Money won’t last forever.  We all know it.  It doesn’t mean, however, that you’re powerless to make it last well into your retirement.  With diligent planning and a dose of smart investing, you can.  Problem is how to get there. 

There’s a dearth of books and other resources available on financial planning.  If you’re confident in your own abilities, you can do your own research and wing yourself into financial security.  For majority of us, though, hiring a qualified financial planner makes a lot more sense.

As with many other services, your best recommendation will come from family, friends and colleagues who have had first-hand experience working with a financial professional.  A trusted lawyer or banker that you know is almost certain to be aware of a few capable individuals in the field.

Once you have a few suggestions in your list, you can begin evaluating them to find a good match.  A face-to-face meeting is always recommended – that way you can gauge not only their credentials but how well they can work with you towards achieving your financial goals.

Before you can evaluate them, however, you’ll need to know what you’re looking for in a financial planner. What criteria should you use when evaluating which professional to hire for the job?  Here are some ideas.

Scope of Work

What kinds of services will they provide?  What types of products can they deliver?  Not surprisingly, each one will likely bring something different to the table.  It pays to know what exactly they intend to impart in exchange for your money.  Do they help you with a long-term investment strategy?  Are they going to enroll you in an asset insurance program and do nothing else?  Make sure to find out if their service will meet your needs to avoid later disappointment.

Professional Credentials

What licenses do they operate with?  Accreditation, degrees, designation and professional licenses will give you an idea of their expertise and what kind of skill sets they can bring into your financial undertakings.  If they throw some fancy designation your way, make sure to check it with the issuing agency – it’s possible to garner a lofty-sounding designation with a mere multiple choice test so don’t let it bowl you over. 

Expertise

The fact that someone claims a fancy “financial planner” title in their business card doesn’t automatically endow them with any peculiar abilities.  Regardless of the connotations the job title may imply, they may or may not be qualified to help you meet the financial goals you are aiming for.

Ask them about their areas of expertise and particular transactions they are well-versed in.  It could mean the difference between getting what you want and settling for what you can get.

Remuneration

Learn how they get paid.  Are they on salary?  Are they more inclined to charge for a flat fee? Do they earn commissions based on your success rate?  Do they make their profit from products they recommend that you invest in?

You may be surprised how varied a financial planner’s sources of income can be.  Make sure to know – a person who can benefit more from your success may be better inclined to take careful consideration before handing out any suggestions.

Get It in Writing

Regardless of how well your conversation goes, make sure to get it in writing.  You don’t want your financial planner to promise one thing and deliver another – a very real possibility when you do business with nothing but a handshake.

Make sure to have all fees and services clearly written before you even make your decision.  Apart from being a good legal strategy, it can help you compare offers side-by-side before settling on a decision. 

Then Make Your Choice

Financial planners are great – they can help you out of confusing decisions and potential mistakes.   Just take precautions to evaluate each one carefully so you don’t end up wasting money for products and recommendations that you don’t really need.

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