Using the services of a financial planner can be extremely beneficial as a way to preserve and grow your assets for your estate. However, not all financial planners are equal and you should have an idea of what to look out for when deciding which one to use. The wrong financial planner can cost your estate money.
The first thing you should ask potential financial planners is what their qualifications are. Find out if they have any degrees or certifications and what they had to do to get them. You should know whether their expertise comes from a college degree or a 4 hour certification course.
Probably the most important thing you need to know is how the financial planner makes money. Some planners work on a commission and will only make money when you do. Others, work on a per transaction basis. That means you are charged for every transaction whether it makes money or not. Financial planners might also receive a commission from third parties whose services they get you to use. Knowing how a financial planner will make money off of you will help you to understand why they are suggesting certain financial transactions for you and whether they are really in your best interest.
You do not need to be afraid to use a financial planner, but you do need to be cautious.
Stephen A. Mendel, Estate Planning Attorney
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