How do I find the right financial planner?

ACS Answer

A qualified financial planner can help you set up a financial plan that will address your current and future needs. Be sure to interview financial planners who can understand your medical and financial concerns.

To begin, you need to get names. Make a list of names of possible planners. To get started, take the following steps: 

1. If you belong to a support group, ask participants if they have planners.  
2. Ask trusted friends, advisors, and co-workers for referrals.  
3. If you already work with a lawyer or accountant, ask those professionals for names.  
4. Call the following financial planning organizations. They can provide names of planners near you.

   Financial Planning Association
   4100 E. Mississippi Avenue, Suite 400
   Denver, CO 80246
   (800) 282-PLAN
   www.fpanet.org
   
   Certified Financial Planner Board of Standards, Inc.
   1670 Broadway, Suite 600
   Denver, CO 80202-4809
   (888) 237-6275; (303) 830-7500
   www.cfp.net
   
   International Association for Registered Financial Planners
   The Financial Planning Bldg.
   P.O. Box 42506
   Middletown, OH 45042
   (800) 532-9060
   
   National Association of Personal Financial Advisors
   3250 North Arlington Heights Road, Suite 109
   Arlington Heights, IL 60004
   (800) 366-2732; 847-483-5400
   www.napfa.org
   
   Personal Financial Planning Division of the American Institute of Certified Public Accountants (AICPA)
   www.cpapfs.org
   
   Society of Financial Service Professionals
   www.financialpro.org

5. Make a list of several names. You don’t want to rely on just one or two recommendations. If this sounds like too much of an effort, allow others to help you. Your trusted friends and loved ones can help gather this information.

6. Gather background material: Before meeting with planners, try to get information on their backgrounds. If possible, get this information in writing. You’ll want to know the following:

   • general education

   • professional credentials, such as the Certified Financial Planner®, CFP® , designation licenses such as for selling stocks, insurance, or real estate

   • experience with clientele in situations similar to yours (remember, it’s always best to work with a planner who has helped clients with backgrounds or circumstances similar to your own)

   • how the planner is paid

   • membership in professional groups

7. If a planner doesn’t want to give you this information, scratch his or her name off your list.

8. Check with regulatory groups: There are groups that oversee financial professionals. They can tell if the planner you’re considering was ever subject to disciplinary action. These groups include:
   
   Certified Financial Planner Board of Standards, Inc.
   1670 Broadway, Suite 600
   Denver, CO 80202-4809
   (888) 237-6275; (303) 830-7500
   www.cfp.net
   This board regulates Certified Financial Planner licensees.
   
   Securities and Exchange Commission
   (800) 732-0330
   This is a federal agency. It oversees “registered investment advisors,” which includes anyone who is paid for giving investment advice.
   
   National Association of Securities Dealers, Inc.
   (301) 590-6500
   http://www.nasd.com/
   This group regulates people who sell mutual funds, annuities, and stocks.
   
   State Securities Agency
   This agency enforces the rules on how stocks and bonds are sold. It usually can be found in your state’s capital. To find your agency, check the phone book, call the North American Securities Administrators Association, (202) 737- 0900, or visit their Web site for a state listing at www.nasaa.org.
   
   State Board of Accountancy
   Some financial planners are certified public accountants, or CPAs. CPAs are supervised by their state board of accountancy.
   
   State Insurance Commission
   If you think you might buy insurance through a financial planner, you should check with this commission. This group can make sure the planner is licensed to sell insurance. This group usually can be found in your state’s capital. Check the phone book, or call the National Association of Insurance Commissioners, (816) 783-8500.

Related Resources

Get more information about finding a financial planner.

Also try this resource from AARP for more information on financial planning.

Find books that cover this and other cancer topics at the American Cancer Society bookstore.

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