| "How do we find financial planners, or estate planners | | | | as a CPA, or a financial planner on the side. If so, and |
| to help execute in our best interests?" It's a great | | | | you like him, start asking him the questions. Your |
| question. The standard reply one would get from a | | | | boss is generally a good place to ask too. Don't be |
| talking head on CNBC is "Find a licensed Financial | | | | embarrassed, in fact, keep your head up. If your |
| planner, and then get at least three references, then | | | | employer is successful, chances are he's gone |
| make sure that you see if he is working towards his | | | | through the same questions you are going through. |
| own goals and not yours, etc etc" That's a fine | | | | Find out who he uses. We have found that the |
| canned response, but what's it really mean? Not | | | | human resources department of mid sized companies |
| much. | | | | are often a treasure trove of info like this. You can |
| As you know, we believe that the person most | | | | bet that if your HR person is nailing down 150 grand |
| suited for your personal finances is You. No one | | | | a year, he's talked to many planners both on the |
| cares about you, like you. So, premise one is that | | | | corporate level and personal level. Ask him. First he |
| you actually care about what's going on and want to | | | | will be shocked because most people don't think |
| take the action steps necessary to achieve your gols. | | | | about using him for that info, but then he will take a |
| What I find is that too many people tend to think | | | | certain pride in feeling that you find him important |
| that estate planning is too overboard for their abilities | | | | enough to ask. |
| and they pass along the responsibility to someone | | | | If "Joe" is a square guy, he will give you a couple |
| else. That isn't particularly an attractive way to go. | | | | names that will help you. It's your job to weed |
| Here is what I suggest. | | | | through them and see if any of them fit the bill. |
| The hardest part of finding good financial planning is | | | | What's the most important thing to ask your new |
| to find a person who really knows his "stuff" but has | | | | prospect? I can sum it up in one paragraph. Ask him |
| the time to deal with you on a personal level. In | | | | if he thinks it's okay to "stay the course, suffer |
| other words consider your tax preparer. Once a year | | | | losses now, because in the long run you will win" If |
| you trot into his or her office with a box load of | | | | he gives you that line of crap, say "Sorry no thanks" |
| papers, you wade through it for a couple hours and | | | | and move on. If you ask him "how can I maximize |
| you're done. You probably won't see them again for | | | | my returns, while limiting my risks, and avoiding the |
| a year. With a financial planner this is a major no no. | | | | tax man to the best of my ability", and he replies, I |
| An awful lot can change in the course of a year and | | | | like to stay liquid, and safe. I take risks when |
| you want the ability to contact this person and | | | | appropriate, but only when we can maximize the |
| discuss changes in tax laws, stock directions, | | | | return and minimize the tax liability" this is a guy you |
| allocations, real estate, etc. on at least a monthly | | | | want to meet. The economy changes, the stock |
| basis. So, along with finding a skilled person, one | | | | market changes, and your planner should be flexible. |
| needs to find one who won't blow you off when you | | | | Make sure you tell this person that you want to stay |
| call. But more importantly, not only shouldn't he blow | | | | involved, and that a personal relationship is paramount |
| you off, he has to listen to your concerns and make | | | | to success. If he's not willing to field phone calls at 9 |
| movements based on your feelings too. | | | | pm after you've had an usettling day, then move on. |
| How do you find a person like that? Well it's not | | | | Pay him well for his services, but make it known that |
| easy, but it's possible. The first thing to do is this, | | | | you will be involved and you will want interaction. |
| contact the person who handles your house and or | | | | That doesn't mean call him ten times a day. That |
| life insurance. No, you don't want the salesman, you | | | | means that if you see something changing, you want |
| want the brokerage owner. For instance, my friend's | | | | to talk about it and the ramifications of it. Suppose |
| house is insured by State Farm and his local broker is | | | | you have several homes and you start seeing |
| a wonderful guy who's been in the insurance and | | | | property values dipping in your area because of poor |
| "money" business for 28 years. Even if you don't | | | | manufacturing employment. We'd certainly be on the |
| know your broker personally, he has a reason to | | | | phone asking him "when should we sell one and then |
| listen to your question and help you. See, you pay | | | | what should we do with the proceeds?". He might |
| this man through your premiums. He will try and help | | | | have suggestions you haven't thought of and a |
| you if he can. So, start there. A common line of | | | | discussion is probably necessary. He'll know if you can |
| thought would be "Hey Joe, I'm looking for a financial | | | | sell the home without taking a tax hit, and if so, how |
| planner to help me get things set up for my | | | | to minimize it by applying the proceeds to another |
| retirement, help with my taxes, and help me build a | | | | avenue. That's his job. |
| secure environment. I don't want some pushy guy | | | | Finally, don't think your planner is going to be on top |
| who is going to try and sell me all sorts of services, I | | | | of everything. The guy will have a lot of clients if he |
| want to pay someone for his knowledge. Do you | | | | is any good, and he won't know everything that is |
| know of anyone that sounds right for the job?" Will | | | | going on in your accounts every day. It's going to be |
| Joe know someone who can help? Probably, financial | | | | your job to keep track of certain things and "get |
| planners contact insurance companies all the time | | | | back to him" about them. Never stray too far away |
| trying to increase business. | | | | from your own records and ask the right questions |
| Your life insurance provider is also a good place to | | | | when they arise. Remember, it's YOUR money, not |
| start, although so many life insurance companies have | | | | his. If you have a gut feeling that you are doing |
| financial advisory services that are nothing more than | | | | something wrong, tell him about it, tell him why you |
| offices run by 20 somethings that are reading the old | | | | think it's flawed and come up with something that |
| company script. This is obvously not acceptable, but | | | | satisfies both of you. |
| in some cases your insurance man may be doubling | | | | |