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.

Sign up for Kiplinger’s Free E-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.
-
Higher Summer Costs: Tariffs Fuel Inflation in June
Tariffs Your summer holiday just got more expensive, and tariffs are partially to blame, economists say.
-
Don’t Miss Alabama Tax-Free Weekend 2025
Tax Holiday Ready to save? Here’s everything you need to know about the 2025 back-to-school Alabama sales tax holiday.
-
New SALT Cap Deduction: Unlock Massive Tax Savings with Non-Grantor Trusts
The One Big Beautiful Bill Act's increase of the state and local tax (SALT) deduction cap creates an opportunity to use multiple non-grantor trusts to maximize deductions and enhance estate planning.
-
Know Your ABDs? A Beginner's Guide to Medicare Basics
Medicare is an alphabet soup — and the rules can be just as confusing as the terminology. Conquer the system with this beginner's guide to Parts A, B and D.
-
I'm an Investment Adviser: Why Playing Defense Can Win the Investing Game
Chasing large returns through gold and other alternative investments might be thrilling, but playing defensive 'small ball' with your investments can be a winning formula.
-
Five Big Beautiful Bill Changes and How Wealthy Retirees Can Benefit
Here's how wealthy retirees can plan for the changes in the new tax legislation, including what it means for tax rates, the SALT cap, charitable giving, estate taxes and other deductions and credits.
-
Portfolio Manager Busts Five Myths About International Investing
These common misconceptions lead many investors to overlook international markets, but embracing global diversification can enhance portfolio resilience and unlock long-term growth.
-
I'm a Financial Planner: Here Are Five Smart Moves for DIY Investors
You'll go further as a DIY investor with a solid game plan. Here are five tips to help you put together a strategy you can rely on over the years to come.
-
Neglecting Car Maintenance Could Cost You More Than a Repair, Especially in the Summer
Worn, underinflated tires and other degraded car parts can fail in extreme heat, causing accidents. If your employer is ignoring needed repairs on company cars, there's something employees can do.
-
'Drivers License': A Wealth Strategist Helps Gen Z Hit the Road
From student loan debt to a changing job market, this generation has some potholes to navigate. But with those challenges come opportunities.