If you're considering hiring professional help, you'll need to know what to expect from a good financial planner, and how to tell the difference between a salesperson and someone who offers fiduciary financial planning advice and carries valid financial credentials or designation. Hiring the right professional planner starts by understanding what financial planning is and knowing what to expect of the person you might hire.

When you’re working with a financial professional, it’s key to find out if he or she follows the fiduciary standard. A fiduciary has different obligations than someone bound only by the suitability rule. Fiduciaries must always act in their clients’ best interest – and if they don’t, you have legal options to pursue. Ultimately, when it comes to choosing someone to manage your money, you should find someone you can trust.
Before hiring a planner to help with your finances, make sure to understand what you are paying for. Question the planner about his or her specific training and qualifications, fee structure, and services the professional will provide. Consider developing a list of questions when vetting a financial planner. Finally, check the disciplinary record and references for the planner to make sure you’re receiving the best quality financial guidance.

Balu, his spoilt-child throws his account book, containing all the entries of his transactions with his clients into the gutter, and it becomes impossible for Margayya to resume his old practice. He shows his horoscope to an astrologer and is assured that good times will come for him if he offers puja to Lakshmi, the Goddess of Wealth. The puja is done for forty days, with ash from a red lotus and ghee made of milk from a grey cow. Margayya goes through the puja with all rigour and at the end of it is full of a prosperous career.
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This is a broad term for a professional who helps manage your money. You pay the advisor, and in exchange, they help with any number of money-related tasks. A financial advisor might help manage investments, broker the sale and purchase of stocks and funds, or create a comprehensive estate and tax plan. If the advisor is working with the public, they must hold a Series 65 license. In addition to that license, there are many other financial advisor credentials the advisor might hold, depending upon the services that are provided.
Balu, his spoilt-child throws his account book, containing all the entries of his transactions with his clients into the gutter, and it becomes impossible for Margayya to resume his old practice. He shows his horoscope to an astrologer and is assured that good times will come for him if he offers puja to Lakshmi, the Goddess of Wealth. The puja is done for forty days, with ash from a red lotus and ghee made of milk from a grey cow. Margayya goes through the puja with all rigour and at the end of it is full of a prosperous career.
The advantages that employees can reap from a fiduciary advisor are mainly based on getting personal. The employees will have a full-time financial planner who personally knows them and their individual situations and has their best interests in mind when making recommendations. This personal level of service will likely lead to other benefits as well, as the advisor could assist employees in other areas such as budgeting, estate planning, or income taxes.

The advantages that employees can reap from a fiduciary advisor are mainly based on getting personal. The employees will have a full-time financial planner who personally knows them and their individual situations and has their best interests in mind when making recommendations. This personal level of service will likely lead to other benefits as well, as the advisor could assist employees in other areas such as budgeting, estate planning, or income taxes.

Compensation: The employer must consider the compensation arrangement required by the advisor. Will the advisor charge hourly or annual retainer fees, or commissions, or some combination thereof? Will compensation for all services be the same? May the fiduciary advisor charge a flat fee for offering retirement plan advice, and then make a commission on the sale of long-term-care insurance to the same employee?


Look for a fiduciary. In short, this means the planner has pledged to act in a client’s best interests at all times. Investment professionals who aren’t fiduciaries are often held to a lesser standard, the so-called sustainability standard. That means that anything they sell you merely has to be suitable for you, not necessarily ideal or in your best interest. This point is critical, and should be a deal breaker if a prospective planner is not a fiduciary.
He wanted to marry him to a girl named Brinda, the daughter of the owner of a tea estate in Mempi Hills. When a pundit, after an honest study, declared that the horoscopes of Balu and Brinda did not match, he was curtly dismissed with a fee of one rupee. Another astrologer, whom Dr. Pal found, gave it in writing that the two horoscope matched perfectly and was paid Rs. 75 for his pains. “Money can dictate the very stars in their course.”
Fiduciary duty is important for guiding the actions of the professionals who deal with clients’ money. It’s also important because, when violated, it provides an avenue for legal action. If a financial professional who isn’t a fiduciary has been knowingly selling you low-performing, high-fee investments, you don’t have the legal standing that you would have if the professional were a fiduciary.
 Investment advisors who work with retirement accounts are now held to the Department of Labor (DOL) fiduciary standard. These advisors must disclose all fees and conflicts of interest. They cannot recommend products that represent a conflict within retirement accounts. In other accounts, RIAs can recommend products that represent a conflict as long as they disclose the conflict first.
Choosing a fiduciary financial advisor can give you greater peace of mind. With a fiduciary financial advisor, you’ll know that the person managing your money must make decisions in your best interest. In general, fiduciary financial advisors tend to have fewer conflicts of interest, and they’re required to disclose any potential conflicts of interest that they have. Financial professionals who earn commissions may be incentivized to sell their own products even if there are comparable products available at a lower cost. Fiduciaries must seek the best prices and terms for their clients. Thus, if you work with a fiduciary you’re more likely to end up with the product or recommendation that’s truly right for you.
The CFA program is an extremely well-regarded curriculum, and the CIPM program "is the investment industry's only designation dedicated to investment performance analysis and presentation." If articles with titles like "Evaluating Portfolio Performance" by V. Bailey, Thomas M. Richards, and David E. Tierney, and "Investment Performance Measurement: Evaluating and Presenting Results," Philip Lawton and Todd Jankowski, eds. (Wiley 2009) capture your interest, the CFA institute has a reading list that you are sure to like.

Look for a fiduciary. In short, this means the planner has pledged to act in a client’s best interests at all times. Investment professionals who aren’t fiduciaries are often held to a lesser standard, the so-called sustainability standard. That means that anything they sell you merely has to be suitable for you, not necessarily ideal or in your best interest. This point is critical, and should be a deal breaker if a prospective planner is not a fiduciary.
The R.F.P. is the older (established in 1987) and more stringent of the two publicly monitored designations. All R.F.P.s must first demonstrate their competency, then abide by a code of ethics and adhere to rigorous practice standards as defined by the granting body, the Institute of Advanced Financial Planners (IAFP). Every R.F.P. must attest each year that financial planning is their primary vocation.[12]
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