Smart Money Move #7: Find someone to trust

Financial Moves #7

Let's talk finances

Whether you're just starting out or are close to retirement, there may be a time when you need to talk to someone about your financial situation. There are many types of people who offer financial advice, from Certified Financial Planners to financial advisors and salespeople who have varying degrees of knowledge. 

The first question you might ask yourself is...Do I need a financial planner? If you've asked yourself the question, chances are you probably do. But before you pick a planner, choose wisely, do your research, and ask questions before trusting someone to advise you on your financial future.

Ask your financial planner these questions:question button
  • What are your credentials?
  • What exactly do you do?
  • How do you get paid, and what will it cost me? Paying more doesn't always mean you're getting more. Financial planners can be compensated in a number of ways: commission, a flat fee, or a fee based on a percentage of the assets you have invested with them. Choose wisely.
  • Are you a fiduciary? Fiduciaries make a commitment to work in the best interest of the client. They put your needs ahead of theirs. Fiduciaries cannot combine product sales with advice giving and must disclose how they get paid.
Do your research

researchBe aware of those who also sell financial products like mutual funds, variable annuities and insurance products that are designed to look like investments. Sometimes brokers and insurance agents can benefit more from product sales than the client.

If you have questions and want to talk about your unique financial situation, Member Benefits is here to help. We've been helping Wisconsin public school employees achieve their financial goals for over 40 years. We operate as a trust that reinvests any profits back into programs that benefit our participants. 

Here is just some of what we offer Wisconsin public school employees:

Questions? 

Get started by scheduling a free phone consultation at weabenefits.com/consults and one of our member service representatives will be happy to assist you.

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