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How to Find A Best Financial Planner In Boise, Idaho?

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As consumers of financial services, we have a range of professionals to choose from to help us to manage our money.

They are the right people to assist us to make investments, and put us on the best track to financial health and independence.

Experts in this field include financial advisors, financial planners, investment advisors, and more.

Though people are willing to pay for a slew of other services such as event management, wedding planning and legal advice, the reality is that most of us assume that we’re more than capable of being in control of our money.

We invest, borrow, lend, save and spend without bothering to have a supporting structure in place or experts to advise us.

One of the important professionals in this sector is the financial planner and it’s a smart move to understand what a Boise financial advisor does and how they can help us.

Financial advisors help clients to manage their financial assets, while financial planners help to create financial plans and help clients reach their goals and objectives.

Financial Planners: What Do They Do?

Financial planners are qualified advisors who can help clients in investment, insurance, retirement, estate planning and taxation.

Other areas include risk management, cash flow and liability management and setting performance standards to improve financial outcomes.

Their work covers all areas of the client’s financial requirements and the main objective is to help clients achieve their financial goals. It may be about buying property, saving for children’s education, leaving an inheritance for your grandchildren, ensuring that you live an independent and comfortable retirement, donate to your preferred charities and more. It can also mean managing debt, paying bills and maintaining a clear credit profile.

These aspects help to protect you and your family from unforeseen circumstances such as death and disability. Financial crises such as market downturns or healthcare emergencies can strike at any time. Good financial planning can provide a safeguard against many of these disasters.

The process consists of:

1. Clear establishment of client/financial planner relationship

2. Chalking out the client’s goals and expectations and gathering financial information

3. Determining client’s financial status

4. Creating a unique, customized financial plan

5. Deploying the plan

6. Monitoring and managing the plan and the relationship between client and planner

Financial planners may not require special licensing or qualifications in some countries and the scope and definition could differ between different jurisdictions. In some locations, they may be governed by financial authorities, while in others they may be subject to self-regulation.

Though they don’t need specific licenses, they do need securities licenses to sell investment products and methods of receiving compensation. These licenses include the Series 6, 7, 63 and 65 based on their activities and services they provide.

Being A Financial Planner In Boise, Idaho

According to figures provided by the Department of Labor, there are only about 900 financial planners currently working in Idaho.

However, there is a real need for such professionals in this region, as there is a high proportion of residents under 18 living here and their education needs must be taken care of. The Baby Boom generation too is nearing retirement, and their needs would include creation of trusts, stable investment options, estate planning, etc.

Several business schools and colleges in Idaho offer graduate programs in financial planning. These are available at the master’s, certificate and doctorate levels. The CFP (Certified Financial Planner) program is a professional certification for financial planners, conferred by 25 organizations affiliated with Financial Planning Standards and the CFP Board of Standards in the US.

In general, these courses cover key topics such as professional conduct and regulation, general principles of financial planning, education/risk-management/insurance planning, tax and investment planning, retirement, savings and income planning and estate planning. Some programs may include niche topics such as elder-planning, psychology, portfolio management, business economics etc.

How to Find A Best Financial Planner

Ensure that you devote enough time and research into finding the right financial planner to suit your unique requirements. Hiring the wrong one can have disastrous results.

1. Research the profession: It’s important that you spend time with in-depth research into the financial planning profession itself. This helps you to match your own needs with those that the financial planner can provide. For instance, some may provide investment services, but not financial planning, or if you’re below 30, you wouldn’t require wealth accumulation services.

You could also use services such as robo-advisors for low-cost, entry-level services or online advisors for holistic but affordable financial plans. Traditional in-person financial planners can be expensive and necessary only when you require a full service. This can help you choose the right services that you need.

2. Firm up on your Budget: Though you may have to pay your financial advisor quite highly, there are different options available based on the services you need. Face-to-face advice could generally be rated as a percentage of the amount managed, or the planner may charge a flat fee, while some could charge hourly rates. Check how they are compensated, because the best ones are the fee-only advisors or fiduciaries. They are more objective and unbiased and don’t receive commissions on the products they advise you to buy.

3. Get references: It’s not a great idea to pick a name off the internet or the Yellow Pages. Ask trusted friends, family-members or co-workers for references and get genuine feedback about licenses, qualifications, services, integrity and professionalism. Check social media for reviews and also professional associations in case of disputes, etc.

4. Cross-check credentials: You can use resources such as the Form ADV to confirm/check financial planner’s records. This is a key disclosure document that is freely available and is filed by the planners/advisors with the US Securities and Exchange Commission and also the state’s regulatory authorities. Generally, planners themselves offer copies of their Form ADV to clients in the initial stages of the relationship, and this is updated every year.

5. Check primary point of contact: Financial planners may not always work on their own. They may have support staff, client relationship managers and/or investment managers. It’s important to know whom you will be dealing with, because you need continuity and consistency of service to help you during a long-term relationship. This individual has to be familiar with your history, life changes, evolving and dynamic goals, etc. It’s also important from a confidentiality point of view.

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