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4 Questions to Ask a Money Manager

Jul 26, 2013

Asking a few important questions of a prospective money manager is a great first step, one that can mean the difference between meeting or falling short of your financial goals.

Indeed, a money manager can play an incredibly important role. Not only do some serve as financial planners, helping you to save for certain goals -- such as your kid's college or retirement -- but their main goal is to make investment decisions that directly affect your ability to meet those goals.

That's why it's so important that you find a person who is the right fit for you. In fact, most experts recommend that you interview several managers before making a commitment. Here are some important questions to ask:

How will you go about investing my money?

While some money managers will focus on your particular goals and circumstances, others may use the same basic market strategy or philosophy for all of their clients, said Eleanor Blayney, [CFP®,] a consumer advocate at the CFP Board, a nonprofit organization that sets standards for certified financial planners. So it's important to find out whether your stock market investments will be tailored to your particular savings targets and time horizons.

"The distinction is: 'Are my financial circumstances taken into account or are you managing money by a specific overall objective?'," she said. Read more >

CNNMoney
Melanie Hicken
July 26, 2013

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CFP Board’s leadership and representatives are available for interviews and speaking engagements on personal finance, the financial planning profession, CFP Board and the CFP® designation.

Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call himself a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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