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 clients to follow with the goal of increasing the client’s financial security now and in the future.
Services Offered by Iowa Financial Planners
The services offered by financial planners in Iowa 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 IA financial planners will work with you to build a comprehensive plan that includes all the elements in the list above while others specialize in just one financial area. Look out for people who call themselves financial planners but only offer a few products that they are likely making commissions off of.
Before Hiring a Financial Planner in Iowa
There are several things to consider before you hire a financial planner in Iowa. Because financial planners offer such a huge selection of services it’s essential 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 set amount while others charge per 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 aware of how the financial planner will be compensated.
The Importance of Finding a Certified Financial Planner in Iowa
You’ll want to make sure that your financial planner is certified to make sure that they are knowledgeable and meet ethical standards that were set by official organizations.
There are many certifications for Iowa financial planners. However, the Certified Financial Planner (CFP) certification supplied by Certified Financial Planner Board of Standards, Inc. is well known in the marketplace. 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 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 advice on investments then they must be registered with the SEC and/or the Iowa securities regulator.