How to Work With a Financial Planner

Working with a financial planner can be a rewarding experience. If you have vetted your planner accordingly, and you have clearly identified your needs to that person, then working together should be stress-free. Consider the following steps when you work with a financial planner.


  1. Play a role in your own financial planning. Don’t put your whole financial life into another person’s hands. You need to be ultimately responsible for the growth of your wealth. For this reason, you need to remember that a financial planner is an advisor who guides you as you manage your finances.
  2. Know how investing works. If you familiarize yourself on the process of investing, as well as the various types of investments available, then you can communicate your interests clearly to your planner. Being well-informed provides you with the vocabulary and the knowledge to ensure that you are not being taken advantage of.
  3. Educate yourself on how the market moves. This way you will know when your financial planner is performing at his or her best to serve your financial needs. Refrain from telling your advisor how to be a financial planner, however.
  4. Trust that your financial advisor is working to your benefit. If you have vetted your financial planner well, then you need to trust that your personal information will not be divulged, your finances will be safe, and your wealth will grow.
  5. Listen to your financial planner’s recommendations. If you are not sure about the reasoning behind certain ideas, question it. Assuming you selected the right person to help you organize your finances, your planner should make smart decisions based upon your personal needs, and you will ultimately agree with them. Don’t expect that you will agree with every suggestion, however. If you find that you don’t agree with a lot of the planner’s suggestions, you may want to consider finding another planner who is better matched to your personal financial needs.
  6. Meet with your financial planner and establish the type of service you are looking for. If you want to be updated frequently or regarding every investment decision, make that clear and ensure that your advisor is happy to accommodate you. If, however, you would rather be contacted once a month with a status report, or just in reference to specific investments, make that clear also.
  7. Understand what is expected of you by your financial planner. You may be asked to attend review appointments during which you and your money manager discuss recommendations, and so you should make a point to oblige. If you find that these meetings are too frequent or too rare, then discuss what you would prefer.
  8. Don’t do the job you paid your financial planner to do. Shopping around for rates that your adviser is researching simultaneously is a waste of your advisor’s time. If you feel that your planner is not getting the best rates for you, consider hiring someone else.


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This entry was posted on Monday, December 19th, 2011 at 3:53 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.