What is a Financial Planner?
A financial planner is a professional that can help people manage various aspects 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 Indiana Financial Planners
The services provided by financial planners in Indiana are quite broad. Basically any situation that 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 IN financial planners will work with you to put together a comprehensive plan that includes all of the elements in the list above while others specialize in 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 Indiana
There are several points to consider before you hire a financial planner in Indiana. Because financial planners offer such a wide array of services it’s important that you understand exactly what it is that your financial planner can offer. It’s equally important you are aware of what it is you need from a financial planner to ensure they have the expertise you’re looking for.
Another factor to consider is how the financial planner will be paid. Some financial planners charge a flat fee while others charge on an hourly basis. 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 Indiana
You’ll need to make sure that your financial planner is certified to ensure that they are knowledgeable and meet ethical standards which have been set by official organizations.
There are several certifications for Indiana financial planners. However, the Certified Financial Planner (CFP) certification supplied by Certified Financial Planner Board of Standards, Inc. is well known in the industry. 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 want to see what the experience and education requirements are for receiving the certification.
If a financial planner offers information on investments then they must be registered with the SEC and/or the Indiana securities regulator.