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Determine your investment needs and find someone you can trust
AIMEE K. WILES
Moira and Jim Stewart of Rochester work with Brena Gilbert of Gilbert Financial LLC on their investments. "I needed to be able to find someone I trusted . . . and who was going to be able to help me grow my finances," Jim Stewart said. |
Democrat and Chronicle
(Sunday, January 27, 2002) -- When Jim Stewart started building his personal financial plan, he decided to get some help.
Stewart, 33, decided he needed a financial planner.
"It was from a time management standpoint as well as it's not my area of expertise," said Stewart, who ultimately chose to work with Gilbert Financial LLC in Brighton.
"I don't have the time to be able to analyze the market. I needed to be able to find someone I trusted ... and who was going to be able to help me grow my finances."
Stewart started down the right road, according to Doug Nogami, manager of media relations for the Certified Financial Planner Board of Standards in Denver.
"You should find someone who you trust and you're happy with," he said. "Make sure their style fits your style."
The board certifies financial planners around the country, including 2,708 in New York state.
Nogami says the first step in finding professional help is deciding what you want from the relationship. For example, some people may only want to set up a college savings account, while others may want a detailed financial plan.
Nogami also suggests background checks of financial planners, which include checking out the organizations that certified them. Be sure the financial planner has the expertise in the areas that are important to you, Nogami says.
The New York state Attorney General's Office offers the following advice:
The Certified Financial Planner Board of Standards requires its members to follow a code of ethics that includes putting the client's interests first. The organization also requires planners to have at least three years of experience.
How the financial planner is paid also factors into the decision. Some planners generate income through commissions on products or services they sell.
Others charge fees -- either a flat hourly rate or a percentage of your assets that they manage.
"We encourage the consumers to ask exactly how the planner's being compensated," Nogami said.
Some financial planners also require a minimum investment.
For Stewart and his wife, Moira, the decision came down to customer service.
"We wanted to find somebody (with whom) we didn't feel like a number," he said. "We felt that when we were with them we got personal attention, as well as when we were not with them."
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