I am noticing a growing trend in my mailbox — readers in search of financial planners or advisors. Or assistants. The problem is that when taking in the message’s context it’s pretty clear that not everyone means the same thing when they refer to a financial “planner-advisor-assistant-helper.”
One reader wanted to know where to find a “financial planner” who would just take her paycheck, pay all of her bills, invest for her retirement, give her an allowance, balance her checkbook and not charge her very much. (We’d all like one of those, right?)
Then, there are times when the context lets me know that a desperate reader looking for a “financial planner” really needs a reputable credit counseling organization that offers debt management.
And so, in an effort to clarify and perhaps educate, here’s the low-down on financial planners.
General
Anyone can call himself or herself a financial planner. If you are ready to seek the services of a financial planner, and to avoid an amateur, you want one who has earned the special credentials of Chartered Financial Consultant or Certified Financial Planner.
These professionals make a comprehensive analysis of your entire financial life, identify your goals and then create an investment and insurance strategy to achieve those goals.
Generally, but not always, a professional financial planner will have minimum standards for new clients that have to do with net worth. Financial planners are not typically debt…
