How Do I Choose the Best Financial Manager?

Whitney Leigh White

Choosing a financial manager to manage your finances should not be a stressful or difficult process, but it can be somewhat time-consuming. Many people will turn to the advice of a financial manager for a number of reasons. These reasons often relate to situations involving one’s loans, mortgages and other types of financial matters. It is always important for a person to seek the advice of a financial manager when it comes to meeting financial goals. When looking for a manager to partner with, always thoroughly search around for one, always take into consideration his or her educational achievements, and always complete a background check on the financial manager.

Most financial managers will consent to a background check before being awarded a contract.
Most financial managers will consent to a background check before being awarded a contract.

The best way you can search around for a financial manager is to complete an online search. It is also wise to consult with friends and family members and see whether they have any recommendations. Although there are many certified financial planners available to partner with all around the world, it is wise to partner with one in your area. Partnering with a local financial planner will allow you to easily stay in contact with him or her, which is a must for him or her to be able to effectively manage all of your financial resources and matters. An online search will quickly show you which financial managers provide services in your area.

A financial manager might go by many different titles, including a financial planner, an independent investment advisor, a retirement planner and more. No matter what title he or she uses, you should always identify what educational achievements he or she has made. Most importantly, you should make sure that the financial manager has completed the educational courses required to become a Certified Financial Planner (CFP). If the manager is a CFP, he or she is required to follow certain ethical regulations and fulfill specific fiduciary responsibilities. Following regulations and completing responsibilities ensures that the financial planner manages your money in the most appropriate manners possible.

Any reputable financial manager should not hesitate to let you complete a thorough background check on him or her. In fact, most of financial managers are registered with the Financial Industry Regulatory Authority (FINRA). FINRA has its own website, which allows you to access records on registered financial mangers. By quickly pulling a report, you can easily determine whether there are any flaws on the financial manager’s record, which enables you to determine whether it is worth partnering with him or her. The only information needed to pull one of these managers' records are his or her full name and his business location.

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