Because MS can raise complex issues with employment, insurance, taxes, and healthcare expenses, people with MS may want to work with a financial advisor to help them organize their finances.
When choosing a financial advisor, it's vital to find someone you can trust. You may wish to ask your friends and family or your local MS society for a recommendation.
The advisor you choose should have the CFP (Certified Financial Planner) designation – this ensures that they meet professional standards for competence and ethics. Another valuable certification is the FCSI (Fellow of the Canadian Securities Institute), which ensures that the advisor meets rigorous ethical and educational standards and has relevant industry experience.
Once you have a list of possible advisors, narrow it down to a few and interview them.
Here are a few questions you should consider asking (you can also add your own questions):
- What are your professional qualifications and certifications (e.g., do you have the CFP designation)?
- Do you have experience in advising people with MS or other long-term health conditions that could affect employment and health care expenses?
- Are you familiar with the legal/financial issues facing people with MS?
- How are you paid (e.g., flat fee, commission)?
- What is your investment philosophy?
- How often will we meet to discuss my finances? How often will my financial plan be reviewed?
- Can you provide me with references?
After the interviews, check the advisors' references to learn more about why people like or dislike working with the advisors. After checking their references, it's also a good idea to contact the Financial Planners Standards Council (FPSC) to ensure that the advisor has a CFP designation.
The final choice of advisor will be up to you. It's important to consider the advisor's qualifications, experience, and investment philosophy, but it's also important to choose someone you enjoy working with. Together, you can chart a course for your financial future.
All material copyright MediResource Inc. 1996 – 2020. Terms and conditions of use. The contents herein are for informational purposes only. Always seek the advice of your physician or other qualified health provider with any questions you may have regarding a medical condition. Source: www.medbroadcast.com/healthfeature/gethealthfeature/MS-Financial-Planning-Basics