Do You Need a Financial Planner?

There is no absolute answer for this question. Some people might ask if this is worth the money to hire a financial planner to manage their personal finance. Some might think it is overkill. However, even people with only a few investments may want to seek professional advice for investing, retirement and all other financial advice. Here are some tips that you may want to know before meeting with a financial planner.

Types
There are two types of financial planners, fee based and commission based. Fee based financial planners usually charge 1-2% of the assets for management fee while the commission based financial planner charges by selling financial products such as bank CD’s, mutual funds, or any other financial products. So be careful of choosing the right financial planner for yourself.

Education
There are plenty of books, magazine and articles talking about how to manage money and related topics. Surf the internet and you will find a lot of financial website that can give you useful information about personal finance. Once you have the concept and learn the basic idea, you will find yourself more than able to manage your personal finance. Instead of hiring someone to manage your entire financial life, you are now only consult with a financial planner in a specific topics such as investment, financial improvement etc.

Legal Advice
Anything that require you to provide legal documents such as trusts, wills etc, be sure to consult with your attorney for further advice even the financial planners may tell you they understand all the legal implications.

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