MarketWatch Picks Features Facet on Finding the Right Financial Planner

You deserve financial advice that makes you feel confident in your future, so it’s worth talking to a few advisers with different business and pricing models to see what the best fit is for you. In your case, you would likely benefit from working with a planner who charges a fixed fee. Generally, personal financial planners and advisers are not able to directly manage a 401(k) while the assets are in the plan. They may be able to provide recommendations on what funds to utilize after reviewing your available investment options. Because traditional advisers charge fees based on the assets they manage, it can be difficult to find one to advise you when most of your investments are in a 401(k) they can’t manage.

You don’t want boilerplate advice, since savings and emergency fund reserves are such important parts of any comprehensive financial plan. This includes a breakdown of your current balance sheet, including overall net worth, as well as a breakdown of your cash flow. Just as important, they need to know your unique goals, what you want to achieve, when you want to achieve it and whether you have any barriers to get there.

[A planner] can even recommend when and if to roll it into an IRA. A planner with a solid understanding of your situation and goals can also more effectively tailor advice about your emergency fund. Not every person or family needs the same amount in savings. The number is dependent on a plethora of factors, including your total income and spending, your income streams and any large, upcoming expenses, just to name a few.