The research and time you need to put in for looking for Financial Planners Point Cook is not different than the research and time you need to put for looking for a family doctor. You’re looking for a person you may trust as well as guide the financial health. But, the question is how you should start your research.
According to National Association of Securities Dealers there are approximately 69 financial credentials which you can run into.
Why is it important to look for an expert?
As is the case with your family doctor, one of the best places for starting your research is referrals from your family and friends. The best of planners would tell you that they get most of their new clients through referrals. You may even use internet for looking for the planners in your locality.
Some of the websites also offer some good points of starting. The FPA (Financial Planning Association websites even includes the planners who are fee based, fee only or commission based. NAPFA i.e. National Association of Personal Advisors website just includes the planners who strictly adhere to the fee only compensation model. All the 3 models of compensation have been explained below.
Models of compensation
1. CFP (Certified Financial Planner) – awarded by “Certified Financial Planner Board of Standards or the CFP board, to the individuals who easily meet the examination, education, experience as well as ethics requirement. A professional who has the CFP designation needs to have a broader knowledge of the aspects of the financial planning including estate planning, investments, retirement planning, taxes as well as insurance.
2. Certified Public Accountant- personal financial specialist by trade has extensive background in the tax issues. The PFS designation is mainly awarded by American Institute of Certified Public Accountants to the Financial Planners in Point Cook who’ve taken added training.
3. Chartered Financial Consultant- earned through “American College in Bryn Mawr” and designees often tend to find work in insurance industry. A professional who has ChFC designation needs to have a broad knowledge of the aspects of the financial planning which include investments, taxes, insurance as well as estate planning.
4. Chartered Financial Analyst- awarded by CFA institute to the well experienced financial analysts who pass 3 exams successfully covering financial accounting, economics, portfolio management, ethics as well as securities analysis. CFAs work for mutual fund firms, asset management companies as well as pension funds.
With impending onslaught of the baby boomers that are close to retirement, Financial Planners Point Cook have the best career choice. You would definitely wish to consider this while interviewing the potential planners.
Ideally, the planners have been in this profession for 5 plus years. The colleges which actually offer degrees in the Personal Financial Planning and Counselling have also expanded over past decade.
Financial Planners Point Cook offer a number of services. It is also a promising career. But, there are certain things which need to be kept in mind while choosing the financial planners.