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Tuesday, February 10, 2009

Advice from a Financial Planner

By Paul J. Easton

Do you have any idea what exactly is the right financial planning? Every mature individual right now with a savings to spare must get one to be financially ahead for the future. Financial planning is simply a move where you are consciously guiding yourself to set some goals with your finances.

A good financial plan can save you a lot of headaches while giving you security for the future. It is some basic planning successfully customized to meet your financial needs. It should always be based on your preferences and should be time-bound as well. This gives you a clear picture of your financial goals.

You may start looking out for someone who has the basic education coupled with experience and skills to help you with your financial success. Just limit your choices with only the Certified Financial Planners. The CFP designation are the most trusted internationally and you can be assured of their strictest ethical standards. Only CFP is exactly the type of person who will give you the best financial planning.

With hiring a financial planner, you always know how they are paid. One of the ways a financial planner is paid is through commissions. One of the benefits of commission-based financial planning is that it appears to be accessible and affordable. Usually, commission-based planners do not charge a fee for the financial advice. They are expecting to earn their income from the back end when they sell the financial products to implement their recommendations.

The down side however is that you may pay later in the form of accepting a poor advice. When a commission-based financial planner earns most of his or her money as a financial salesperson, have some precautions. In this situation, the product sales have a tendency to drive the process. In most scenarios, the financial planning consultation and advices are rather a window dressing to attract clients for the business of selling their financial products. Unfortunately, you might be offered a one-size-fits-all plan that inevitably leads to the purchase of their high-commission products. As you can see, always look for non-commission financial planners. These are planners paid with a fee for their financial advice. You are mostly assured of an objective financial plan and you get the best out of that plan.

In hindsight, it is not hard to get a professional and objective financial planning. Just do some research and try to listen to their advices first. Check their credentials. If they don't seem too inclined with a certain product, you are probably good to go. Have the best of luck to your financial future and be wise.

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