More than at perhaps any other time in your life, some skilled planning advice could be invaluable. But with a myriad of professional advisers out there now, to whom should you turn? What do such designations as CFP and PRP mean? (Answer: Certified Financial Planner and Professional Retirement Planner). And how can these people help you navigate all the changes in your life?
Different advisers will have differing skill sets, so which one is best for you will depend largely on your circumstances and needs. If, for example, you want help managing your investment portfolio, an accountant wouldn't be your first choice; if you're looking for health insurance, an investment rep may have little to offer. Most financial planner designations (like CFP or PFP) require the study of a variety of subjects related to personal finance, but even these well-rounded professionals may seek the assistance of someone else with, say, specialized investment or insurance skills.
Other advisers can have a much narrower focus. That's not to say that any given adviser isn't equal to tasks beyond his or her traditional calling – many professionals expand their practice into related areas as their knowledge and experience grow.
Some family lawyers, for example, acquire a thorough grasp of financial and estate planning, as do many investment and insurance advisers. Nor is it to suggest that professional accreditations are the be-all and end-all of dispensing financial advice. Some unaccredited advisers have as broad and deep an understanding of personal finance as any accredited professional.
But designations do provide a degree of assurance to you, the consumer, that this particular expert has made a long-term commitment to his or her profession and is willing to meet all the ethical and ongoing educational requirements of the association or group that administers the accreditation. The important thing is that, whomever you consider, he or she demonstrates in-depth, up-to-date knowledge of all the aspects of personal finance with which you need help. Or, lacking such knowledge, he or she should at least have a circle of associates who can provide insight into any unfamiliar territory.
Finding a good fit
Where do you start looking for a good adviser? Ask your closest friends and associates, particularly those in circumstances similar to your own. Who do those people rely on? Are they satisfied with a given adviser's services, and how have they benefited?
If you can't get some names this way, check with an appropriate professional association. If you're looking for a financial planner, for example, Advocis (the Financial Advisers Association of Canada) will be able to provide the names of accredited members in your neck of the woods.
If you're of a more modest income, you may not be able to afford (or need) highly skilled financial advice. If you do need some help, though, you might get it from your local community centre or outreach clinic; many of these government-funded facilities can provide retirees with free or low-cost access to basic services such as filing tax returns or helping to prepare wills and powers of attorney.
Page 1 of 3 – On page 2, learn how to select the best financial planner for your specific needs.
