Linda Stern (Reuters) provided some tips for getting help selecting a financial planner and/or adviser in her August 4, 2013 column in the Chicago Tribune.

The first part of the article summarizes the battle that has been going on since the 1990s to impose a requirement that all financial planners and/or advisers put their client’s interest first.  The point she was making is that you should not wait until Congress decides who should be covered and by what standard as an excuse for not getting help with your financial matters. 

“If you are getting your financial advice for free, you are not getting an adviser who is putting…” your interest first.  “Smart and unconflicted financial advice is worth something…”  Many of us provide guidance, support, etc. for those that want to manage their financial matters themselves.

“Look for the term ‘fiduciary planner’.”  Until Washington waters it down, it means the adviser has to make sure your investments are the best possible investments for you.”  Those that have the Personal Financial Specialists Credential (PFS) had to establish they had the specified experience, specified education and successful completion of the required examination.  As a member of the AICPA, we are also are subject to the AICPA Code of Professional Conduct.  CPA/PFS professionals must maintain objectivity and integrity, be free of conflicts of interest, and shall not knowingly misrepresent the facts.  Some believe these requirements are the essence of the fiduciary duty.

“Regardless of where you get your advice, make sure your assets are held in a bona fide brokerage account insured by the Securities Investor Protection Corp. “

Bottom line is that you should not delay planning.  Delays can limit you alternatives and require more effort to reach your financial goals.  You should also do your due diligence in selecting a professional to guide you through the process.
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