The Heller School for Social Policy and Management, Brandeis University

National Program on Women & Aging
 

Women & Aging Letter
Excerpt, July 1997

Financial Planning: Finding Someone You Can Trust
Volume 2, Number 3
 

Finding A Financial Planner You Can Trust

Today's financial markets are very complex. Many people feel they lack the information needed to make wise financial planning decisions. They are right! Year after year untold numbers of people jeopardize their financial futures through procrastination, bad decisions, and falling victim to scams and frauds. Many individuals turn for help to someone they can rely on -- someone who knows more about financial planning than they do. But whom should you choose? Who can you trust?
 

You Can be Your Best Financial Advisor

Before seeking outside help, realize that one of the most important steps you can take to secure your financial future is to save regularly and continually. The secret of successful saving is to make the decision to have about 10 percent of your income automatically deducted and invested before you ever see your paycheck.
 

Interview More than One Advisor

The first rule about selecting a financial advisor is that you must spend an adequate amount of time looking for and assessing their qualifications. Interview more than one advisor, and make sure to ask about:

  • their investment philosophy
  • their planning approach and methods used
  • their training and certification
  • time that they will allocate to you
  • the final product to be produced for you
  • fees you will have to pay


    • What to Expect from a Good Planner:

  • A comprehensive assessment of your current financial situation
  • Assistance in helping you determine your financial needs and goals
  • An explanation of the available financial products (bonds, mutual funds, IRAs, etc.) including their income potential and associated risks
  • Development of a written financial plan and assistance in its implementation
  • Creation of a timetable for implementing the plan and helping you periodically review your progress.

    • This is an excerpt only

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