Planning Ahead

What to look for when picking a financial expert

Just like your physical and mental health, your financial health also impacts your overall well-being. In a recent survey from the nonprofit CFP Board, half (51%) of respondents working with a certified financial planner (CFP) report that they are “living comfortably” compared to the 28% who are not working with any type of advisor.

The statistics don’t end there. Only 8% of CFP-advised respondents feel money anxiety, compared to 18% of unadvised respondents. So if you feel your financial planning skills are lacking, you’re not alone. Two-thirds of America is right there with you. But help is available — if you know who you’re looking for.

Finding the right financial expert

Different financial professionals can support you in various ways throughout your financial journey:

Think of your finances as a house, suggests Stephanie Gill, a Housing and Urban Development-certified housing counselor and financial coach. “You can’t build a roof to a house or the upstairs bedrooms until you’ve laid a firm foundation in terms of budgeting, paying off debt,” she says. That’s where financial coaches and advisors can be helpful.

“Then you move on to your retirement planning, investing, and saving for your children’s college fund, increasing your income,” Gill adds. Then come fee-only financial planners. “A financial planner has to be in a position where they can help their clients see the whole picture and the whole house.”

They don’t just help you see your house — they help you build it.

This is also how John Furjanic, a financial advisor and certified financial planner at Thrivent, describes his role. Furjanic compares financial planners to general contractors who oversee a project. They aren’t dedicated to a single trade, but they see the big picture and can assist in the overall construction. “A general contractor can do carpentry and electrician work, or they can bring people in who are specialists,” he says.

Building your future with a financial planner

People tend to experience some kind of catalyst that forces them to look into financial planning. “Maybe they get a raise at work, or they get a new job and they make more money,” Furjanic says. “Those are often great times to engage an advisor because you have money that you can put to work, and you can look at different options based on your unique needs.”

Retirement is a common theme that many people realize they need to plan for — and around. “They need to take what they’ve done and the money they’ve earned and invested and turn that into income in retirement,” Furjanic says. “The five years prior to retirement and five years after are really crucial for people to position their money so that they don’t outlive it.”

In Gill’s experience, the language around retirement causes people to shy away because they don’t understand it. “A financial planner is really important when it comes to making sure they have a great understanding of it — breaking it down so that people feel more comfortable and confident with retirement planning,” she says.

Long-term care planning is one of the terms that people avoid, and it’s often overlooked by young, healthy adults. The 2024 Nationwide Retirement Institute Long-Term Care Survey found 43% of adults aged 28 and older worry caregiving expenses could delay retirement, and yet only 17% of all respondents have discussed that worry with a financial professional.

Finding “the one”

Both Furjanic and Gill say the best time to start working with a financial planner is as soon as possible. “I encourage people to bring their children into the relationship,” Furjanic says. “I think it helps the process for generational planning and to pass knowledge down.”

As early as children can read and write, we should be having these conversations, Gill adds, explaining that her school-aged daughters have already started learning financial literacy. “They even have a wealth manager who’s teaching them about Roth IRAs and investments,” she says.

As for finding the right planner, Furjanic says he’s seen most people find their advisor through a friend or neighbor. If you have the opportunity to interview advisors to find a good fit, that can lead to a more personalized experience. Either way, check that they are a fee-only certified financial planner credentialed by the CFP Board.

And remember: Planning for the future also means understanding the risks of inaction, not just preparing for the unexpected. “You have to take some proactive steps, and that’s what a financial planner [does],” Furjanic says. “You’re going to navigate this journey, and they’ve been through it before with other people who have similar concerns and needs and wants.”