The Blatt Watch by Peter Blatt: How to choose the right financial planner in West Palm Beach or Palm Beach Gardens

From the desk of Peter Blatt

When my grandmother passed away a year ago, my mother asked me how do I choose the right financial planner to help me with this inherited money?  I took a moment and put ego aside and answered her as follows.

What to consider before you hire a financial planner. Look to work with someone who will listen to your financial goals and is able to clearly communicate their understanding of these goals. Ask the planner  how he is compensated. Is he a stock broker who makes money on trades/ commissions or if he is a fiduciary and is paid a fee. Ask the advisor about his philosophy on financial plans and his experience with people and their goals. Ask to see sample work and performance numbers and see if you can trust him.

My mother looked at me and said:

“Will you listen to my goals?” I answered; “yes I will hear your goals and review them with you quarterly. Making sure your expectations are met or exceeded.”

“How are you compensated?” I answered, “I am a fee based fiduciary, I have the highest standard in the industry. I do not earn a commission on investments.”

“What is your philosophy on financial plans?” I answered, “I am more conservative than you (mom) and I don’t like to lose money. My financial plans are very conservative by nature but very useful to help make ongoing decisions during retirement.”

“What is your experience in providing financial plans?” I smiled, and said, “aw mom, I have done over 400 plans and was the lead financial planner for Charles Schwab in 2001. I am now independent and run an 11-year old successful financial and wealth planning firm in Palm Beach County, Florida.”

“Can I see some of your past performance?” I answered, “sure.” She was impressed.

“Can I trust you?” I smiled and said, “yes.”

My mom hired me.

Hope that helps you decide who to hire to help you plan.

Until next time,