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Tips to choose the perfect financial planner

There is no doubt to the fact that only you can manage your finances in the best possible way. However, there comes a point in life when you want someone to help and guide you with your finances. These times might come when the inflow of finances is too low or you may simply want to save for your future. Here come the roles of a financial planner. So whatever be the point of career you are at, you must consider taking the services of an experienced financial planner. Do consider some of the following points before you finalize any:

perfect financial planner

1. Get recommendations: Your friends and family can surely help you find the perfect person for managing your finances. This way you can at least reject some of the candidates. Only the previous clients of a planner can give you the just idea about the worthiness of a planner. You can expect a perfect financial planner to be dedicated, loyal and timely working in your best interests.

2. Qualifications: As you know, every professional gets a certification from the state. So if you meeting a person who lacks it, chances are that he may not be qualified enough to serve your purpose.

3. Experience: You would certainly not want a novice to handle your finances. So ask the number of expertise years without any hesitation. You need to be sure that the person has been performing the responsibilities assigned to him without any falter.

4. Pay structure: You would surely not like to pay him dozens of pay cheque for managing your money. So understanding the way the payment has to be made is very important. Generally the financial planners accept payment through three pay plans namely:

• Only fee: This means you are to pay him for every hour he spends with you. Even though this comes out to be very expensive, you can ensure that the only thing in his mind is your interest and nothing else.

• Commission: This pay plan involves a part of commission on purchase of every investment or mutual fund that you invest on their suggestion. You can save a lot of money in this way but there are chances that you may be misguided into buying an asset that pays them a higher rate of commission but is not the best for you.

• Combi plan: As the name suggests, this plan includes a fixed per hour charge for the first consultation and commission on the investments later on.

The pay structure of every financial planner differs according to his experience. So select the pay structure according to the inflow of income that you have.

Ensure that the person you are going to hire as your financial planner is well in touch with the market and the economy. Along with it, he should have a radical outlook ieneither to risk taking nor too traditional. Share your expectations with him to help him take the best decisions.