the CFP Board's 10 Questions to Ask Your Planner. Then, formulate your own questions based on what concerns you.

Through asking questions and taking note of the answers, you'll begin to understand the parameters of the industry, it's players, and it's representatives. You'll also learn the limitations of any particular firm or advisor, what services you really need, and what type of advisor client relationship may serve you best.

But, there's more.

A wise fin

Financial Advisors come from varied backgrounds, wear different hats and offer vastly different services. So, that begs the question, “What makes an advisor from Merrill Lynch, or UBS, or MetLife, or another firm, big or small, different from any other?”

That's a great question – one I get asked all the time. But, the question I often sense lurking well below the surface is one far more rarely asked, if ever. That question is, ... “Who is the right advisor for me and my family?”

Slick slogans and fancy websites aside, one thing is sure. It's way harder than ever before to determine who's who in the financial industry and answer that question.

Just a few short years ago there were clear differences between financial service firms, their representatives and the services they offered. Banks existed to help consumers save money or get loans. Stock brokers worked for wirehouses and broker/dealers and sold securities. Mutual Funds sold shares directly or through their own sales representatives. And, insurance companies sold insurance through their agents.

Today, once clear lines have evaporated. Now, there is one broad, and somewhat murky, financial services sector populated with many types of financial service providers and many types of financial advisors. The relaxation of industry regulations, industry consolidation, the subtle, and ongoing, shift from transaction based business to fee based business, and the trend toward small independent firms has produced a whole new playing field. Most firms, large and small, and their advisors now offer a vast mix of products and services from banking to investments, tax planning, insurance, financial planning, you name it. So, it's no surprise that consumer confusion exists.

Today's financial services client has to be increasingly more diligent in understanding what services they are buying and from whom. My advice? Ask questions. The more questions the merrier. “Do NASD Series 6 licensees differ from Series 7 licensees?” “Do the various designations thrown about the industry make a difference?” “How much experience should an advisor have?” “Does the type of firm an advisor works for make a difference?”

For starters, see the CFP Board's 10 Questions to Ask Your Planner. Then, formulate your own questions based on what concerns you.

Through asking questions and taking note of the answers, you'll begin to understand the parameters of the industry, it's players, and it's representatives. You'll also learn the limitations of any particular firm or advisor, what services you really need, and what type of advisor client relationship may serve you best.

But, there's more.

A wise fin

s way harder than ever before to determine who's who in the financial industry and answer that question.

Just a few short years ago there were clear differences between financial service firms, their representatives and the services they offered. Banks existed to help consumers save money or get loans. Stock brokers worked for wirehouses and broker/dealers and sold securities. Mutual Funds sold shares directly or through their own sales representatives. And, insurance companies sold insurance through their agents.

Today, once clear lines have evaporated. Now, there is one broad, and somewhat murky, financial services sector populated with many types of financial service providers and many types of financial advisors. The relaxation of industry regulations, industry consolidation, the subtle, and ongoing, shift from transaction based business to fee based business, and the trend toward small independent firms has produced a whole new playing field. Most firms, large and small, and their advisors now offer a vast mix of products and services from banking to investments, tax planning, insurance, financial planning, you name it. So, it's no surprise that consumer confusion exists.

Today's financial services client has to be increasingly more diligent in understanding what services they are buying and from whom. My advice? Ask questions. The more questions the merrier. “Do NASD Series 6 licensees differ from Series 7 licensees?” “Do the various designations thrown about the industry make a difference?” “How much experience should an advisor have?” “Does the type of firm an advisor works for make a difference?”

For starters, see the CFP Board's 10 Questions to Ask Your Planner. Then, formulate your own questions based on what concerns you.

Through asking questions and taking note of the answers, you'll begin to understand the parameters of the industry, it's players, and it's representatives. You'll also learn the limitations of any particular firm or advisor, what services you really need, and what type of advisor client relationship may serve you best.

But, there's more.

A wise fin

ve evaporated. Now, there is one broad, and somewhat murky, financial services sector populated with many types of financial service providers and many types of financial advisors. The relaxation of industry regulations, industry consolidation, the subtle, and ongoing, shift from transaction based business to fee based business, and the trend toward small independent firms has produced a whole new playing field. Most firms, large and small, and their advisors now offer a vast mix of products and services from banking to investments, tax planning, insurance, financial planning, you name it. So, it's no surprise that consumer confusion exists.

Today's financial services client has to be increasingly more diligent in understanding what services they are buying and from whom. My advice? Ask questions. The more questions the merrier. “Do NASD Series 6 licensees differ from Series 7 licensees?” “Do the various designations thrown about the industry make a difference?” “How much experience should an advisor have?” “Does the type of firm an advisor works for make a difference?”

For starters, see the CFP Board's 10 Questions to Ask Your Planner. Then, formulate your own questions based on what concerns you.

Through asking questions and taking note of the answers, you'll begin to understand the parameters of the industry, it's players, and it's representatives. You'll also learn the limitations of any particular firm or advisor, what services you really need, and what type of advisor client relationship may serve you best.

But, there's more.

A wise fin

ance, financial planning, you name it. So, it's no surprise that consumer confusion exists.

Today's financial services client has to be increasingly more diligent in understanding what services they are buying and from whom. My advice? Ask questions. The more questions the merrier. “Do NASD Series 6 licensees differ from Series 7 licensees?” “Do the various designations thrown about the industry make a difference?” “How much experience should an advisor have?” “Does the type of firm an advisor works for make a difference?”

For starters, see the CFP Board's 10 Questions to Ask Your Planner. Then, formulate your own questions based on what concerns you.

Through asking questions and taking note of the answers, you'll begin to understand the parameters of the industry, it's players, and it's representatives. You'll also learn the limitations of any particular firm or advisor, what services you really need, and what type of advisor client relationship may serve you best.

But, there's more.

A wise fin

the CFP Board's 10 Questions to Ask Your Planner. Then, formulate your own questions based on what concerns you.

Through asking questions and taking note of the answers, you'll begin to understand the parameters of the industry, it's players, and it's representatives. You'll also learn the limitations of any particular firm or advisor, what services you really need, and what type of advisor client relationship may serve you best.

But, there's more.

A wise financial advisor once told me, “It's not passing a test that makes a great advisor, it's what's in that advisor's heart that makes a great advisor.” That's something that has stuck with me. Training, expertise, and experience aside, great advisors really care about their clients.

So, when I'm asked that great question, I always get around to answering by saying the right advisor for any client is the one who harmonizes with the vision you have for your life, the one you and your family trust the most, and the one your have the most personal faith in. Safe bet is, he or she is the advisor that truly cares.