It’s not hard to find a “financial planner” who can claim to have the right credentials to successfully handle your entire life savings. Just make sure you check. Besides the Financial Industry Regulatory Authority website at www.finra.org, you can see if they have the CFP® certification after their name. This certification identifies individuals in the U.S. that have met rigorous professional standards and have agreed to adhere to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients.
It’s also important to inquire about any “standard fees” a financial planner or wealth manager is charging you. In many cases, an advisor either hires an outside manager or picks from a predetermined group of investments. And where this might not seem like much by itself when you multiply this number by the number of years you are investing, you have a chunk of wealth that’s being continually eroded.
Visit Mooney Lyons at mooneylyons.com or call us at 1-847-382-2600 to learn more about realistic expectations and strategies for sound financial planning.
No strategy assures success or protects against loss.