Q. What are the different types of financial planner?
A. The majority of financial planners work for large brokerages and make money by investing your money in various investments, generally stocks and bonds. They earn a commission either on each trade or as a percentage of the value of your portfolio. Whether your portfolio increases or decreases in value, you will pay the same percentage of your portfolio to the brokerage. Other financial planners, like me, charge an hourly fee to help clients build and implement a financial plan. Since they are not tied to a brokerage and its product offerings, they are likely to consider a much wider range of investments including real estate, precious metals, art work etc.
Q, How can a financial planner help me with my goals?
A. The planner can help with the following:
Analyzing budget and spending habits to find areas where a client could trim expenses.
Helping to create short-term and long-term savings strategies.
Reviewing retirement goals and helping to build a savings plan to meet those goals.
Offering advice on how best to save and pay for college.
Q. What information will I need to provide when I meet a planner?
A. During our initial consultation we will need to understand your overall financial situation and establish you goals for the future.