How to choose a financial planning firm

Effective financial planning can help you save, invest and protect what's important to you — as well as make wise spending decisions now and into the future. Make sure the financial firm you choose is poised to help you with these decisions throughout your life, even as your situation and goals evolve. Consider the following as you evaluate firms.

1. What is the company's history and experience?

• Look at how long the firm has been around, its history and expertise. A long history with financial planning may be one factor to consider. Also take a look at what each firm offers as compared with your financial needs and goals.
• Does the firm have a history of stability? Does it change its core competencies often or in reaction to market conditions?
• Does the firm have a track record of success? What is its reputation?

2. How do clients work with the company?

• How large is the firm? How many clients does it have? Remember, just because a firm is large doesn't necessarily mean it's the right one for you, especially if you're looking for individual attention.
• How would you interact with the firm and its advisors? Does the firm offer a dedicated financial planner? Would you work with a team of advisors or contact a phone center? Find the type of arrangement that would make you most comfortable, now and into the future. You'll likely have a relationship with the firm for some time to come.
• What is the firm's focus and what are its capabilities? Some firms offer a range of services but are primarily focused on insurance or investments for instance. Determine how this fits your own financial needs and goals.
• Would you be limited in your investment or product choices? How do the firm's recommended solutions perform?
• How are the financial advisors or financial representatives compensated? Do you feel they would put your needs first?
• Do you know anyone personally who has worked with the firm? If so, ask them about their experience.

3. Can the firm help meet all or most of your financial needs?

• Will you feel you need to look for help elsewhere or is the firm able to address all your financial concerns?
• How will the financial advice you receive be delivered? Will you have written recommendations? If so, will the recommendations you receive include aspects of your finances beyond investing?

4. How comfortable are you with the firm?

• How easy is it to get answers to your questions or find someone to work with?
• Have you been in contact with the firm? If so, were you satisfied with what you learned?
• Are you confident that the firm could help you meet your financial needs and goals for the long-term?

Once you've decided on a firm, the next step may be finding an advisor to work with. Get tips on how to select a financial advisor.

At Ameriprise, financial planning is at the heart of what we do. Nothing is more important to us than making sure you have a financial plan that's right for you today — and tomorrow. If you want to learn more about how Ameriprise can help with your specific needs, we encourage you to contact a financial advisor in your community.