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.
Get Kiplinger Today newsletter — free
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.
-
Time to Spring-Clean Your Finances: A Financial Professional's Four Steps to Tidy Them Up
A midyear review of everything from spending to saving, with adjustments as needed, can set you on track to financial security. Plus, don't forget to check in on your workplace benefits.
-
Why a Law Firm Secretly Recording Client Conversations Is Wrong (and Illegal)
A law firm that has been recording client conversations without the clients' knowledge or permission and has threatened employees if they speak out faces legal and ethical challenges.
-
Donating Complex Assets Doesn't Have to Be Complicated
If you're looking to donate less-conventional assets but don't know where to start, this charity executive has answers, such as considering a donor-advised fund (DAF) for its tax benefits and ease of use.
-
Think a Repeal of the Estate Tax Wouldn't Affect You? Wrong
The wording of any law that repeals or otherwise changes the federal estate tax could have an impact on all of us. Here's what you need to know, courtesy of an estate planning and tax attorney.
-
In Your 50s? We Need to Talk About Long-Term Care
Many people don't like thinking about long-term care, but most people will need it. This financial professional recommends planning for these costs as early as possible to avoid stress later.
-
Social Security Pop Quiz: Are You Among the 89% of Americans Who'd Fail?
Shockingly few people have any clue what their Social Security benefits could be. This financial adviser notes it's essential to understand that info and when it might be best to access your benefits.
-
Such Attractive Yields in High-Grade Munis Are Rare and May Not Last Long
According to this munis expert, the last time munis were this cheap was a brief period in 2023. If you kicked yourself for missing out then, you have a second chance now.
-
Financial Analyst Sees a Bright Present for Municipal Bond Investors
High-tax-bracket investors have an excellent opportunity to secure low-volatility, high-quality returns at yield levels rarely seen in over a decade.