How To Find a Financial Planner

Focus your search on planners who specialize in clients like you. If you’re a young person plotting your financial future, you don’t want a broker who mainly manages retirees’ money.

Make sure the candidates have at least five years experience.

Check out your potential planners by contacting the Financial Industry Regulatory Authority (finra.org). By searching their name, you can see if previous clients ever registered a complaint about them. You can also verify their credentials through your state’s Department of Securities.

Narrow your choices to a few planners and call for an appointment; most will meet with you for a free 30-minute introductory session.

Before meeting, find out how they bill. “Fee-only” planners charge a rate for their services, so there’s no incentive for them to sell you more than you need. Other planners collect commissions based on what they sell you, so you only pay for the advice you act on. Avoid “fee-based” planners, who charge a fee and take commissions.

At your fact-finding meeting, ask how many times the planner foresees the two of you meeting to discuss your finances, and whether those meetings will be in person.

Beware of an adviser who has pat advice to offer before you’ve finished explaining your financial situation and goals. And stay clear of someone who acts like they’re doing you a favor by taking you on.

All things being equal, go with your gut. You want an adviser with whom you are comfortable.