What is a Financial Planner?
A financial planner is a professional that can help people manage various facets of their finances. They'll usually draft a financial plan for their customers to follow with the goal of improving the client’s financial security now and in the future.
Services Offered by Delaware Financial Planners
The services provided by financial planners in Delaware are quite broad. Basically whatever could possibly affect your finances can be managed by a financial planner. Financial planner’s expertise includes:
- Estate planning
- Taxes
- Savings
- Investments
- Insurance
- Retirement planning
Some DE financial planners will work with you to put together a comprehensive plan that includes all the elements in the list above while others focus on just one financial area. Look out for people who call themselves financial planners but offer only a few products that they are likely making commissions off of.
Before Hiring a Financial Planner in Delaware
There are a number of points to consider before you hire a financial planner in Delaware. Because financial planners offer such a range of services it’s essential that you understand exactly what it is that your financial planner can offer. It’s equally important you know what it is you require from a financial planner to make sure they have the expertise you’re looking for.
Another thing to consider is how the financial planner will be paid. Some financial planners charge a flat fee while others charge by the hour. It’s also possible for a financial planner to work off of commissions or a combination of fees and commissions.
Before you hire a financial planner you must be fully conscious of how the financial planner will be compensated.
The Importance of Finding a Certified Financial Planner in Delaware
You’ll need to make sure that your financial planner is certified to ensure that they are knowledgeable and meet ethical standards that were set by official organizations.
There are many certifications for Delaware financial planners. However, the Certified Financial Planner (CFP) certification provided by Certified Financial Planner Board of Standards, Inc. is well known in the profession. There are numerous of designations that FINRA has outlined in their handbook ‘Understanding Investment Professional Designations’.
Before employing a financial professional, ask about their certifications and then check with each organization to ensure they in fact earned the certification and that they are still in good standing. You may also wish to see what the experience and education requirements are for receiving the certification.
If a financial planner offers suggestions about investments then they must be registered with the SEC and/or the Delaware securities regulator.