Senior Resource Directory Senior Resource Directory
Senior Resource Directory Senior Resource Directory
Senior Resource Directory Senior Resource Directory
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FINANCIAL SERVICES<br />
14. Does the company provide<br />
regular reporting to clients on<br />
claims activity, e.g. monthly<br />
or quar ter ly? Does it supply<br />
year-end sum ma ries for tax<br />
purposes?<br />
15. Are the company’s activity<br />
reports clean and com pre -<br />
hen si ble to you? Ask for a<br />
sample.<br />
16. Will the company keep on fi le<br />
all of the paper doc u men ta tion<br />
that it receives?<br />
17. Ask the company detailed<br />
ques tions about their fees and<br />
make sure you understand<br />
when, for what and how much<br />
you will be billed.<br />
Guide to Financial<br />
Planning As sis tance<br />
Why Do I Need a Financial<br />
Planner?<br />
The reasons people seek out a<br />
fi nan cial planner are many. Questions<br />
vary: Have I adequately<br />
planned for my elder years? Am<br />
I purchasing the right type and<br />
amount of life, dis abil i ty, longterm-care<br />
and Medi care sup ple -<br />
men tal insurance? Are my life<br />
insurance benefi ciary des ig na tions<br />
correct and ad van ta geous? Are my<br />
in vest ments right for me? Am I<br />
comfortable with the investment<br />
decisions I’ve been making? Or am<br />
I afraid to make any investment decisions?<br />
Are my investment and tax<br />
planning programs coordinated?<br />
Could I earn a higher rate of return<br />
without taking more risk? If I were<br />
to become disabled or incompetent,<br />
is there anyone who knows<br />
enough about my fi nan cial affairs<br />
to properly advise my family? Do<br />
I know what my family’s fi nancial<br />
obligations and resources will be as<br />
a result of my death or disability?<br />
Are my estate planning documents<br />
in order and consistent with my<br />
wishes?<br />
What Does a Financial<br />
Plan ner Do?<br />
Through a distinctive six-step process,<br />
the professional helps you to:<br />
1. Clarify your present situation<br />
through collecting and assessing<br />
all relevant fi nancial data<br />
such as all assets, liabilities,<br />
insurance cov er age, wills, etc.<br />
2. Identify both personal and<br />
fi nan cial goals and objectives.<br />
3. Identify fi nancial problems<br />
which create obstacles to you<br />
reaching your goals and ob jec -<br />
tives.<br />
4. Provide a written plan and<br />
course of action.<br />
5. Implement or coordinate the<br />
im ple men ta tion of the strategy<br />
you decide is best to reach your<br />
goals. The pro fes sion al may coordinate<br />
the im ple men ta tion<br />
of your plan with other pro fes -<br />
sion al advisors.<br />
6. Periodically review your plan<br />
to assure you that it is making<br />
progress toward the attainment<br />
of your goals.<br />
How Do I Select a Pro fes sion al<br />
Financial Planner?<br />
You want to select someone you<br />
can work with comfortably. It<br />
is your right and responsibility<br />
to fully investigate the person’s<br />
background, methods of practice,<br />
cre den tials, etc. The fol low ing<br />
questions should help you obtain<br />
information to help you make an<br />
informed decision:<br />
1. What relevant education and/<br />
or credentials does the professional<br />
have in the fi nancial<br />
planning fi eld?<br />
2. How long has the pro fes sion al<br />
been working in the fi eld you<br />
need as sis tance in?<br />
3. What did the professional do<br />
before becoming a fi nancial<br />
planner?<br />
4. Ask for references.<br />
34 2005-2007 SANTA BARBARA COUNTY SENIOR RESOURCE DIRECTORY<br />
5. What are the professional’s<br />
areas of expertise?<br />
6. Verify that the professional has<br />
good working relationships<br />
with ac coun tants, attorneys,<br />
and others who may be needed<br />
to implement your plan.<br />
7. What type of clientele does the<br />
professional serve?<br />
8. How will the professional keep<br />
you informed of new fi nancial<br />
in for ma tion?<br />
9. How will the professional be<br />
com pen sat ed; on a fee basis,<br />
charging an hourly rate or<br />
through com mis sions generated<br />
through the sale of fi nancial<br />
products, or a combination?<br />
You must choose which method<br />
you are most com fort able<br />
with.<br />
10. Talk with friends, business asso<br />
ci ates, and others who are involved<br />
in the fi nancial ser vic es<br />
fi eld. They can give you insight<br />
into what to expect, or perhaps<br />
a referral.<br />
11. Has the planner ever had any<br />
regulatory action taken against<br />
him/her?<br />
12. Has any client ever fi led a claim<br />
or suit against the planner you<br />
are considering?<br />
13. Has the planner ever had a<br />
claim fi led against him/her<br />
involving employee relations?<br />
The leading national industry<br />
or ga ni za tion that can offer<br />
referrals is:<br />
Financial Planning Associates<br />
5775 Glenridge Dr.<br />
Atlanta, GA 30328<br />
800-322-4237<br />
Fax 404-845-3660<br />
www.fpanet.org
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