Finding a good financial planner in Tampa starts with identifying the type of help you need, understanding how the professional is compensated, reviewing their credentials and background, and choosing someone whose approach fits your financial goals.
The right financial planner should do more than simply manage investments. Depending on your needs, you may want someone who can help coordinate retirement planning, investments, taxes, insurance, estate considerations, and the other moving pieces of your financial life.
Start With What You Need Help With
Before comparing financial planners, think about the questions you're actually trying to answer.
You may be wondering:
Am I saving enough for retirement?
When can I realistically retire?
How should my investments be allocated?
What should I do with an old 401(k)?
How can I coordinate my investment and tax decisions?
How much investment risk should I take?
How should I prepare for a major financial event?
How do I organize all of my financial accounts?
What should I be doing today to help protect my family's financial future?
Different financial professionals may specialize in different areas.
Someone looking primarily for portfolio management may need a different relationship than someone looking for comprehensive financial planning.
Look at More Than Investment Performance
It can be tempting to choose a financial planner based primarily on investments.
But investment management may only be one part of a financial-planning relationship.
A more comprehensive planner may also help you think about:
Retirement
Are you on track? When can you retire? Where will retirement income come from?
Taxes
How could investment, retirement, or other financial decisions affect your tax situation?
Insurance
Do your existing policies appropriately address the risks you're trying to protect against?
Estate Considerations
How do you want assets handled or transferred in the future?
Cash Flow
How should today's spending, saving, and debt decisions fit into your longer-term goals?
Your financial life is interconnected. A decision in one area can affect several others.
Check Credentials and Professional Background
You should understand who you're trusting with your financial life.
Depending on the professional, credentials may include designations such as:
CFP®
CPA
ChFC®
CRPC®
PFS
Other financial or tax credentials
Credentials alone should not make the decision for you, but they can help you understand a professional's education and areas of expertise.
You should also review the person's professional background and registration history.
Investor.gov provides tools that allow consumers to research investment professionals and firms before deciding whom to work with.
Ask How They're Compensated
Understanding compensation is an important part of evaluating any financial relationship.
Depending on the professional and services involved, compensation could include:
Asset-based advisory fees
Flat planning fees
Hourly fees
Commissions
Insurance compensation
Other arrangements
Ask the professional to explain clearly:
How do you get paid?
What will I pay?
What services are included?
Could you receive additional compensation based on the products or services I use?
You should understand the answer before entering into the relationship.
Ask Whether There Is an Investment Minimum
Some financial firms require clients to have a certain amount of money before they will work with them.
Others do not.
At Generations Tax & Wealth Management, there is no minimum amount of money required to start a conversation with our team.
You do not necessarily need to wait until you've accumulated $500,000, $1 million, or another arbitrary amount before asking questions about your financial future.
If you're wondering whether financial planning makes sense for your situation, you can schedule a conversation with our team.
Consider Whether Tax Planning Is Part of the Conversation
This can be particularly important when evaluating financial planners.
Investments and taxes frequently interact.
Selling an appreciated investment may create capital gains.
A Roth conversion may create taxable income.
Retirement-account withdrawals may affect your tax situation.
Business decisions, charitable giving, estate strategies, and other financial decisions can also have tax implications.
If your financial advisor and tax professional never communicate, each may only be seeing part of the picture.
At Generations Tax & Wealth Management, our approach brings tax and wealth planning closer together so financial decisions can be considered from multiple perspectives.
Find Out Who You Will Actually Work With
Don't assume the person you initially speak with will necessarily be the person handling your relationship.
Ask questions such as:
Who will be my primary financial professional?
Will I have a dedicated service team?
Who do I contact when I have a question?
How often will we meet?
Will I work with the same people over time?
Who handles tax-related questions?
Who handles investment decisions?
A good financial-planning relationship should feel accessible.
You should know who to call when something changes.
Look for Someone Who Asks About You
A financial planner should probably be asking you more questions than simply:
“How much money do you have to invest?”
They should want to understand things such as:
Your family
Career
Income
Assets and liabilities
Retirement goals
Tax situation
Insurance
Estate considerations
Major upcoming expenses
Concerns
Priorities
What you actually want your money to accomplish
A portfolio should ultimately support a financial plan.
The financial plan should support your life.
Local Knowledge Can Be Helpful
Working with a financial planner in Tampa can also provide the benefit of having someone familiar with the community where you live and work.
That can be especially helpful for clients who prefer in-person meetings or want a long-term relationship with a team located nearby.
At the same time, technology has made it possible for financial-planning relationships to extend well beyond a single geographic area.
The most important consideration is still finding a professional whose services and approach fit your needs.
Questions to Ask a Financial Planner Before Hiring Them
Consider asking:
What types of clients do you typically work with?
What services do you provide?
How are you compensated?
What fees could I pay?
Is there an investment minimum?
Do you provide comprehensive financial planning?
How do you approach retirement planning?
How do you incorporate taxes into financial decisions?
How often will we meet?
Who will be my main point of contact?
What credentials and registrations do you hold?
How do you measure whether my financial plan is on track?
You should feel comfortable asking questions.
And you should be able to understand the answers.
So, How Do You Find a Good Financial Planner in Tampa?
There isn't one financial planner who is automatically right for everyone.
Look for someone who:
Understands your goals
Clearly explains their services
Is transparent about compensation
Has relevant experience and credentials
Takes a comprehensive view of your finances
Communicates regularly
Is accessible when questions arise
Has an approach that makes sense to you
Most importantly, find someone you feel comfortable having long-term financial conversations with.
Start With a Conversation
At Generations Tax & Wealth Management, we work with individuals and families at many different stages of their financial lives, and there is no minimum amount required to meet with our team.
Whether you're beginning to organize your finances, building wealth, approaching retirement, or managing a more complex financial situation, the first step can simply be a conversation.
Schedule a conversation with Generations Tax & Wealth Management to talk about where you are today and where you'd like to go.
This material is provided for informational purposes only and is not intended as individualized investment, tax, accounting, or legal advice. Services and investment products available may vary depending on individual circumstances.