Chicago Financial Advisors Chicago, IL

Tips for hiring a Chicago financial planner

Hiring a certified financial planner can be smart move for many Chicago residents. A CFP is a licensed professional who helps people make financial decisions about investments, taxes, education planning, insurance and other financial matters. A CFP will make recommendations taking into account a client’s savings, debt and net worth.

Before hiring a CFP, it’s important to consider the following factors:

Determine your needs: Most CFPs are trained in multiple disciplines but there may be instances where a unique situation arises. Establishing your specific needs from the beginning can help ensure the right CFP is hired for the job, eliminating further problems and saving time. For example, many CFPs are trained in taxes but not all have experience dealing with estate planning.

Check certification: It’s extremely important to check the licensing and certification of every prospective CFP. All 50 states require a CFP to complete a licensing test, and some states require accounting courses and continued education. CFPs in Illinois must pass the Series 65 exam with a score of 72% or higher. The license is administered by the Certified Financial Planner Board of Standards.

Comfort matters: You will have to divulge personal and private information to a CFP, so it’s important to hire one you feel comfortable with.

Check references: There’s nothing wrong with conducting detective work on you own. A CFP will make important recommendations about your financial future, so it’s critical to investigate the integrity of every potential candidate. There are currently more than 250 CFPs on Angie’s List in the Chicago area. You can also ask your friends and family for leads.