A financial planner guides you in meeting your current financial needs and long-term goals. That typically means assessing your financial situation, understanding what you want your money to do for you (both now and in the future) and helping create a plan to get you there.

In general, if you’re not sure what advice you need, start with a financial planner. A financial planner will focus on your needs first before recommending a course of action. Most planners have been trained to take a broad look at your financial situation, while accountants, investment advisers, stockbrokers or insurance agents may focus on a particular area of your financial life. Always ask a financial adviser what qualifies him or her to offer financial planning services.

While it is true that the younger you start the more beneficial the process will be, financial planning is worthwhile at any age. Although younger people may have more decisions to make regarding their financial lives, changing laws and circumstances can lead middle-aged people and seniors to have to adjust their financial plans as well. Changes in tax law, for example, may require many people to rethink certain investments or estate plans, and adequate disability planning becomes more important as people age.

There is no uniform method by which financial planners are paid. A planner can be paid a salary by the company for which the planner works; by fees based on an hourly rate, a flat rate, or on a percentage of your assets and/or income; by commissions paid by a third party from the products sold to you to implement the financial planning recommendations; or by a combination of these methods. Gridley Associates Inc. is a Fee Only planner. We work only for our clients and do not accept fees or commissions from any third parties.

Most financial planners will meet with you at no charge, to talk about your reasons for wanting to work with them. During this initial session, planners will also decide if they can help you and explain how they would work with you. Like other professionals, the rates financial planners charge depends on their experience, geographic location, level of services and your needs. Interview more than one planner to get an idea of typical fees for financial planning services.

Government agencies do not regulate financial planners as financial planners; instead, they regulate planners by the services provided. As a result anybody can “hang out a shingle” and call himself or herself a financial planner. Only planners certified by The Certified Financial Planner Board of Standards can use the CFP designation. This means they have met rigorous requirements including initial and continuing education, examination and experience standards, and agreed to adhere to a strict code of ethics and practice standards.