Of planners and fees
A financial planner is a qualified professional who helps clients achieve their financial goals. A planner is an expert in developing financial plans including estate planning, retirement, managing your loans and investment. It takes years and years of formal education to be a certified financial planner. There are also a few examinations which is set by the organization whom usually governs the standards of these professionals. The examinations will test the ability of the planner in many areas from taxation to insurance. A financial planner will also need to fulfill the minimum of 3 years practical work before certification. They are also required to commit to their professional oath of ethical conduct and confidentiality. To maintain the standard and quality of certified financial planners, they are required to re-certify every few years. This ensures the continuous upgrading of the planners abilities and keeping abreast with the financial trends and legislation.
The certified financial planner is definitely in a better position to give us advice on managing our monetary affairs. Before hiring a planner, it is important to firstly identify your financial goal. Analyze to see if you want advice in property investment or in setting up an education fund for your children. From there, you may seek a planner who specializes in the field you are concerned with. A planner is able to help us achieve many wonderful things. Now, we need to see if we can afford to pay these planners’ service fees . Financial planners charge according to the services you seek and they charge differently. Some planners may ask for a fixed fee. Some may quote you by the hour and some are paid through a percentage of the properties managed. There are planners who charge a combination of fees plus commission. There are also some financial planners who specialize in insurance or investment products such as mutual funds. Planners in this category may not charge you a fee but will earn through commission by selling you a plan. Always make sure you understand how your planner is charging you for the services. If their payment schedule sounds complicated to you, it is best not to hire them.
