Washington County Weekend Post

2A • WASHINGTON COUNTY POST • SUNDAY, MARCH 14, 2021 GMTODAY.COM 2021 Fish Fry Dining and Carryout Guide Financial advisors can be invaluable resources for people who need help man- aging their money. There's an existing misconception that financial advisors are only for the rich, but anyone can benefit from some guidance in regard to their finances. The key is finding a planner who understands your needs and is willing to work with you, no matter how big or small your finan- cial dreams may be. According to U.S. News and World Report, some financial advisors are no longer interested in working with people without sub- stantial portfolios. Certain firms have stopped paying commissions to brokers for accounts that are consid- ered small, including cus- tomers with assets worth between $100,000 and $500,000. While that can make it difficult to find financial help, there are ways to receive assistance. • Ask friends for rec- ommendations. If a finan- cial advisor has worked with a colleague, friend or family member, he or she may also be able to provide services to you. To find professionals with reputable credentials, look for someone who has a Certified Financial Planner or Personal Financial Spe- cialist designation. Those who are relying on invest- ment advisors should work with one who has a Char- tered Financial Analyst cer- tificate. These credentials are indicative of proficiency in financial planning. • Look around online. Various online resources, including U.S. News & World Report, offer searchable databases. The Garrett Plan- ning Network at garrett- planningnetwork.com offers a map of the United States where users can find finan- cial advisors in their areas who cater to the middle class. • Contact a profession- al association. The Nation- al Association of Personal Financial Advisors can pro- vide resources for finding local financial advisors. Visit www.napfa.org for a listing. Middle-income indi- viduals can look at the Accredited Financial Coun- selor website at www.afcpe. org to find professionals. Accredited financial coun- selors often focus on helping low- and middle-income peo- ple at affordable prices with relevant financial assis- tance. • Research compensa- tion. Financial advisors may receive compensation in one of two ways: fee-only and non-fee-only. A fee-only advisor typically charges an hourly fee or flat rate for services. A non-fee-only advisor may be compensat- ed at a percentage of assets earned or may receive incentives and commissions from their companies based on preestablished sales goals or objectives. There are no right and wrong answers to fee schedules, but find a situation that works for you. Some people need help navigating the ropes of financial planning. Finan- cial planners can help people from all backgrounds establish and achieve their financial goals. How to find help with financial planning

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