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Protecting Your Money: How to find a solid financial planner

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Posted at 6:09 PM, Apr 28, 2021
and last updated 2021-04-28 22:29:09-04

CORPUS CHRISTI, Texas — According to the Better Business Bureau, a good financial planner should be able to offer objective and reliable advice to help you develop a budget and also provide financial strategy tailored to your individual needs.

Here's some advice when it comes to choosing the right financial planner for your needs.

CHOOSING A FINANCIAL PLANNER

1. Background check
2. How do they get paid
3. Investments
4. Liquidation plan

Check them out thru the Securities and Exchange Commission and the state attorney general's office.

Then ask them how they'll get paid.

  • Are they an annual or monthly fee?
  • Commission on financial products they sell you?
  • Or do they get fees and a commission?
  • What kind of investments are you looking for?
  • How much risk are you willing to take?

Remember, this is your money you're trusting them with. And what about a liquidation plan? How quickly can your investments be available to you in an emergency?

Katie Galan with the Better Business Bureau says you're protected from investment scams today more than ever.

"That whole industry is very highly regulated, which is good news to us, the consumer," Galan said.

Another consideration is whether to go with an established national firm or someone who's independent.

"What kind of investment purchases are you planning to make?" Galan said. "Do you want to purchase mutual funds and things like that? Stocks? Bonds? What is it that you want? Where is it that you want your money to go?"

Finally, beware of Ponzi schemes. This is where initial investors are paid interest out of the proceeds of later investors. And those later investors usually wind up with nothing.