5 Steps to Establishing Your Financial Plan With an Adviser
Be sure to ask about fees, get a signed copy of a fiduciary oath and communicate your personal goals.
Personal experience as an investment adviser has taught me that often people and advisers may not communicate very well when it comes to an understanding of financial planning. In some cases, the adviser may have to fill in the blanks using financial planning software. The client, who is expecting more of a life plan, may be disappointed to receive a 20-page report with plenty of graphs and recommendations to purchase products.
Here are five tips on how to go about your planning and come away with personal satisfaction that your goals are reasonable and attainable.
1. Find the right adviser for you.
Schedule in-person or online interviews with potential advisers. Ask if they are fiduciaries and how their planning process works and what can be expected. You should know and understand fully if your plan will be oriented to your life goals. Be aware that plenty of great advisers are not in large firms and are independently owned and small by design.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
2. Ask about fees and the cost of planning.
A good adviser will be transparent with fees and explain how they are compensated. Look for an adviser that charges a fee that fits your budget. At my firm, we charge as little as $100 per month for planning that focuses on your life goals.
3. Get a signed oath.
When you're ready to commit, ask your chosen adviser for a signed copy of his or her fiduciary oath. This pledge will ensure that your adviser always puts your best interests first.
4. Communicate your personal and financial goals.
Great communications are fostered through understanding. Many advisers want to talk about retirement planning only and that may not make sense to you if you are 30 years old and still trying to eliminate college loans.
Focus on achieving your financial independence and creating a great life, as well as preparing for inevitable life events. If your goal is to own your own business, use your planning to address the business ownership topic. Great planners understand business planning.
5. Build a relationship with your adviser.
Good planning comes from a team approach with the adviser acting as your quarterback. Even once you establish a solid game plan, continue working together, communicating any changes that may arise and adjusting plans as necessary. Your relationship, just like your financial plan, should be for the long haul.
The best thing a person in need of counsel can do is actually schedule time with a financial planner and talk. Most planners offer free consultations; the worst thing that can happen is you waste an hour, but you could end up gaining invaluable insight from a pro.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Over a 45-year career, Mr. Reha has helped many individuals, families, and small business owners with successful personal financial planning.
A graduate of the University of Phoenix, Mr. Reha holds a Bachelor of Arts degree in management. He has also completed his Advanced Certification in Financial Planning at Metropolitan College in Denver, Colorado; holds an Advanced Certification in Professional Management from Purdue University, and is a Graduate of the Decker School of Communication. He holds the Securities Series 65 license and is also a licensed life insurance agent.
Mr. Reha is a past member of the Board of Directors for the Boys and Girls Club of Lincoln. Mr. Reha and his wife Diane live in Lincoln, Nebraska. They are the parents of five grown sons and the proud grandparents to twelve grand-children. Mr. Reha was born and raised in rural Iowa.
-
The Most Tax-Friendly States for Investing in 2025 (Hint: There Are Two)
State Taxes Living in one of these places could lower your 2025 investment taxes — especially if you invest in real estate.
-
Want To Retire at 55? See If You Can Answer These Five Questions
Who said you can’t retire at 55? If you say yes to these questions, you may be on your way to an early retirement.
-
Potential Trouble for Retirees: A Wealth Adviser's Guide to the OBBB's Impact on Retirement
While some provisions might help, others could push you into a higher tax bracket and raise your costs. Be strategic about Roth conversions, charitable donations, estate tax plans and health care expenditures.
-
One Small Step for Your Money, One Giant Leap for Retirement
Saving enough for retirement can sound as daunting as walking on the moon. But what would your future look like if you took one small step toward it this year?
-
This Is What You Really Need to Know About Medicare, From a Financial Expert
Health care costs are a significant retirement expense, and Medicare offers essential but complex coverage that requires careful planning. Here's how to navigate Medicare's various parts, enrollment periods and income-based costs.
-
I'm a Financial Planner: Could Partial Retirement Be the Right Move for You?
Many Americans close to retirement are questioning whether they should take the full leap into retirement or continue to work part-time.
-
From Mortgages to Taxes to Estates: How to Prepare for Falling Interest Rates
As speculation grows that the Federal Reserve will soon start lowering interest rates, now is a good time to review your financial plans for housing, estate, taxes, investing and retirement to make the most of potential changes.
-
This Is How Lottery Winners Build Lasting Legacies, From a Financial Professional
Winning a massive lottery jackpot, like the recent $1.4 billion Powerball, requires seeking immediate legal and financial counsel, protecting your identity and winnings and planning your legacy.
-
I'm an Investment Strategist: This Is How the Fed's Next Rate Move Could Impact Your Wallet
Interest rate cuts might be coming, which could affect everything from your credit card debt to your mortgage. It's smart to prepare now — here's how.
-
I'm a Retirement Planner: These Are Three Common Tax Mistakes You Could Be Making With Your Investments
Don't pay more tax on your investments than you need to. You can keep more money in your pocket (or for retirement) by avoiding these three common mistakes.