5 Considerations For Hiring A Financial Planner In California

by Susan Paige on March 25, 2019 · 0 comments

Financial planners provide businesses, families, and individuals with the advice they need to secure their financial future. As a professional living in California with major cities like Anaheim, San Jose or San Francisco, your financial planner options seem endless. Many professionals in your situation struggle to choose the best financial planner due to being overwhelmed by so many choices. As a result, they fail to make proper financial arrangements. To avoid making the same mistake, read on to discover the top considerations for hiring a financial planner in California.

Financial Planner Specializations

Since California’s financial planner options are plentiful, consider each planner’s specializations. Numerous professionals agree to working with financial planners that specialize in fields unrelated to their own. You might not benefit from working with a financial planner who specializes in financial planning for brokerage company’s shareholders. You would need to understand the difference between a financial planner and a stock broker. Find a planner that specializes in individuals like yourself. Because there are seemingly endless options in your state, you can easily find an advisor who works with professionals in your particular situation. Scout out those advisors to ensure that they understand your needs.

Investment Guidance

Another consideration for hiring a financial planner in California is investment guidance. This consideration is particularly necessary for professionals who put their money in investments like stocks or real estate. If you want to start investing, you should also take this factor into careful consideration. Some financial planners who offer advice on buying and selling investments. Thus, they can profit off of recommending certain investments to clients. Look into how they decide on the best investments for their clients. Find out how many types of investments they recommend. In doing so, you can gain a better understanding of how much they want to help you versus how much they want to profit off of your decisions. Hire a planner who provides investment guidance for their clients’ gains.

Advising Experience

To find the best financial planner, consider each of your option’s advising experience. As with any job role, experience improves financial planners’ abilities. An advisor who has been working in the field for over twenty years will likely provide more valuable insight than one who just started. Since, experienced advisors have seen more financial situations, they have worked through more money-related difficulties. Thus, they will likely be familiar with your situation and can offer better recommendations. Look for an experienced financial planner who helped clients achieve their goals.

Fiduciary Standard

The most successful professionals work with financial planners who maintain a fiduciary standard of care. Such planners act in their clients’ best interests regardless of the situation. Financial planners who are considered fiduciaries are required by law to adhere to this standard even when it forces them to put their clients’ needs above their own. According to Griffin Financial, a financial planner in Anaheim CA, “each client deserves to work with a financial advisor that puts the needs of the client above all else.” Eliminate any advisors who do not follow the suitability standard instead of the fiduciary standard. By doing so, you will narrow down your financial planner options in a city like Anaheim, California. You will be left with only the most trustworthy planners.

Tax Planning Advice

Finally, narrow down your options even more by looking into each financial planner’s ability to provide tax planning advice. Many financial planners cannot offer clients tax planning advice. Their firms forbid them from giving such advice because of the potential liability issues it can cause. However, professionals who receive tax planning advice save more money than those who do not. These advanced financial planners can advice you on how much you should be saving to cover your taxes while meeting your financial goals. By keeping tax planning in mind during your long financial planning search, you set yourself up for a brighter financial future.

With the right considerations in mind, you can find the best financial planner in California. Look for an advisor who specializes in working with professionals who are in the same situation as you. Research the quality of each planner’s investment guidance. Opt for a planner with more positive experiences. Only contemplate working with planners who are fiduciaries by law. In addition, narrow down your options by searching for advisors who offer tax planning advice. Use these top considerations for hiring a financial planner in California to put your wealth in good hands.

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