advice that is irrelevant or even wrong for you.


What kind of financial management do you practice?

There are some financial managers who are so strict that they take all the fun out of financial management. The reason why you want to hire a financial manager in the first place is so that you can have more freedom, not less. You should ask the manager to walk you through his basic principals so that you can evaluate whether they are right for you.


How much can you help me save?

When you go in to see a financial manager for the first time you will have a conversation about how much you make, how much you spend, how much you owe and how much you have saved. The manager will ask to see your finances and he should be able to give you a ballpark figure of how much he can help you save every month.


How much do you charge?

If you make $100,000 a year and you end up paying a financial manager $10,000 or $15,000 of that you haven’t really done much for your finances. Before you hire a financial manager you should look carefully into your finances to see if you can afford them. You should be able to pay them from the amount of money that you save every month and have some left over.


How good are you at investing?

You will kill two birds with one stone if your financial manager can also help you make good investments. If the manager tells you that they can help you invest you should ask them to walk you through some of their best portfolios.

Lastly, make sure that the person you are talking to is the one who will be handling your account – you don’t want to be recruited by an individual only to be managed by another.

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