Financial planning and management is no walk in the park. Whether it is due to lack of time and resources or a complicated situation, consider hiring a local financial advisor. As your preferred Lancaster, Pa. credit union, we’re proud to partner with Ron Sultzbach, of Concise Financial Advisement, to help our members identify their long- and short- term goals and to provide measurable financial planning, investment, and advisement.
Type of local financial advisors:
Certified Financial Planners, or CFPs, are the generalists in financial planning. They are qualified to advise you on budgeting, estate planning, insurance, and investment needs. Certified Public Accountants, or CPAs, are the experts in preparing taxes, accounting, auditing, and bookkeeping. These financial advisors will be your best resource in managing personal finances.
When it comes to CFPs, there are two very important distinctions in how they are compensated.
- Fiduciary: gets paid based on up-front fees, hourly, or a retainer
- Suitability: gets paid based on commission and is more likely to trade and sell
To find a fee-only CFP, visit the National Association of Personal Financial Advisors (NAPFA), which is the largest group of fee-based financial advisors. Our partner at Lancaster Red Rose Credit Union, Ron Sultzbach, is a fiduciary financial advisor and offers a free consultation appointment.
Get to know your prospective financial advisor:
Shop around. Search the internet and take recommendations from people you really trust, like friends and family. Try to get an understanding of the advisor style. What assets are they very knowledgeable in – equities, real estate, bonds, commodities? Everyone has some kind of bias that they bring to the table and understanding it will keep you better informed about risk.
Have similar life/planning goals:
Your local financial advisor isn’t just there to crunch the numbers. They are helping you make a plan for your money and your life. You should be looking for someone who has similar values to you. Ideally, you’ll likely want to work with someone who is in a similar life stage. Are you a parent? A planner with children may be better able to understand your need to save for college. When meeting a potential financial advisor, remember that you’re allowed to ask questions, in face you most definitely should be asking questions, about their experience and priorities: “Do you think it’s more important to save for retirement or pay off debt? How do you feel about supporting kids through college? How do you mitigate investment risk as your clients get older?”
Your finances and your future are not taken lightly at Lancaster Red Rose Credit Union; we’re dedicated to helping you on the road to financial success. To find out more get in contact with a local financial advisor – just click here, or schedule an appointment by calling 717-295-6685 or emailing info@LLRCU.org.