There’s no debate on how planning your financial future today could indeed make a lifetime of difference for you and your family. Whatever your reason for putting your finances on track – - – could it be for a fulfilling retirement, to increase your wealth, or to protect your loved-ones, a sound financial plan takes you a step closer to turning these dreams into a reality.

But not everybody is as confident on his own money-management skills. Thus, many turn to financial planning advisers to walk them through, give advises tailored to their personal needs and current situation, and help them achieve their financial goals. One of my previous posts talked about the advantages of hiring one. If you’re one of those people who is convinced that you do need a little assistance on the financial aspect, turning to an expert who will help you manage your money is a smart move. However, if you do decide on hiring a financial planner, make sure he can perform the task you are paying him for. Sure, they would always claim of their expertise, their trustworthiness and their willingness to put your interests above anything else. But what you might not know is that some of these self-proclaimed advisers are disguised investment salespeople and do not really have the background or inclination to offer an effective and comprehensive financial plan. If you are not careful with whom you’re handing your money to, you might even end up dealing with a big-time scam and lose your entire life saving altogether.

No, I’m not scaring you in any way. In fact, that is one of the very reasons why Save.net is here for: to serve as a valuable resource and help you with everything that concerns your finances, the right way. You see, there are ways to find out if your financial adviser is exactly who he is telling you he is. To make sure you are hiring the right person to do the job for you, you can always to turn to easy-to-use online sources to investigate that person’s credentials and performance before taking that big leap.

Anyone Can Play “The Planner”

Keep in mind that only those who have earned the certification and fulfilled the requirements of the CFP Board (Certified Financial Planner Board) can be rightfully called a certified planner, and being so, they are bound to follow the strict code of conduct set by the board. As they are also subject to disciplinary actions by the same board, you can assure yourself that you get honest, quality and truly professional services from them.

In order to be certified, a financial planner must have earned at least a bachelor’s degree and 15 college credit hours of studies related to financial planning. The CFP Board has set other requirements which they need to comply as well which includes an additional 30 hours industry seminars in financial planning and a minimum of 2 hours on the ethical standards the board has set up. Checking out their website (at CFP.net) and simply typing a particular financial planner’s name on their site’s search toolbar will yield you information on the person’s certification status and records of disciplinary history, if there is any. Every name on file is clickable, which will provide you all the added information you require including his city, state, training and educational background among others.

Digging a Little Deeper

If your financial planner claims to be a registered investment adviser (RIA), you should expect him to be listed under SEC (Securities and Exchange Commission). All people or firms who are paid to give advises on investments are required to register at SEC, which in case you don’t know, the forms they file are publicly available and could be a very valuable resource for your little investigation project. The commission’s database is searchable online as well (at Adviserinfo.sec.gov). Their page has an “Investment Adviser Search” option you could use.

Learn if your financial advisor is employed by a brokerage firm. Remember that registered representative of broker firms are regulated by FINRA (Financial Industry Regulatory Authority), the largest non-government regulator for all securities firms doing business in the U.S. Their website (Finra.org) provides investors a tool to assist them into looking for any information they need on their financial advisor called the FINRA BrokerCheck. Even if all you have is the person’s name, the tool can provide you an impressive amount of information including previous firms the advisor was affiliated with, previous employments, industry exams passed, records of disciplinary actions filed against him, the state in which he is only allowed to transact business in, and even outside affiliations. Using the tool is very quick. From their main page, just click on the “Investors” link, then the next page may have a few other links on it, just choose the one that says “FINRA BrokerCheck”. Click “Continue” after reading the terms, choose between “Broker” or “Brokerage Firm”, then just type the name of the person or firm you want to conduct a search with. Press on the “Start Search” button and you’ll have the information you need in seconds.

The Internet is a Powerful Tool

By no debate, the internet is among the most wonderful things technology ever brought to everyone’s lives. The World Wide Web has revolutionized how people obtain information on almost anything. While on your spy game, you would come across more free services like Advisor Check (at Advisorbackgroundcheck.com), financial forums, financial reviews sites and the all-time most convenient social media – - – Google your planner’s name, who knows what information you might dig up.

You see, it pays to do your homework before hiring anyone to handle your finances. You can always do an interview, ask your advisor for references to check on his performance, and always trust your guts. Don’t stop yourself from spying on your prospective financial planner. After all, it’s your money and it’s only you who can make the final decision on whom you want to manage it. May you find what you’re hoping to discover. Good luck in your detective work and keep your money safe!