Don McGonagle - 5 Things To Consider While Selecting A Financial Planner

 Unlike someone calling himself a CPA or a physician, just about anyone can call himself a financial planner or a financial advisor regardless of their educational background and professional experience. Moreover, not all of them are unbiased in their advice and not all of them always act in their clients best interest.

You should always choose only professionals and experienced financial advisor like Don McGonagle to get reliable and suitable advice. So, to ensure your financial planner is well qualified in personal finances and impartial in his advice, consider the following five things:

1: Planning Credentials: Having a highly regarded credential in financial planning, such as certified financial planner or personal financial specialist, confirms that the professional you intend to work with has acquired the education and experience necessary to serve as a financial planner.

CEP and PFS credentials are awarded to only those individuals who have met the certification requirements of education and experience in planning for personal finances. In addition, they have to pass the certification examinations and agree adhere to the practices standards and continuing education requirements.

2: Subject Matter Expertise: Financial planner are planning professionals, not necessarily subject matter experts. For example, financial planner will be skilled in tax analysis and planning, but unlike a certified public account or an IRS enrolled agent he might not necessarily be a subject matter expert when it comes to tax rules similarly, he could be skilled in chalking out an investment plan, but unlike a chartered financial analyst he may not be an authority who is also a subject matter expert in those areas of personal finance that are important in achieving your financial goals.

3: Client Specialization: Not all financial planners serve all types of clients. Most specialize in serving only certain types of clients with specific profiles. For example, a personal planner may build his expertise and customize his services to serve only those individuals and families who are in certain professions, or a particular stage of life with specific financial goals and net worth.

Ask whether the planner specializes in serving only certain types of clients with specific profiles to determine whether he is the right fit for your situation and financial goals.

4: Fee Structure: The fee structure largely determines whose interests he serves best – his client or his own. A fee only professional charges only fees for their advice whereas a fee based professional not only charges fees but also earns commission, referral fees and other financial incentives on the products and solutions they recommend for you.

Consequently, the advice from a fee-only one is more likely to be unbiased and in your best interest than the advice from fee-based financial planner. Work with a professional whose fee structure in conflicts-free and aligned to benefit you.

5: Availability: He or she should be regularly available, attentive, and accessible to you. Ask the planner how many clients he currently serves and the maximum number of clients he is planning to serve in the future regularly.

This client to planner ratio is one of the key factor in assessing your planning activities are typically performed by the planner and which ones are delegated to a para planner or other junior staff member. Lastly, make sure the planner is easily accessible via phone and email during normal business hours.

Hope after reading this you can easily select a professional who can supervise your organization toward growth. Many expert financial professionals like Don McGonagle prefers to focus on companies core strength which are employees so you should also look these types of qualities in your advisor who works as per experimented principals