Q: I am a 53-year-old widow and mother of two. While I am bright, financial planning and taxes are new to me. I have enough money to see me through if I steward the money well. I would like to develop a financial, investment and tax plan but I think I need help. How do I find a competent professional to help me? What certifications should I be looking for? In the past I had free financial planning services from a wealth management company but found that the financial plan was centered around me investing money in the stock market through them. I discovered that I am too fearful of the stock market. I am however very comfortable with rental real estate. Any help in getting me a good adviser would be greatly appreciated. -- Lise, Lincoln
A: One of the best ways to find a competent financial adviser is to ask your family and friends who they use. If you do not have any luck going this route, you will need to do a little research.
For overall financial planning help, e.g., retirement planning, budgeting, debt management , investments, savings for your children's education, etc., look for a Certified Financial Planner (CFP), at one of the following sites:
• Certified Financial Planner Board of Standards
• Financial Planning Association (FPA)
• National Association of Personal Financial Advisors
The above sites will provide a list of local professionals, including their credentials, method for compensation, experience, education and areas of expertise, e.g., real estate.
Interview at least three advisers, and ask them:
• How they are compensated
• What services they provide
• Do they have any conflicts of interest that influence the advice they provide
• What type of clients they usually work with
• If they are managing assets, where will the assets be housed
• Do they act in a fiduciary capacity toward their clients
If your primary concern is taxes, you should look for a Certified Public Accountant (CPA) who specializes in taxes, or an Enrolled Agent (EA).
You can find Information for CPAs at www.aicpa.org, and for EAs at www.naea.org.
Remember that your financial adviser will be working for you, so don't be intimated by the process.
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