Picking a Pro to Manage Your Money
Turning to an expert for financial advice is a smart move. Even the savviest woman sometimes struggles with money management. According to a Money.com survey, only 36% of women are satisfied with their net worth. What’s more, about 37% of women are unhappy with their investment portfolio.
Clearly, women want better for their money. However, it takes a trained, seasoned professional to know the ins and outs of the industry.
Here’s the challenge, though. When it comes to financial pros, one size hardly ever fits all. You need to pinpoint which big money brain fits the bill. Which one to call, depends on your specific financial concerns.
Sounds like you need a financial expert to pick a financial expert, right? Thankfully, no–just some advice to point you in the right direction. Read on for helpful information and advice.
37% of women are unhappy with their investment portfolio
Look for certification
There’s not much stopping people with little or no experience from claiming pro finance expertise. How do you tell the difference between a pro and a schmoe? One good way to separate the fly-by-night types from the true experts: certification. Certified Financial Planner (CFP) designation signifies they meet stringent education, examination, experience and ethics requirements. Those three little letters make a big difference. Namely, the pro meets or exceeds a certain level of standards.
Another certification you should note: Purse Strings Approved professionals. It’s our mission to give women better options and service when managing their money. Purse Strings approval proves to the world that a financial pro understands the specialized needs of women and how they want to be served.
How do they get paid?
The way a financial pro gets paid for handling your money varies. If they’re providing a one-time service, like an accountant handling one year of returns, it’s likely a one-time fee. A stockbroker usually works on commission–they take a certain percentage of your earnings. Ask about compensation upfront and be sure you are clear on every detail before you consider them.
Types of professionals
There are about as many stripes of financial professionals, as there are ways to spend your money. Let’s look at some key varieties.
These folks provide individuals and companies advice on tax matters. Reach out for assistance tangling with your returns, maximizing deductions and ensuring you don’t pay more than you have to. Certified Public Accountants are licensed by individual states–it makes sense because no two states have identical tax laws.
We’ve talked about the vital types of insurance women should have. The next step: connecting with a pro to determine what types of coverage and plans you need. Call on an agent to determine which policies fit your life situation. They can ensure your coverage isn’t too heavy, or too light, but just right.
Want to make your money work for you? Investment advisers connect individuals with securities advice. Registered with the Securities and Exchange Commission, they can guide clients toward smart investment opportunities.
These pros are licensed by their respective states to buy and sell stocks, bonds, mutual funds and the like. They must be registered with companies with Financial Industry Regulatory Authority membership.
A simple will usually isn’t enough to dispatch your assets after you’re gone. An estate planner handles the important details you might not know about. These include estate taxes and other issues that need to be dealt with.
Your money matters–it’s important to find pros you can trust with your finances.
If you need answers or advice, reach out to Purse Strings–we’d love to talk.
We will provide you useful and timely information you can use to be #financiallyfearless