Recruiting Members of Your Team

Apr 20th, 2009 – Comment

Hi Lou, I listen to your commentary daily on the radio.  I am interested in hiring a financial planner, but am reluctant to discuss anything with anyone.  How does a person with a net worth of say 250k – 1000k go about selecting a financial planner? How much should they expect to pay for financial […]


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Hi Lou,
I listen to your commentary daily on the radio.  I am interested in hiring a financial planner, but am reluctant to discuss anything with anyone.  How does a person with a net worth of say 250k – 1000k go about selecting a financial planner?
How much should they expect to pay for financial planning services?

Mark

Find A Suitable Candidate

Find A Suitable Candidate

 

Hi Mark,

Hiring the right person to help you manage your financial affairs is a matter of interviewing candidates and reviewing their style and track record to make sure that they are a good fit with your needs.

 

 

A great place to start your search and gain a better understanding of what financial planning can help you accomplish is the Canadian Institute of Financial Planners. Here is a link to their site

https://www.cifps.ca/Public/default.aspx

If you spend some time navigating the CIFP site you will find a host of resources to help you better identify what to expect from a planner and what to focus on during the interviewing process.

You mentioned that you are not comfortable talking to anyone about your financial affairs which is something you will have to overcome. Its like going to a doctor and not giving them any information. It just won’t get you a proper diagnosis.

One thing that might help you overcome your reluctance to discuss your affairs  is to get some training in behavioral interviewing techniques. Investigative Solutions Network Inc. offers training in these techniques that can help you better evaluate candidates that you will be interviewing for the job of helping you plan your affairs.

I recommend the services of ISN to organizations that want to improve their hiring outcomes. How do you hire the best candidates for a job? Through better interviews! You might find it strange that I am recommending a service that has its origins in police work but if you want to conduct better interviews you should go to people who absolutely must get to the truth.

Here is a link to the ISN site http://www.investigativesolutions.ca/legal.html

In regards to your question about the costs of developing a financial plan most firms have their own fee schedule. Some planners  develop a plan at no cost and earn commissions when they sell you a financial or insurance product. Others develop a plan and charge a fee for the service but refer you to other providers to supply the products that you might need.

Spend some time enhancing your understanding the financial planning process and you will be well rewarded. The best planners will tell you the best clients are educated clients.

Happy Capitalism!

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