Question: I am in northern Minnesota and will soon have close to a million dollars in cash. I am not 100% sure the best way to invest this. I have spoken to a few financial advisers in the area, but they leave me worried this is over their head. I need help in finding a path for my future.
To that end, experts recommend looking for a fee-only financial planner because they’re paid directly by the client and they don’t receive commissions for recommending financial products. Furthermore, you may want to seek out a fee-only certified financial planner, as they have extensive experience, have thousands of hours of work-related experience and operate as a fiduciary, which means they’ll put your best interests ahead of their own.
What should an adviser do for you? To begin, a financial adviser should determine your current situation including income, assets and liabilities. “You also need to develop a plan for the money. Is it for retirement, funding education, a new home, the freedom to quit your job? You should also address your investment risk tolerance.