I continue to appreciate your questions and comments about my articles. It's so nice to know some people are enjoying them and putting them to good use. As a result of the last round of questions, I find I have a few final comments to add about selecting a financial planner.

You have done your homework. You have found two or more fee-only Certified Financial Planners that you might like to work with. Now, it's time for applying the last round of criteria and making a selection.

Do you want a financial planner who is numbers oriented or someone who is more holistically oriented? The majority of planners are in the field because they enjoy working with numbers and creating various scenarios according to economic conditions. Others prefer making the client the focus and provide a broader approach encompassing the emotional and philosophical realms as well as the practical and fiscal side of financial planning.

Do you see yourself talking to your financial planner about concerns dealing with financial disagreements with your spouse or partner or would you prefer to deal with those issues outside of a financial planning arrangement?

Some clients who came in this morning had their money in three pots: his, hers and theirs. He liked to go fishing in Alaska and she didn’t. She enjoyed traveling internationally and he didn’t. This way, they each had money for their own endeavors without consulting or disclosing the amounts spent to the other. That arrangement works well for them.

Since they are both in their 70’s I asked about their future plans regarding their home. Do they plan to continue to live there or are they considering an eventual move to a smaller home or some sort of planned community. Their responses were as different as night and day. We spent quite a bit of time on that conversation and it’s not complete.

Couples often have differing opinions about financial support for adult children and their educational needs, They may also be considering career advancement that might involve moving and a change in lifestyle. How you want to address such issues can impact how you choose a financial advisor.

Do you want to work with someone in a large or small office? Some financial planners are sole-proprietors; others work in large independent firms or national firms. Do you prefer to work with someone who is doing the actual number crunching on your behalf or would you prefer to work with someone who has younger assistants doing the numbers, leaving the interpretation and meetings to your advisor. The larger the staff, the more resources and generally and the larger the overhead. Which arrangement provides you the most comfort?

If you prefer to have a broader discussion outside of just crunching the numbers, look for someone who has had additional training as a coach. Such a person can invite you to explore habits and beliefs that impact your financial life. For example, when engaging in salary negotiations with your supervisor, a financial planner/coach can work with you to explore more objectively what’s possible.

Would you prefer to work with a man or woman? Each generally comes with a different skill set and/or orientation. Female financial advisors still account for only approximately 25% of financial advisors. Is the gender of your advisor important to you? Will it impact what you talk about and how you talk about it? (Be careful here; many times discomfort can indicate that there is something at hand that needs to be discussed, even though you may not want to according to your feelings.)

Finally, when you talk to the planner, how comfortable do you feel? Are you addressed as a partner in the process or do you experience any feelings of intimidation or condescension? This is a personal assessment that only you can make. You could ask for references but I’ve never put a lot of emphasis on that process. Obviously, the planner will provide only the names of people who are satisfied and happy so you may be getting a much skewed list. Instead, find out if the planner is quoted frequently in various publications. If that’s the case, you can be sure the advisor’s advice has passed intensive scrutiny from a large population of readers; the larger the readership, the more scrutiny.

By now you’ve done all the hard work of finding the right advising partner. May your financial planning lead you to richness in all respects.

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