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 Oregon Financial Planners
The services offered by financial planners in Oregon 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 OR financial planners will work with you to put together a comprehensive plan that includes all 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 Oregon
There are a number of things to consider before you hire a financial planner in Oregon. 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 that you know 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 on an hourly basis. 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 Oregon
You’ll want to make sure that your financial planner is certified to make sure that they are knowledgeable and meet ethical standards which have been set by official organizations.
There are a number of certifications for Oregon financial planners. However, the Certified Financial Planner (CFP) certification provided 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 hiring a financial professional, ask about their certifications and then check with each organization to make certain 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 should be registered with the SEC and/or the Oregon securities regulator.