What is a Financial Planner?
A financial planner is a professional that can help people manage various aspects of their finances. They will usually draft a financial plan for their customers to follow with the goal of increasing the client’s financial security now and in the future.
Services Offered by Montana Financial Planners
The services provided by financial planners in Montana 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 MT financial planners will work with you to build a comprehensive plan that includes every one of the elements listed above while others specialize in just one financial area. Be aware of people who call themselves financial planners but just offer a few products that they are likely making commissions off of.
Before Hiring a Financial Planner in Montana
There are a number of things to consider before you hire a financial planner in Montana. Because financial planners offer such a wide array 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 make certain 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 fee while others charge per hour. It’s also possible for a financial planner to work off of commissions or a mix 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 Montana
You’ll want to make sure that your financial planner is certified to make certain they are knowledgeable and meet ethical standards which have been set by official organizations.
There are a number of certifications for Montana 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 hiring a financial professional, ask about their certifications and then check with each organization to make sure 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 information on investments then they must be registered with the SEC and/or the Montana securities regulator.