A good Financial Planner is a straight shooter who can explain your options and risks. Their services will range from preparing a personal financial statement to estate planning information, insurance analysis, employee benefits planning, and cash management advice. Some financial planners will also refer you to other professionals if you are in need of additional assistance. Before hiring a Financial Planner, you should carefully research their background and experience to ensure that their advice meets your needs.
Financial planners can help you deal with sudden influxes of cash, including an inheritance. They can also help you determine how to adjust your budget and retirement contributions, if needed. In addition, they can provide advice for couples planning for a family. A Financial Planner can also guide you through a divorce.
Many financial planners have industry designations. For example, a Chartered Financial Planner (CFP) holds a special designation from the American College of Financial Services. Another designation is Financial Risk Manager, which is given by the Global Association of Risk Professionals. These professionals usually work for banks, insurance companies, and other financial services firms.
In Singapore, the Monetary Authority of Singapore supervises financial firms. It also sets standards for these professionals and enacts them through legislation. Financial planners registered with NAPFA are obligated to act in the best interests of their clients. These financial planners adhere to strict ethics standards, act as fiduciaries at all times, and are recognized as professionals in their field. In addition, NAPFA has adopted a new strategic framework for the years 2022-2025. It focuses on three strategic drivers:
