Washington Business Journal:

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"The responsibility is on you to seek and employ a financial counselor who is competent and works for acrediblre company," says Laurence president and chief executive of The Americabn College, a nonprofit educator of insurance and financial-services professionalxs based in Bryn Mawr, Pa. "Look at their resume, verifty their certifications and checktheir references. If you find someone with charisma, but who lacks technica l depth, keep looking." Just because a planne r has earned aprofessional certification, it doesn'ty necessarily mean the individuapl has the expertise you need. Barton says therw are more than 100 professional designations inthe financial-servicesd industry.
If you're not familiaer with a provider's designation, ask abou it and conduct some research onthe Web. Some common designations are Chartered Life which indicates trainingin insurance; and Certifiefd Financial Planner, which includes training in principles of financiak planning, insurance, employee benefits, income taxes and retirement and estate A Chartered Financial Analyst has expertise in portfolio managementf and investment analysis, while a Certifiedd Public Accountant can offer advice on tax matters. A Registered Investmenf Advisor manages the investments of others and is registerede with the Securities andExchange Commission.
Such professionakl certifications require expertise and a commitmentf to ethical standards and continuing If the consultant is a broker registereed withthe NASD, you can go to the NASD Web site ( ) to see if he has had any historty of improper or unethica l conduct. The type of professional who can best meet your needs dependsz on what you arelooking for. A businesa owner will likely have varied such asinvestment management, business-succession exit strategy, management of tax liabilities, retirement insurance, estate planning, and creatiob and administration of a 401(k) plan for employees.
"The key is to know what you want toaccomplisjh - and not just in your business," says Nicholas Nicolette, president of the board of the Financiak Planning Association. "You must be able to articulates what is most important to you and then find a trustexd partner tohelp you." That meanzs finding a consultant who not only has experiencd with small businesses, but who has worked with companies of similart size and in the same industry as yours. "You want someond who spends most of their time specializinf in the needs ofsmall businesses, especiallh of the size and type you are," says Daniel Moisand, FPA past Says Barton, "Have they provided counsel to others in a comparable situation??
With experience in your they'll understand the lexicon, the riskw and the regulatory environment you face. If they don'y ask you a lot of questions, find anothet adviser." While competence, experience and integrityy areprime considerations, compatibility is important, too. "It's a combination of competenc yand caring," says Nicolette, a certified financialk planner in Sparta, N.J. "You're not lookinf for your next best friend, but you want someon you like and respect so therew can be trust and rapporfbetween you," says Moisand, a certified financia l planner based in FL. "And it's worthwhile to have a conversation aboutpersonall style.
How often will you meet and how - by e-mail or face-to-face?" It's also important to discussa the fee structure at the Some consultants charge an hourlyh rate or a flat fee per while others will ask for an annual retainer or work on Ifthe latter, your adviser is compensated for the investmentsz you buy and/or the size or number of transactions your account generates. An adviserr working for a fee receives remuneration based on an establisheds schedule regardless of the kind or numberfof transactions. "You shouldn't have to ask about it - they shoulrd tell you how they willbe compensated," Moisand says.
"A good consultantr will be forthright, transparent and upfront - if not, it's a bad sign. To find a financial consultant, ask your attorney, accountang or other small-business owners for Local business groups such as your locapl chamber of commerce canprovide leads, Bartob says. Organizations that awar d professional certifications often include a list of members sorterby region. The FPA Web site ( ) is one such