My wife and I had been married for a few years when the Lays potato chip company came out with their new “Baked Lays” brand. I really liked these chips but they were a lot more expensive than regular chips, so we didn’t buy them that often. One day I was in a discount store similar to Dollar General when I saw great big bags of Baked Lays for only $2 each. I was excited about my value discovery, grabbed 2 bags and headed to the register. By the time I got home I had already opened a bag and was enjoying my bargain bag of chips. They weren’t as good as I had remembered them being, but I didn’t care. I proudly showed the bags to my wife and was patting myself on the back about finding such a deal when she said, “Uh honey, those aren’t Baked Lays, they’re Baked Jays.” I looked more closely at the bag and my pride sank. The logo looked a lot like the Baked Lays logo with similar cursive writing and the same colors, but it was different. She was right again! Suddenly I also realized why the chips really weren’t that good, to which my wife also agreed. I had been duped by a cheap imitation.
Don’t let this happen to you when doing your personal financial planning. Many people in the financial services industry today want to offer you a cheap imitation for a personal financial plan. There are so many titles that people use to imply that they are an expert in financial planning that it’s hard for the average person to know who they’re really dealing with. Many of these people want to offer you a free review or analysis of your portfolio. While on the outside it may seem like the price is right, this can often be a slick way to try and sell you some products.
Make sure you understand clearly how the person is going to be compensated by your business, and whether or not there are any conflicts of interest involved. There is nothing wrong with someone earning a commission on a sale, but you want to be sure that they are keeping your best interests first. One way to ensure that this will happen is to work with a Certified Financial Planner. These individuals must act as a fiduciary for you, or in other words, place your interests ahead of their own at all times. They also much disclose any conflicts of interest in the relationship. Having it all out on the table will help to make sure you don’t end up with a financial bag of “Baked Jays”.
A career in financial planning is still lucrative despite the worldwide financial crunch. As long as money is used in our economy financial planners will be needed. You have to pay your dues to become a financial planner but once you pass the test and prove your mettle, you can expect a handsome return for your efforts.
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