What is a Financial Planner?
A financial planner is a professional that can help people manage various facets 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 Ohio Financial Planners
The services provided by financial planners in Ohio are quite broad. Basically anything 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 OH financial planners will work with you to construct a comprehensive plan that includes all the elements in the list above while others focus on just one financial area. Be aware of 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 Ohio
There are a number of things to consider before you hire a financial planner in Ohio. Because financial planners offer such a range of services it’s important that you understand just what it is that your financial planner can offer. It’s equally important that you know what it is you require 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 mixture 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 Ohio
You’ll want to make sure that your financial planner is certified to make certain they are knowledgeable and meet ethical standards that were set by official organizations.
There are many certifications for Ohio financial planners. However, the Certified Financial Planner (CFP) certification supplied by Certified Financial Planner Board of Standards, Inc. is well known in the profession. There are a number 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 make certain they in fact earned the certification and 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 Ohio securities regulator.