If you are serious about your financial future, you need to create a long-term, robust financial plan to achieve your future goals. To do this, you need to consult an expert. Investors, working professionals, business owners, and cross-border expatriates often believe that they can handle their finances without professional help. Those with limited income and a few investments can indeed manage their own financial matters, only if they have an understanding of complex tax regulations and other financial issues. However, the majority of people find financial terms and tax regulations complicated. So, to avoid risks and costly mistakes, it’s best to hire a Certified Financial Planner. A financial advisor, sometimes also known as a financial planner is a professional offering a wide range of services to help clients create a customized financial plan that suits their specific needs. The services of this professional are even more important for cross-border expatriates dealing with double taxation issues and having properties or investments across borders. You need to find a qualified and reliable professional to keep your hard-earned money safe.
How to Find a Qualified Financial Planner?
When looking for a financial planner, you will find professionals with different designations and industry credentials such as certified financial planner (CFP), Canadian & US Chartered Accountants (CPA), Chartered Financial Analysts (CFA), and more. The authorized organizations and trade associations such as the Certified Financial Planner Board of Standards (CFP Board) the USA issues CFP designation which indicates that the professional has qualified mandatory exams and has the expertise to offer related financial services. Besides choosing a professional with the right designation, you need to consider other factors as well. Keep reading to find out some useful tips for hiring a reliable financial planner. Know about the Full form of NNFTS.
- Experience
When looking for a financial planner, checking credentials is the most important step. However, before you start looking for a professional, you need to first understand the different types of financial advisors. Some professionals specialize in offering financial planning services while some in retirement or investment management services. So, to choose the right professional, make sure to understand what type of financial advice you need. Once you figure out the specific services you need, look for a professional who specializes in that field and has at least 5 years of relevant experience. For instance, if you want to avoid double taxation in Canada and USA, look for a cross-border financial planner specializing in tax planning.
- Fee Structure
The role of financial advisors or planners is to draft plans and counsel clients on wealth management and other financial matters. Depending on the services you need, the fee charged by the professional may vary from client to client. So, before you hire a professional, make sure you understand the fee structure. It is better to look for a quarterly fee structure rather than paying a lump-sum annual fee. Different financial advisors have ways of getting paid. Some charge flat rates while others may charge for per-hour consultation or 1% to 2% of a client’s assets.
- Track Record
If you’re satisfied with the qualification, experience, and fee of the financial planner, the next most important consideration is reputation and track record. You can ask the financial advisor to provide you references of their clients and contact them to find out what type of services the planner is providing them. You can also seek the help of the internet to find complaints against the professional on the review sites. The credentials and complaint history of the financial advisors are also available at the local regulatory authority such as CFP Board and other membership organizations with which the Financial Planner is associated.
