Financial Planning Terms & FAQs

You don’t need a specific amount to see a financial planner; many work with clients of all income levels. Some planners require minimum assets (often $50,000 to $500,000), but many offer hourly or flat-fee services for those without large portfolios. If you have financial goals, complex planning needs, or questions about retirement, it may be worth consulting one, regardless of assets.

A financial planner helps clients create comprehensive financial strategies based on their goals, covering areas like budgeting, investments, retirement, insurance, and estate planning. They assess current financial situations, recommend strategies for growth and security, and provide guidance on specific financial decisions. Financial planners also monitor progress and make adjustments as life and goals evolve.

Most people meet with their financial planner annually to review goals and update strategies. Major life events—like marriage, a new job, or a large purchase—might require additional meetings. If you’re closer to retirement or have complex investments, semi-annual or quarterly check-ins might be beneficial.

Look for credentials like Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC), or Certified Public Accountant (CPA) specializing in personal finance. These indicate rigorous training and adherence to ethical standards. Experience, client reviews, and a solid understanding of your specific needs are also essential factors.

A fiduciary financial planner is legally required to act in the client’s best interest, avoiding conflicts of interest and prioritizing the client’s needs. This is important because it provides transparency, aligning the planner’s recommendations solely with what benefits you, rather than any hidden incentives or commissions. A fiduciary relationship builds trust and helps ensure your financial goals are genuinely supported.