What is Financial Planning?
Everyone needs the knowledge and ability to save and invest for a better future. Fortunately, there are more than 170,000 CERTIFIED FINANCIAL PLANNER professionals globally - including our CFP® professionals at SCI Wealth in Botswana – dedicated to providing people with the competent and ethical financial planning advice they need.
“understanding our money issues is the first step towards taking control of our financial lives”
For a glimpse of the financial planning profession’s activities and presence around the globe, visit the Financial Planning Standards Board’s World Financial Planning Day website worldfpday.org . And for a look at the many ways and phases of life in which a CFP® professional can help you, visit LetsMakeaPlan.org.
Below, we’ve included important questions to ask as you search for a financial planner or advisor.
On World Financial Planning Day, here are some questions to help you find a Financial Advisor in Botswana
The first question to ask – before all the others: Do you put your clients’ interests first?
A financial fiduciary puts a client’s interests ahead of his or her own when providing advice, and makes full disclosure of any potential or existing conflicts of interest that could influence the advice. All CFP® professionals are required to act as a fiduciary when providing financial planning. However, there are some financial professionals who are not held to this standard.
Here are some other important questions:
What are your qualifications?
Ask about the credentials your planner holds, and learn how they stay up to date with current changes and developments in the financial planning field. CFP® professionals expand their knowledge and stay informed through mandatory continuing education courses.
What financial planning services do you offer?
Credentials, licenses and areas of expertise are all factors that determine the services a financial planner can offer. Financial planners must be licensed to sell insurance or give investment advice by NBFIRA in Botswana.
What is your approach to financial planning?
Make sure the planner's investing philosophy isn't too cautious or overly aggressive for your needs. Learn how they will carry out recommendations or refer tasks to others.
What types of clients do you typically work with?
Some financial planners prefer to work with clients whose assets fall within a particular range or focus on specific areas, like retirement funding or college planning. It's important to make sure the planner is a good fit for your individual situation. Keep in mind that some planners require you to have a certain net worth before offering services.
Will you be the only financial planner working with me?
Some financial planners work with their clients directly, and others have a team of people that work with them. Ask who will handle your account, meet them and ask whether the planner works with professionals outside their own practice, such as attorneys, insurance agents or tax specialists.
How will I pay for your financial planning services?
Planners can be paid in several ways: through fees, commissions or a combination of both. Your financial planner should make it clear how they will be paid for the services to be provided.
How much do you typically charge?
Although what you pay will depend on your particular needs, the planner should be able to provide you with an estimate of possible costs based on the work to be performed. Costs should include the planner's hourly rates or flat fees, or the percentage of commission received on products you may purchase.