Finding Financial Advice that’s Right for You

Follow these links to learn more about different types of financial professionals, how to verify their credentials or disciplinary history, and questions to ask candidates.

Educational Resources for Consumers

• SEC, Investor Bulletin: Top Tips for Selecting a Financial Professional.
• FINRA, Understanding Professional Designations.
• Allan Roth, “The Two Faces of Your Financial Planner,” AARP The Magazine, April/May 2012, pp. 57-59 & 83. Available online as “How to Choose a Financial Planner.”
• SEC, How to Pick a Financial Professional.
  Scroll down for a good explanation about brokers – discount vs full service, opening an account, etc.
• Jessie White Secretary of State, Securities Department. Investment Advisers.

Verify licenses or registration, and to check disciplinary history:

• Brokers – http://www.finra.org/brokercheck/
• Investment advisers – SEC’s  Investment Adviser Public Disclosure
  • State and SEC registered
  • RIAs and Investment adviser representatives
• Insurance agents
  • Illinois Department of Insurance, Licensee Look-up.

Recommended interview questions

• NAPFA, Comprehensive Financial Planning Diagnostic.
• FPA, “Choosing a CFP Professional” on Choosing a Certified Financial Planner.  See especially: Questions to Ask
• FINRA, 5 Steps for Selecting an Investment Pro.
• University of Illinois Extension, Choosing a Financial Professional: Interview Guide.

Search for a financial planner in your geographic area

• National Association of Personal Financial Advisers, NAPFA.org
  • Fee-only planners
• GarrettPlanningNetwork.com
  • Fee-only planners; hourly; goal of serving all people
• Financial Planning Association, http://www.plannersearch.org/.
  • Only CFPs; various compensation models
• CFP Board of Standards, http://www.letsmakeaplan.org/
  • Only CFPs; various compensation models