What to Look Out for When Finding a Certified Financial Planner in NJ

Financial planners help people manage their funds to achieve their financial goals. They often provide a wide range of financial advisory and planning services, from estate planning and budgeting guidance to investment management.

Finding the right certified fee-only financial planners in NJ is crucial in achieving your financial goals. Hence, we’ve outlined what to look for when finding a certified financial planner in New Jersey.

Discover Their Financial Service

Before hiring a financial planner, it’d be best to decide why you need financial help by asking yourself the following questions:

• Do I want help investing?
• Do I need tax help?
• Do I need help with creating a budget?
• Do I need help creating trust and getting my estate plan in order?
• Will I need help creating a financial plan?

Answering these questions will determine the type of financial advisor suitable for you.

Be Specific About Your Need

It’d serve you to be specific about your need, seeing as financial advisors have various names, including financial coaches, financial therapists, portfolio managers, brokers, investment advisors, and certified financial planners.

Considering these titles aren’t tied to a specific credential, it wouldn’t be best to assume that anyone with an official-sounding title also has relevant credentials and training.

However, ensure anyone you hire for investment advice must be registered with the state or the Securities and Exchange Commission (SEC), depending on the assets under management.

Unlike other financial advisors, certified fee-only financial planners in NJ have a fiduciary duty to put their client’s interests first. Therefore, it’d be best to always work with a registered and licensed fiduciary, especially one with a fee-only payment model. That way, you’re sure the advisor won’t go ahead recommending financial products to you to earn commissions.

Note that certified financial planners act as fiduciaries to their clients as required by their certification.

Learn About the Financial Planner’s Options

With many people claiming to be financial advisors, you’ll need to take your time in discovering the various financial planner options and what works for you. There are several ways to obtain financial advice. However, the right choice for you will depend on your budget, the services that you need, and your personal preferences.

Vet the Planner’s Background

Before choosing any financial planner to work with, ensure you vet them. Verify their credentials and check if they’ve ever had any disciplinary problems, like a fraud in the past.

Determine How Much You Can Afford to Pay

While the general notion is that financial advisors are costly, there’s a budget for everyone depending on their financial needs. It’s crucial to discover how much you’ll need to pay the financial advisor.

The truth is, the amount you’ll pay a financial advisor will depend on the financial guidance level you need, assets, and budget.

Suppose your financial portfolio is small; hiring a financial advisor might not be the best option. In that case, you might consider a Robo advisor. Nevertheless, Robo advisors might not give you that personal feel and deep understanding of your financial needs like a financial planner, especially if your financial situation is complicated.

Decide When to See a Planner

While it’s okay to seek financial help and clarity at all times, financial planning is vital after some significant life changes like having a child, getting married, starting a job, or buying a house. Due to the critical financial implications of these life events, upfront financial planning will go a long way in ensuring a stable financial future.

Suppose your financial situation has changed, maybe you inherited some money, or your salary increased; ensure the cash has a positive direction by talking to certified financial planners in NJ to avoid spending it unnecessarily.

Hire a Certified Financial Planner From Mullooly Today!

To avoid living paycheck to paycheck or swimming in debt, you’ll need a financial planner to help you get your finances in check and save towards financial freedom. Contact Mullooly Asset Management Inc today to hire a certified financial planner and get started on achieving financial independence.