Chapter 10 of 13
Selecting professional help
Choose and evaluate financial, tax, legal, insurance, and care professionals.
"Qualified financial planner" is not a complete description. Confirm what the person is licensed or certified to do, how they are paid, whether they sell products, what standard applies, and who is responsible for tax, legal, insurance, or investment implementation.
| Question | Why it matters |
|---|---|
| What credentials and registrations do you hold, and can I verify them? | Titles vary. Verify securities/insurance registration and relevant planning designations. |
Fee-for-service, percentage of assets, How are you paid? commission, salary, referral fees, or a combination can create different incentives.
| Question | Why it matters |
|---|---|
| Do you have a legal fiduciary duty in this engagement? | Do not assume every advisor or salesperson owes the same duty in every circumstance. |
| Will you provide a written scope, assumptions, recommendations, costs, and conflicts? | A written engagement reduces misunderstanding and clarifies what is not included. |
| What products or custodians are you restricted to? | Limited product shelves and proprietary products can affect recommendations. |
| Who prepares tax returns and legal documents? | Planning, tax filing, legal drafting, and insurance advice are different services. |
| How do you model survivor, tax, inflation, care, and market stress? | Good planning should show trade-offs and adverse scenarios, not only one projection. |
| How can I terminate the relationship and transfer assets? | Understand exit fees, deferred sales charges, portability, and record access. |
Verification: Check disciplinary history and registration through the appropriate securities, insurance, professional, or credentialing body. Ask for references only as a supplement, not a substitute for independent verification.
Educational guide only. Rules and benefit amounts change. Confirm important decisions with official sources and qualified professionals.