{"id":2747,"date":"2019-09-26T12:35:15","date_gmt":"2019-09-26T12:35:15","guid":{"rendered":"http:\/\/s876455381.onlinehome.us\/?p=2747"},"modified":"2020-06-24T11:17:21","modified_gmt":"2020-06-24T11:17:21","slug":"finding-a-financial-advisor-who-is-right-for-me","status":"publish","type":"post","link":"https:\/\/frischfinancial.com\/staging\/finding-a-financial-advisor-who-is-right-for-me\/","title":{"rendered":"Finding a Financial Advisor Who is Right for Me"},"content":{"rendered":"[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”3.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”]

<\/p>\n

All CFPs\u00ae are Not the Same<\/p>\n

<\/p>\n

<\/p>\n

\n

<\/p>\n

<\/p>\n

According to the\u00a0U.S. Bureau of Labor Statistics<\/a>, in 2018 there were approximately 270,000 Personal Financial Advisors in the United States. With so many people referring to themselves as financial professionals, what distinguishes one from the next? Where do you begin the search for someone right for you and your financial future?<\/p>\n

A good <\/span>financial advisor<\/a> will be an important ally in building your financial growth and working toward helping you fulfill dreams you may have for your future. Do you want to retire early? Amass wealth to pass down to future generations? Create a lifestyle that allows extensive travel? Or, maybe you are looking to create a solid financial plan that will grow along with your career and family\u2019s changing needs and will give you a stable structure to build on. Advisors will use their experience to work with you in designing a plan that is customized to your needs, not just one-size fits all. They will help you to establish both short and long-term financial goals, and as life happens, will adjust the course of action to achieve them as necessary. On the other hand, a bad relationship with the wrong financial advisor can leave you frustrated, stressed out, wondering what went wrong and potentially no closer to realizing your financial goals.<\/span><\/p>\n

<\/p>\n

<\/p>\n

What is a CFP\u00ae?<\/strong><\/p>\n

As stated by the Certified Financial Planner Board of Standards, Inc., a CFP\u00ae, or a Certified Financial Planner, is a financial professional \u201crigorously trained in 72 areas of financial expertise and must accrue thousands of hours of experience prior to earning their certification.\u201d Candidates who meet the high standard of criteria take a comprehensive exam that covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance. CFP\u00ae professionals also have ongoing continuing education requirements, including Ethics. While the terms financial advisor and financial planner are frequently interchanged, CFPs\u00ae are held to a high standard of ethics, required to act as a fiduciary and subject to CFP Board sanctions if they violate these standards. There are currently approximately 85,000 CFPs\u00ae practicing in the U.S. today.<\/span><\/p>\n

<\/p>\n

<\/p>\n

What is a Fiduciary?<\/strong><\/p>\n

Some financial advisors are also fiduciaries. Fiduciaries have a fiduciary duty which is the obligation to act in the best interest of their clients. A fiduciary is expected to behave with the highest standard of integrity and transparency and may not, in any way, benefit personally at the expense of the client. Not all investment professionals are held to this high standard; for example, some may use a suitability standard or a best interest standard which are not as robust as the fiduciary standard. Frisch Financial believes this is of utmost importance and has always acted as a fiduciary. In addition, Frisch Financial provides fee-only financial planning and investment management which means that all fees received are paid exclusively from clients as a fixed, flat, hourly or percentage-of-assets fee and no commissions are received. We believe this helps reduce potential conflicts of interest.<\/span><\/p>\n

<\/p>\n

<\/p>\n

How do I begin my search?<\/strong><\/p>\n

The Certified Financial Planner Board of Standards has developed a list of important questions you\u2019ll want to ask any financial professional that you are considering working with. \u201cHow to Choose a Financial Advisor\u201d can be found at\u00a0<\/span>https:\/\/www.letsmakeaplan.org\/blog\/view\/lets-make-a-plan-blogs\/ten-questions-to-ask-your-cfp-professional<\/a>. In addition to seeking out information regarding their experience and qualifications, you should also inquire about any disciplinary actions they may have faced due to unethical or unlawful conduct in their career. While financial advisors who have earned the CFP\u00ae designation are held to a set of high standards, they may use differing investing philosophies. It can be helpful to have a conversation to learn about a financial planner\u2019s approach to determine if it is a good match for your own level of risk tolerance. Additionally, services offered, minimum investible assets which might be required from you and all associated costs should be disclosed so that you can make an educated decision when selecting an advisor.<\/span><\/p>\n

<\/p>\n

<\/p>\n

What to Expect from the Financial Planning Process<\/strong><\/p>\n

Once you\u2019ve selected a financial planner to work with, there are some common steps you can expect to take. Customarily, this would be the sequence of events in the financial planning process:<\/span><\/p>\n