CFP(R)s must pass a rigorous exam and have three years of experience before they can use the CFP(R) designation. So, when you hire a CFP, you know you are getting someone that is not brand new to the profession. Pros: This is a fabulous way to make sure you are hiring a Certified Financial Planner. Then, you can narrow your search to make sure you find a financial advisor that has the right area of expertise. Cons: None Advisors with photos and detailed information have paid to have an enhanced listing, and anyone you find on the site is interested in working with seniors. Boomerater also has many informative articles written by the advisors listed in their directory. Pros: You’ll find a complete list of all financial planning and investment management firms in your geographic area. The ones with enhanced listings are looking for new senior clients. Cons: You will need to search through the listings to find firms and financial advisors that offer the services and compensation structure that you prefer. Boomerater does not pre-qualify the listings for you. Pros: Compared to the population of financial advisors as a whole, NAPFA members are often more experienced, credentialed, and have more well-established practices. They also must meet stringent continuing education requirements, as NAPFA requires 60 hours of continuing education every two years to remain a member. Cons: NAPFA members may have minimum fees or minimum asset requirements. For example, some will not work with clients who have a portfolio of less than $500,000 or $1,000,000. Pros: Hourly planning can be a great way to get an objective opinion about financial decisions. An hourly financial advisor can run a comprehensive financial plan or help with smaller specific projects, such as the allocation of a 401(k) plan, or helping you decide whether to fund a Roth IRA or Traditional IRA. Cons: If you are looking for an ongoing relationship with a financial advisor who knows your situation inside and out, hourly planning may not be the way to go. To use the service, you fill in some basic information, and then you are personally matched with a few select advisors that meet your requirements. Pros: No need to search through multiple listings. Once you complete the online form and submit your request, your situation is personally matched to a few select advisors. Your contact information is sent to them, and their company information is sent to you. Cons: If you are not comfortable providing net worth and asset information, you will find it challenging to find the right advisor for you using this search engine.
