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Accordingly,. when un comes to personal finance, why wouldn‘t we call an expert â€" someone who understands the problems and issues, has seen it before, and can recommend a course of action? The world of personal finance can be complex to navigate, and therefore a good financial planner can be a valuable resource when it comes to managing and building your wealth. So, how does one hire a good financial planner? Ask questions‘ These should include the following: "What are your qualifications?" and "What experience do vou have?" Financial planning requires a technical underâ€" standing of topics such as insurance, tax planning. investment options, estate planning, wills and trusts. Thus, a financial planner should be grounded in all these subjects, as decisions in one area will invariably affect another. Ask what type of training they have taken and which professional designations they hold. Credentials alone We all rely on expetis to assist us in various areus of our lives, whether its a docâ€" tor, dentist, accountant of mechanic. r l Thus colwmn, which is adapted from the Eprâ€" logue of my book. "Rich is a State of Mind". is dedicated to selecting a Anancial planner. How to select a financial planner Blinds Are Us ¢4r4 d on o While seniority alone should not be the deciding factor, working with someâ€" one who has experienced the euphoria of buil markets and despair of the bear can help give you the proper perspective in dealing with the psychology of the marâ€" ket. Helping a client manage their expectations through market cycles is perhaps one of the most important don‘t indicate competence, but the attainment of them should demonstrate a comâ€" mitment to the profession. The financial services sector is known for a relaâ€" tively high attrition rate. As such, experience is an important consideration. How long have they been with their current firm? How long have they been in the industry? Do they bave experience with clients in your similar financial posiâ€" tion? 0 35b Sasaga Drive at Manitou Kitchener 893.8687 thetween Homer Watson and Wabanaki, past CAAt www.blindsareus.ca Good planners are up front about their fees and all costs associated with any investment you make, If you don‘t understand the fees, ask for clarification. If they You should also ask how the planner is paid. Finanâ€" cial planners can earn com:â€" pensation from fees billed to you or from commissions from products sold to you. Same feel there is an advanâ€" tage to "fee only" because there is no pressure to sell you anything. so you get unbiased advice. Fees can range from an hourly rate for work done, a flat fee to create an individual finanâ€" cial plan, or a fee based on the percentage of assets managed. Feeâ€"only planners may not have any direct motivaâ€" tion (i.c. commissions) to help you implement the plan, so your plan might collect dust on your bookâ€" shelf. Having a plan and not implementing it is equivaâ€" lent to having no plan at all. Good planners may recomâ€" mend a course of action or a product; they don‘t urge or pressure clients to buy. If you only focus on cost or commissions, rather than focusing on the value of the recommendation you may shortâ€"change yourself. A more important meaâ€" sure should be how your plan functions and whether or not you are achieving the benefits/results you set out in the plan. roles of a financial planner aren‘t prepared to fully disâ€" close and explain the costs, that should bother you. Finally, I don‘t feel that a planner can be 100 per cent versed in every aspect of the financial arena, so the planâ€" ner‘s business relationships are key. Before you speak to any prospective financial planâ€" ners, it will help if you‘ve done your homework. Gary Miller *# Petals & POFS Inc___ Fiower & Gift Shop Kitchener: 725 Oftawa St S Call 742â€"7221 : Regular *9" s5 _“ a l 1 coupon per doeen. no telephone ardiers. “L' hn us on n H i P io. ao us ww on n e m h f&'fimdilg 5‘&?35 w | Watertoo: 65 Umiversity Ave E Calt 885â€"2180