Saving money is more difficult than opening a savings account at the local bank. There are stocks, individual retirement accounts (IRAs), 401(k)s, and Thrift Savings Plans (TSPs). It's also hard to know how much money to contribute. But with the help of a certified financial planner, saving money doesn't have to be a headache.
The first step to finding a financial planner is to determine whether this professional is fee-based, commission-based, or fee-based with a commission. For example, a financial planner that has a fee-based practice makes a commission on the financial products he sells to their clients. Some planners offset the commissions earned against a flat fee and others work on commissions alone, according to Bankrate.com. However, there are some financial professionals that charge a set amount or an hourly fee.
Once the fee-structure is established, ask the financial planner if he requires his clients to have a minimum investment amount. For instance, some clients must have $100,000 or more to invest before a financial planner does business with them (the minimum varies among financial planners.)
If the financial planner "fits the bill," he should offer to do the following for his client:
Working with a financial professional is the best way for clients to build wealth and save for important events -- such as retirement or college. Servicemembers interested in this service should check with the Department of Defense or the Veteran's Career Network at Military.com for more information.
On Friday, one of the other money pages here at Military.com featured this question: “How can we help our son figure out military pay?” I thought the answer missed many of the resources that are available. The Ask Scott & JJ page is written by Scott Halliwell and JJ Montanaro of USAA, and I am sure […]