Terry Corbell, The Biz Coach
By Terry Corbell
Business Consultant

Finding the Right Financial Planner for Your Situation



To achieve your financial goals, it can be a good idea to hire a financial planner. There are several reasons why.

However, if you decide you want a financial planner, always remember due diligence is necessary for your financial security. That means more than checking out a person’s LinkedIn account.

There are many great financial planners but not all are honest. For instance in a well-known case, the Securities and Exchange Commission froze the assets of a financial planner in 2016 on allegations he stole millions of dollars from professional athletes.

Countless published reports indicated the planner, Ash Narayan, took $33 million from 77 clients. He allegedly forged signatures to transfer their money to Ticket Reserve, a ticket-selling company.

He was also accused of not divulging to clients that he was on Ticket Reserve’s board of directors.

So identify an ethical, knowledgeable financial planner who is ideal for you.

id-100210227-1Ask yourself four basic questions:

1. Does the planner relate to me?

You’re more unique than you think. Ambitious people come in all stages – from young Millennials and senior citizens to entrepreneurs and doctors.

So look for a financial planner who can best relate to you and is already familiar with the types of your personal challenges and the important planning strategies.

You might consider searching for an advisor by specialty at www.xyplanningnetwork.com.

Make certain you feel comfortable with the prospective planner by careful interviewing. You can learn a lot by noticing whether the planner asks a lot of pertinent questions of you and listens well to your answers.

Keep in mind the Pareto Principle – also known as the 80/20 rule. In other words, the planner should ask great questions about your situation but you should be doing 80 percent of the talking.

It’s a red flag if the planner doesn’t focus on you.

Haste makes waste.

2. Will I be getting the right services?

Evaluate your needs so you don’t pay for services you don’t need.

Not all planners who specialize in your situation are actually right for you. Why? In some ways, they might provide services not aligned for your needs.

For example, some might focus on comprehensive planning in budgeting, debt, employee benefits, estate planning, investing and insurance.

But other planners are more focused on investing than in planning.

3. How will I compensate the person?

The way a planner is compensated affects the types of recommendations, which may or may not be helpful to you.

Some planners are paid a commission to sell financial products. This means such planners are limited in what they recommend.

Other planners are fee-only. This means their income is based solely on what you pay them. Of course, this means they are more flexible in determining what’s best for you.

Then, there are fee-based advisors who would charge you a fee and make commissions on what they would sell you.

My personal preference is to choose a fee-only advisor for obvious reasons.

4. Am I double-checking the planner’s trustworthiness?

Again, you must check whether the person is best-qualified to focus on your needs and if the person has the necessary knowledge and skills to help you achieve your financial objectives.

At the minimum, research the person’s background, personality and philosophy. Start with their published comments and videos.

Next, check out the person with the Security and Exchange Commission and FINRA’s BrokerCheck.

Finally, rely on your notes from your discussions and instincts regarding their interactions with you. When in doubt, don’t – don’t hire the person.

From the Coach’s Corner, here is a myriad of relevant strategies:

7 Steps to Wealth and High Net Worth — Creating wealth and enjoying high net worth doesn’t result from pure luck. It takes a certain mindset and strong action. Here are seven proven steps.

8 Financial Vows for a Young Couple’s Successful Marriage — Young people have starry eyes when they plan to marry. Certainly, they look forward to a lifelong bliss together. Unfortunately, about half of first marriages end in divorce. Often, it’s over money disagreements.

Money – Your Net Worth Matters More than What You Earn — When it comes to finance, most business owners and other individuals strive to increase their wealth to have more opportunities. The trouble with some, however, is that they focus on income and not their net worth. That means, of course, spending less than they earn.

Grow Your Business by Appearing Rich but Conserving Cash — You’ll find it easier to grow your firm if you appear to be wealthy. This will enable you to build relationships with successful entrepreneurs who will introduce you to key people and facilitate growth opportunities for you.

9 Top Money Tips to Get Out of Debt — Debt is a killer. But if you’re in debt, you’re already feeling horribly about it. So get busy with these nine strategies.

9 Secrets for Success in Real Estate Investing — Whether you want to work with investor partners or go solo, real estate investing can be a profitable business. By performing due diligence, developing a system and working hard, real estate investing works.

Haste makes waste.


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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry. 






Seattle business consultant Terry Corbell provides high-performance management services and strategies.