Ida Independent is a 48 year old stay-at-home Mom of two children who is now going through a divorce. Ida and her husband had decided early on in their marriage that it was in the best interest of the family if she did not work outside of the home so that you could spend her time concentrating on the children and the family. As a one income family, with no work experience outside of the home since her marriage, Ida was shocked to learn that their financial status had deteriorated to a level that now would require her to find a paying job as soon as possible. Ida had trusted her husband to protect the family financially, but their lack of communication about money played a major role in the derailment of their marriage.
My Credit Counselor explained to me that that once we had secured a lawyer and had notified the collection agencies, they could no longer contact me directly.I was so relieved when this was finally in place because I wasn’t going to have to do this all by myself. Now at least I had someone working with me.
She also told me that, in addition to finding a lawyer, another top priority was to find a Financial Planner who could help me sort out our difficult money problems. This person would also have to work hand-in-hand with my lawyer.
AZ asks: Did she tell you what to look for in choosing a Financial Advisor?
She said it was very important to check on their credentials and experience. Financial advisors can have a wide variety of education, experience and certifications. For instance, a CERTIFIED FINANCIAL PLANNER™ (CFP™) is a professional who is accredited by the Certified Financial Planner Board of Standards and specializes in financial planning. The CFP™ designation is the oldest and most respected financial planning certification. She told me some questions to ask…
- Is the Financial Planner properly licensed?
- What are the advisor’s designations?
- How long has the Financial Planner been in business and what experience does he or she have?
- Does the Financial Planner have a membership with at least one industry-specific organization that enforces a code of ethics?
- Is the Financial Planner committed to continuing professional education?
- Is the Financial Planner a full-time professional?
- What services does he or she offer?
- How is the Financial Planner paid?
- Will they provide client references?
To be continued…
Ida Independent is not affiliated with nor endorsed by LPL Financial.