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.
-
4 Career Moves to Make Now if You're Worried About a Recession
Worried about a recession? These steps to protect your job prospects will help you professionally whether a downturn develops or not.
-
How StoryCorps Works and How You Can Tell Your Story
StoryCorps has recorded conversations between thousands of people, and anyone can participate. National facilitator Alan Jinich explains how to share your story.
-
I'm a Retirement Psychologist: Here's Why Doing What You 'Ought' in Retirement Beats Doing Whatever You Want
True retirement freedom isn't about simply doing whatever you want, but about finding purpose and direction through commitments that align with your deepest values and allow you to contribute meaningfully.
-
Tactical Roth Conversions: Why 2025-2028 Is a Critical Window for Retirees
The One Big Beautiful Bill (OBBB) extended today's low tax brackets, but they may not last. Here's how smart planning now can prevent costly tax surprises later.
-
Ready to Retire? It's Not Too Late to Convert to a Roth IRA
Millions of Americans are turning 65 this year. If you're retiring soon, don't dismiss the idea of a Roth conversion — it could still be a smart move even now.
-
I'm a Financial Adviser: Three Things You Will Wish You Did Before the Fed Cuts Interest Rates
With potential interest rate cuts on the horizon, you might want to lock in today's higher yields and consider adjusting your asset allocation.
-
Simple Ways to Save on Back-to-School Shopping This Year
Set a budget and stick to it, scour the house for what you already have, decorate backpacks and lunch boxes with your kids and consider buying some items during holiday sales.
-
The Seven-Day Financial Reset: A Simple Plan to Get Control of Your Money, From an Expert
Sometimes, getting unstuck requires a reset. These practical steps can help you tackle your money issues and feel less overwhelmed by it all.
-
Three Pros (and Four Cons) of Hiring Multiple Financial Advisers: The View From a Financial Adviser
There's nothing to stop you from working with several financial advisers instead of just one. But take a balanced view of the risks and rewards first.
-
Here's Why Munis Aren't Just for Wealthy Investors Now
Buyers of all levels should be intrigued by municipal bonds' steep yield curve, strong credit fundamentals and yield levels offering an income buffer.