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    Consumer Information

     

    For your convenience, the Financial Planning Association of San Francisco has developed information to provide you, the consumer, with unbiased, timely and pertinent information regarding the various aspects of your financial profile. The information below has been put together by the FPA specifically for your use.


    What is Financial Planning?
    Financial planning is a long-term process of wisely managing your finances so that you can achieve your goals and dreams, while at the same time helping to negotiate the financial situations that inevitably arise in every stage of life.  Financial planning is a process, not a product.



    Hiring a Financial Planner

    Choosing a financial planner is as important as choosing a doctor or lawyer; it's a very personal relationship. In addition to competency, a financial planner should have integrity, trust and a commitment to ethical behavior and high professional standards. You want a planner who puts your needs and interests first. Many planners specialize in working with certain types of clients, such as small-business owners, executives or retirees. Many have minimum income and asset requirements. Some specialize in certain areas of planning such as retirement, divorce or asset management. This is why we recommend that you interview at least three planners in person to find the right one to serve your needs.

    Why do you need a financial planner?

    • Do you have the expertise to make informed financial decisions?

    • Do you have the time and desire to actively plan, manage and monitor the financial aspects of your life?

    • Are there specific areas in your financial situation that need to be addressed?
    • Do you want an objective, outside perspective on your financial situation?
    • Are you facing a new or complex decision regarding your finances that you don't know how to handle? 
    A financial planner can provide objective, third-party perspective on what may be emotional, difficult decisions.  A financial planner will also provide “checks and balances” on an ongoing basis and ensure that you stay focused.  They will also follow through with your financial plans to make sure you implement important recommendations.

    Life events that may prompt you to seek the services of a planner:
    Often a specific event or need will trigger the desire for professional financial planning guidance. These include:

    • Retirement planning including a rollover of an employer pension/qualified plan;

    • Education funding;

    • Protection of financial assets;

    • Inheritance of a large sum of mone;

    • Caring for aging parents or disabled child;

    • Death of spouse or family member;

    • Business planning including buying, selling or passing on a family business;.

    • Charitable Giving.


    Questions to ask when choosing a financial planner:

    • What financial planning designations do you hold, as well as your professional affiliations and memberships?

    • What is your educational background and work experience?

    • What is your basic approach to financial planning?

    • How will you prepare my plan?

    • How will you may address my particular needs?

    • Who will implement the recommendations from the plan?

    • What other services do you offer?

    • What are your areas of specialization?

    • What types of clients do you serve?

    • Do you have any minimum net worth or income requirements?

    • What licenses do you hold?  (such as life insurance or securities)

    • How are you compensated for services?  What are the typical charges?



     

    © 2009 FPA of San Francisco

    The FPASF website is for professional use and informational purposes only. Do not rely on it for investment advice. Opinions expressed are solely those of the members and speakers and do not represent the views of the FPA or FPASF. 

     

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