Deciding on the Right Financial Advisor: Coghlan Financial Group Offers Important Questions To Ask When Choosing The Financial Advisor

Smart money managers may decide to invest in a financial advisor to help them along in any endeavor or life: college to retirement. When deciding on a financial advisor, consumers make to be sure no surprises come up in the future. Asking the right questions can ensure a smooth relationship with that financial advisor.

San Diego, CA (PRWEB) November 3, 2006 -- A smart consumer is always looking for sound financial advice. An informed consumer also knows the value of the advice of a trusted financial advisor. Working with an advisor is also a smart move because they can help set financial goals and take the necessary steps to accomplish them. From assisting with setting up retirement benefits and accounts to developing cash management strategies, an advisor can help consumers achieve success in a world where many individuals are "financially lost."

The next problem then lies in the fact that consumers may know they need an advisor, but how do they go about finding one? How do they find a trusted advisor when there are plenty of financial experts in the market that are ready and willing to manage their money and investments? Also, does their newfound advisor have their best interests in mind? These questions, as well as many others, should be asked before they hand over your money to an advisor to manage.

Choosing a financial advisor is the first and most essential step in financial planning. Coghlan Financial Group, LCC, with offices in both northern and southern California, offers tips on what questions to ask and what things to consider when selecting the right financial advisor for your needs.

Experience

At the initial meeting with a potential future advisor, it is important to ask how long the planner has been in practice as well as the number and types of individuals and/or companies with which he/she has been associated. Ask the planner to briefly describe his or her work experience. Asking how much experience they have in financial consulting is not insulting and a reputable planner will usually provide you with the necessary information.

Referrals & Recommendations

In order to tap into a reputable advisor, ask family, friends and work colleagues if they have any suggestions -- then follow-up with their recommendations. Another source to ask would be a certified public accountant or attorney. These professionals regularly work with financial advisors and can typically offer referrals. Recommendations can help consumers develop a sense of what kind of value these candidates provide, as well as their work style and client satisfaction levels.

Qualifications

During initial research, it is a good idea to look for advisors with professional training. Many professionals will use the term "Financial Planner" or "CERTIFIED FINANCIAL PLANNERTM Professional." Ask what makes them qualified to practice. In addition, an advisor with at least five years of experience in helping business owners and individuals in your industry and community is an important quality.

Researching their background thoroughly will make you more comfortable giving them your money.

Services Offered

Not all financial planners offer the same services. Usually, the services they offer depend on their credentials, licenses and areas of expertise. Financial planners generally cannot sell insurance or securities on products such as mutual funds or stocks without certain licenses, or give financial advice unless registered with state or federal authorities.

Approach

Make sure to ask a potential planner about the type of client and financial situations he or she typically likes to work with. Some financial planners will develop one plan by assessing all of your financial goals, while others will be more specific. A consumer should feel comfortable with your financial planner's approach -- whether that is conservative or aggressive. Also, find out if the planner will carry out the financial recommendations developed for you or refer you to others who will do so.

Team Players

It is important to find out the contact a consumer will have at the firm . Will they be working only with the person the consumer meets with or will more people be working on their account? If the consultant works with professionals outside of the practice, such as attorneys or estate planners, it is important to check their backgrounds as well.

Costs for Services & Payments

The cost will depend on particular needs of the consumer. However, the planner should be able to provide an estimate of possible costs based on the work to be done. Ask whether the cost will include the planner's hourly rates, flat fees or a percentage he or she would receive as commission. The financial planner should clearly explain in writing how he or she will be paid for the services to be provided.

Public Disciplining

There are several government and professional regulatory organizations, such as the National Association of Securities Dealers, state insurance and securities departments and CEP Board that keep records of the disciplinary history if financial advisors and planners. Contact these groups and have them perform a background check on your potential advisor or planner.

Put Things In Writing

Ask the planner to provide you with a written agreement that details the services that will be provided. Keep this document in a safe place for future reference.

Partners at Coghlan Financial Group, LLC specialize in financial planning for Fortune 500 companies and their employees. When deciding on a financial planner, Coghlan has a proven record of providing superior service and would be happy to discuss financial planning needs.

Coghlan Financial Group, LLC has been working with the people and businesses of San Diego on retirement and other financial planning issues since 1992. They pride themselves on making retirement work for each individual. Partners of the Coghlan Financial Group are financial advisors with Securities America Advisors, Inc., and specialize in financial planning, retirement and estate planning, risk management, portfolio design, asset management services and financial goal integration.

Securities offered through Securities America, Inc. A Registered Broker/Dealer Member NASD/SIPC Advisory services offered through Securities America Advisors, Inc., An SEC Registered Investment Advisory Firm Coghlan Financial Group, LLC and the Securities America Companies are not affiliated.

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