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Money Girl
319 MG How Do You Find a Financial Advisor? (Part 1)
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During congestion, customers on this line may notice speeds lower than other customers and further reductions using greater than 1.2 terabytes per month due to data prioritization. After $20 bill credit, plus $5 per month without auto pay, debit bank can't reply. Regulatory is included for qualifying accounts, $35 connection charge applies. Hi friends, thanks for downloading the Money Girl Podcast. I'm Laura Adams. You know you should be investing your money wisely to build wealth for the future. But if you're like most people, you may not have enough time, knowledge or motivation to get the job done on your own. This is the first episode in a two-part series where we'll discuss how to find and prepare for your first meeting with a financial advisor. When you think of a financial advisor, what comes to mind? A greedy Wall Street type who's screaming out buy and sell orders in the middle of the stock exchange? Although those people do exist, that's not what the typical financial advisor for individuals is really like. There are many different kinds of advisors in the financial industry. Therefore, it's important to get to know who they are and how they can help you. No matter if you're choosing an advisor for the first time or switching to a new one, the right advisor can be your best ally for achieving your financial dreams. Here are three of the most common types of financial advisors for individuals. Another type number one, a Certified Financial Planner or CFP. A certified financial planner will assess your finances from a high level and help you create a financial plan to achieve your goals. These professionals must pass rigorous exams that cover investing, retirement, estate planning, taxes and insurance. Additionally, a CFP must have three years of planning experience under his or her belt and stay up to date by completing continuing education every year. Use a CFP when you need guidance about how to accomplish a variety of financial goals, like planning for retirement, sending a child to college or buying life insurance. They can educate you about product options, help you manage financial risk and create a detailed plan to accomplish your financial dreams. You might use a CFP one time or get advice on a regular basis to make sure you stay on track to meet important financial milestones. But what if you just want help making investments? Well, this is where advisor type number two comes in and that's a Registered Investment Advisor or RIA. An RIA can be an invaluable resource when you're looking to invest. They must be licensed to sell investments and are registered with the Federal Securities and Exchange Commission. [Music] Now that we're in Q4, it's a good time to start thinking about making memories with the people you love most before the end of the year. We put a lot into the time we spend with our loved ones. 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After $20 bill credit, plus $5 per month without Autopay, debit price can't require a regulatory case included for qualifying accounts, $35 connection charge applies. Although a regular stock broker is also licensed to sell investments, they're not the same as an RIA. An RIA is held to a higher standard because they must act as your fiduciary. This means that an RIA has a professional obligation to give you investment advice that's in your best interest. In other words, an RIA can't recommend an investment simply because they'll get paid a high commission. They must understand your financial situation and recommend products that are suitable for your objectives and tolerance for investment risk. In most cases, you'll want to develop a long-term relationship with an RIA so they can build your investment portfolio over time. Standard type number three, an estate planner, an important part of financial planning is making sure that what you own, which is called your estate, will be handled according to your wishes if you die or become incapacitated. Estate plans are typically set up with the help of an attorney who specializes in estate law. Your estate plan should include many tasks such as creating a last will, a living will, aiming an executor to oversee your estate, establishing a guardian for surviving dependents, and setting up a durable power of attorney who can make decisions on your behalf. Another important element of estate planning is limiting the taxes your beneficiaries will eventually have to pay. An estate planner can advise you on whether setting up a trust is right for your situation. And if you own property, your estate plan should consider the best way to hold title to real estate. Now you have an overview of three common types of advisors you might seek out, a certified financial planner, a registered investment advisor, and an estate planner. In part two of this series you'll learn how to locate these advisors, snoop into their backgrounds, and prepare to meet with them for the first time. Read a transcript of this show, connect with me on Facebook or Twitter, or sign up for the free Money Girl newsletter, visit the Money Girl page at quickanddirtytips.com. Just look for episode number 319, called "How do you find a financial advisor, part one?" I'm really glad you're listening. That's all for now, courtesy of Money Girl, your guide to our richer life. Get your holidays started with the perfect tree and your perfect style from the Home Depot. Whether you want something that you can assemble in a few clicks, steal the show with over 2,000 color changing bulbs, or a tree with lights that can be controlled by remote or foot pedal. 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