Westchester Savings Tips

The current struggles of the economy have many Americans cutting back on everything from fuel and gas to retirement. With so many facets of life affected, the need for expert financial advice is greater than ever.

“The first step is to decide which aspects of your overall financial picture require professional help,” said James J. Tyrpak, CLU, ChFC, MSFS, AEP, president of the Society of Financial Service Professionals. “If you need help funding a college education, for example, you want to make sure the adviser you choose has strengths in that area.”

Tyrpak offers the following tips to help consumers choose a financial planner:

• Ask about the adviser’s educational background and professional credentials. Because there are no state or federal laws requiring advisers to meet minimum requirements for education and credentials, virtually anyone can represent themselves as a “financial planner.” Professional credentials help ensure that the person has the education and training to provide you with informed advice and ethical service.
• Find out whether the adviser will provide an initial meeting at no cost. During that meeting, ask the adviser to explain the process for preparing a plan. This may include gathering financial data, setting goals and determining how much risk you can tolerate. Be sure that you and the adviser agree on what will be included in the plan, before it is written.
• Understand whether the adviser will have access to your money. Be sure the agreement clearly states, in writing, the extent to which the adviser has authorized access to any of your assets.
• Ask yourself whether you would feel confident working with this person. Once you’re convinced that the adviser is qualified in terms of education and experience, you will want to make sure you feel at ease when discussing confidential financial details and your personal financial goals.

For more information, visit www.financialpro.org and click on “Consumer Info.”

Courtesy: NewsUSA

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