Picking a financial planner # 5

I’m Miriam Neff,  and I’m Valerie Neff Hogan, with Wise Women Managing Money

M The first and most important truth about money is, It’s not ours.  It’s Gods, entrusted to us, loaned to us to use and invest wisely.  We need to know money coming in, and money going out.

V If you have a financial advisor, you need to know what they are getting paid.  It’s God’s dollar and you are giving it to that person.  It’s a mistake not to understand how they are getting paid. Some advisors are "fee only" some charge you a flat rate no matter what. Others charge a percentage of your assets under management. Some advisors are paid commissions by mutual funds. If the advisor earns more by ignoring your best interests, do not hire them.

M Good stewards understand how and when their advisor is paid.