South Florida Business Journal:

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"The responsibility is on you to seek and employ a financial counselor who is competent and works for acredibles company," says Laurence Barton, president and chieft executive of The American College, a nonprofirt educator of insurance and financial-service s professionals based in Bryn Mawr, Pa. "Look at their resume, verify thei r certifications and checktheir references. If you find someone with but who lackstechnicall depth, keep looking." Just because a planner has earne a professional certification, it doesn't necessarily mean the individuak has the expertise you need. Bartoh says there are more than 100 professional designations inthe financial-services industry.
If you're not familiar with a provider'sa designation, ask about it and conduct some research onthe Web. Some common designations are Chartered Life which indicates training in and CertifiedFinancial Planner, whicjh includes training in principlea of financial planning, insurance, employee benefits, investments, incom e taxes and retirement and estate planning. A Chartered Financia Analyst has expertise in portfolio management and investment while a Certified Public Accountan t can offer advice ontax matters.
A Registereds Investment Advisor manages the investments of others and is registered with the Securities and Exchange Such professional certifications require expertised and a commitment to ethicap standards and continuing If the consultant is a brokert registered with the you can go to the NASD Website ( ) to see if he has had any histort of improper or unethical conduct. The type of professionalp who can best meet your needs depends on what you arelookinvg for.
A business owner will likely havevarief needs, such as investment management, business-succession planning, exit management of tax liabilities, retirementy planning, insurance, estate planning, and creationh and administration of a 401(k) plan for employees. "The key is to know what you want toaccomplish - and not just in your business, says Nicholas Nicolette, president of the board of the Financial Planning Association. "You must be able to articulater what is most important to you and then find a trusted partnefr tohelp you.
" That means finding a consultant who not only has experiencs with small businesses, but who has workefd with companies of similar size and in the same industryh as yours. "You want someone who spendsx most of their time specializing in the needs ofsmalll businesses, especially of the size and type you are," says Daniel Moisand, FPA past president. Says Barton, "Have they provided counsel to others in acomparable situation? With experience in your industry, they'lp understand the lexicon, the riskxs and the regulatory environment you face. If they don't ask you a lot of find another adviser." While competence, experiencee and integrity are prime compatibilityis important, too.
"It's a combination of competenc and caring," says Nicolette, a certifiesd financial plannerin Sparta, N.J. "You're not lookingv for your next best friend, but you want someonee you like and respect so there can be trust and rapporrbetween you," says Moisand, a certifiedx financial planner based in FL. "And it's worthwhile to have a conversatiom aboutpersonal style. How often will you meet and how - by e-mail or face-to-face?" It's also important to discuss the fee structured atthe start.
Some consultants charge an hourly rate or a flat feeper project, whilse others will ask for an annual retainer or work on If the latter, your adviser is compensatedr for the investments you buy and/oe the size or number of transactions your accoun t generates. An adviser working for a fee receives remuneration basedx on an established schedule regardless of the kind or numbeerof transactions. "You shouldn't have to ask aboutt it - they should tell you how they willbe compensated," Moisand says. "A good consultant will be forthright, transpareny and upfront - if not, it's a bad sign." To find a financial consultant, ask your accountant or other small-business owners for recommendations.
Local business groupws such as your local chamber of commerce canprovids leads, Barton says. Organizations that awars professional certifications often include a list of memberzs sortedby region. The FPA Web site ( ) is one such