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Finding a Financial Planner
Selecting the Right One for Your Family By Amy Carey
Think your family needs help managing its money? Finding a financial planner you can trust may be your first step toward securing your future finances.
If your family is like many, you may be tightening your belts these days, making every trip to the grocery store count. But with shrinking 401(k) accounts and less confidence in aggressive investment plans, what is happening to the money you have squirreled away for future use?
It is just as important to keep tabs on savings and investments as it is to keep a tight reign on your household budget. Do you have all the information you need to make sure your retirement account remains intact, that your kids have money for college? Now may be the time to seek advice about how to protect what money you do have, so you will still have it when you are 65.
"Most people wait too long before hiring a financial planner," says Jim Elder, a fee-only financial planner at www.ElderAdoFinancial.com. "We see too many people coming into our office when they are in their mid-50s, when it's too late to make any changes. The earlier [you see a financial planner], the better, to give your family direction with their finances."
Where to begin? The prospect of finding a financial advisor worth his salt can be daunting to the average family. To start, "Seek out the financially savvy people in your community and ask them who they use," Elder says. Local certified public accountants (CPAs) and estate planning attorneys are good sources of information.