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 improving the client’s financial security now and in the future.
Services Offered by Wisconsin Financial Planners
The services offered by financial planners in Wisconsin 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 WI financial planners will work with you to construct a comprehensive plan that includes every one of the elements in the list above while others concentrate on 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 Wisconsin
There are several points to consider before you hire a financial planner in Wisconsin. 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 thing 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 conscious of how the financial planner will be compensated.
The Importance of Finding a Certified Financial Planner in Wisconsin
You’ll want 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 Wisconsin 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 variety 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 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 have to be registered with the SEC and/or the Wisconsin securities regulator.