Locate Reliable Financial Advice Post Divorce

Many writings on how to find a financial planner deal with just the financial competency of the practitioner. Divorcees need to find a Planner who is reliable, trused, and avaiable without having to go thru a full financial planning process.

Several types of Divorcee

There are a lot of places a Divorcee can search to find the right financial planner for their particular needs. The divorcee may go to her bank, attorney, accountant and other people she knows or places she has been. The choice depends upon if the woman has been involved in caring for the family finances or if she has any experience at all in dealing with money and financial instituions. If the woman has such experience, she probably has a good idea where to turn and what needs to be done to get her financial house in order.

On the other extreme, is the divorcee who is left with almost nothing. This woman needs to find funds to live, and find them fast. In such cases, turning to family and state/county resources might be the best alternative. Her local church may also be able to help. This woman is not currently concerned with long term financial planning..

Another type of divorcee may have exited divorce with sufficient funds to live fairly well. She may have to work to bring in additional funds; however, she is not completely broke. The issue with this divorcee might be that she has never handled the family finances before and has absolutely no idea what needs to be done and where to turn. She is afraid of going to the financial institutions since they well begin to bombard her with sales pitches for some of their products and she has no idea what they are talking about. This woman's main need is not a lengthy financial plan, but assistance in telling her what she has to do and help in getting it done.

What Do You Want in a Financial Planner after Divorce

While asking friends to suggest a person, they may have used this Planner for a purpose other than what you need him for. If you read articles, most of the writing will just tell you to look for either a certified financial Planner (CFP) or a Chartered Financial Consultant (CHFC). and then describe what they are. Both designations mean that the planner has passed certain requirements to receive such professional designations. Both designations also satisfy the educational requirements of most state registered investment advisor requirements, such as the New York. These articles never address the issue of trust at a low cost or if the person will be available when you need them, will they go with you to your bank (without charging $400 per hour).

Qualified financial planners are easy to locate. You can look through the phone book or you can do an internet search. Problem is many the planners may work for larger firms and these firms have a primary objective of maximizing revenue. Many of the firms use commission based products which will give them a commission on any products recommended by their planning representatives. Even smaller firms may recommend to you that they do a full financial plan with all the nice projections, which may or may not be warranted. However, the cost may be $2000 or more for such a plan. Ongoing advice may cost $200-$400 per hour. Even if the Divorcee agrees to pay for this advice, it is still just advice. The Divorcee is still the one who will have to walk into the banking institution to change her accounts. Chances are that the bank personnel will then start making various types of sales pitches to the Divorcee, the usual pitch being investing in the Bank's Mutual Funds. The Divorcee is still faced with the decision of who can she trust. If she is advised by the financial planner on certain types of insurance, and he is a commission based Planner, he will get a commission or referral fee from any new policies you buy. Once again the Divorcee will have to sit there and try to decide if she trusts the person and is she is getting reliable financial advice. How can a Financial Advisor be impartial in his recommendations if one product will give him a nice commission and the other product will not? Essentially the Divorcee may not be any more comfortable than before she went to see this financial advisor.

Where to find a reliable Financial Adviser in Nassau County or Suffolk County

I do recommend starting with a financial planner, but there are several items I would point out which may help in finding a trusted Financial Planner on Long Island and making you more comfortable with your eventual choice of practioner.

1. Fee-Only Financial Planner - This planner’s only compensation is the fee that he bills you. He does not receive a commission nor a referral fee on any product that he may recommend you buy. Therefore, you can be confident that this financial Adviser is recommending a product because you need it, and not because he is going to get a commission from the sale.

2. Does the planner charge for a full hour consulting time each time you call. Here you are definitely being overcharged. The planner should be will to answer a simple question with a very nominal or no fee. Will this planner answer any question 24/7 for a set monthly charge so you know you always have lowest cost but reliable advice nearby.

3. Look for a very small firm, preferably a one- person firm whose owner is retired from a long career in finance. Most probably this person is now doing financial planning to supplement his retirement income. This means that the Planner does not have to charge an exorbitant fee so that he can make a living. Also, this person is probably going to be more available to you when you need him since he has many fewer clients than large firms. He also does not have any sales goals to make this month from new clients. Essentially, such a person can be there for you and give you unbiased advice at a cheaper cost.

- Do a Google search for County you live in, which on Long Island is Nassau County or Suffolk County. Put the following terms in the Google Search Bar:

- financial planning fee only suffolk county

- financial planning fee only nassau county

Go through several pages and look at each firm with whom you may think will be the best fit with the characteristics you want in a financial planner.

-Meet the planner for an hour or so. This should be a free meeting, and is merely so that you can listen to the planner look at his credentials and get comfortable with his approach to finances.

- Ask questions that concern you. Can you contact him and how often, will you be charged for a full hour of advice would you only have a simple question. Will he come with you to financial institutions to assist you changing your accounts? Is he available 24 hours a day if necessary.

- Be comfortable – do you feel that the planner will always be available to you, will not charge you for an hour consulting time when you have a very short question, will come to see you whenever you need to talk face to face, will go with you to do whatever financial task you need to do, will do necessary paperwork for your review without your having to give him Power of Attorney. Essentially, does the person make you feel comfortable and confident? If you do not feel comfortable, keep searching.

Is Your Financial Planner Available at all times?

The person you want as your reliable and trusted Financial Adviser exists. You will find this person if you focus on a small firm with a semi-retired Owner who is a Fee-Only Financial Planner. When a friend asks you who you use for advice, you want to be able to say your Financial Planner is available to you any time of day or night. . Keep looking, the person does exist.