You should probably hire a licensed contractor if you are remodeling your kitchen. Are you planning a luxurious Hawaiian vacation? A travel agent may be able to help you book your trip.

Professional help is a must when you plan your financial future.

This is common sense. However, only 17% Americans have a financial advisor. 2019 Invest in You Savings Survey from CNBC and Acorns found — and 75% handle their money themselves.

Selecting the right financial professional can take some homework — you’ll want to do your due diligence in terms of research, but also meet up (in person or online) with a potential planner, too. CNBC is here to help with their third annual FA 100 listOne of the most respected financial advisory firms in America.

John Loper is a professional financial advisor and certified financial planner. CFP BoardPlease click here. This decision is not easy. However, partnering with the right financial advisor can give you confidence and help ensure your future.

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Thesaurus will help you navigate the many titles and terminologies.

You might think you are looking for a financial advisor. You have financial advisors. There’s also fee-based and hybrid financial advisors. And there are the many acronyms that can be used to identify advisor certifications such as CFP (certified financial planner). ChFCChartered financial consultant,

Let’s take a look at some types of financial advisers you may encounter.

• Financial advisor:Financial planners that provide advice on money in return for compensation are known as this generic term. Advisors can offer a variety of services such as income-tax preparation and investment management. To conduct business with the public, advisors must generally be licensed.
  Many titles can be used to describe financial advisors such as wealth manager or investment advisor. Advisors can be bankers or insurance agents as well as stockbrokers and estate planners.
• Financial planners that charge a feeAdvisors who earn a mix of commissions for selling financial products and planning fees.
• Financial planners that charge a fee only:A financial advisor who earns direct fees from their clients and not through commissions. These advisors may be paid by the hour or with flat rates.
• Hybrid advisor:The advisor passed the General Securities Representative Exam and has a separate license for financial-planning advice. They also own their own registered investment advisory firm (RIA), which is registered with either the Securities and Exchange Commission of an analogous state securities regulatory body.
• Advisor dually registered:This advisor wears more than one hat. Advisors who are associated to a broker-dealer are registered with the corporate firm of that brokerdealer.

Then there’s the matter of professional certifications — those aforementioned acronyms. There are over 200 certifications that financial advisors can obtain, but the CFP Board’s designation is what you will most likely use.

Loper explained that CFP specialists have the expertise to offer holistic financial planning. It is vital that you choose a financial advisor who will help you to create a complete plan.

CFPs, working professionals who have completed a rigorous education from an accredited college and must pass a 3-hour exam. They also need to adhere strictly to ethical guidelines. A CFP must complete at least 30 hours of continuing education each year and be licensed every two years.

Additional advisor designations include the ChFC of The American College of Financial Services, as well chartered financial analyst(CFA) life and annuity certified professional(LACP) certified divorce financial analyst (CDFA) — each with its own requirements and focus.

Loper stated that many people assume all financial planners need to be licensed, however this is not true. Although anyone can be called “financial planning”, not all financial planners are required to serve your best interests.

First, ask around — word-of-mouth recommendations from family, friends and colleagues can be invaluable as a first line of vetting. There are also online resources. CFP Board provides an example of an online searchable database with CFPs. LetsMakeAPlan.orgCDFAs can be obtained from the Institute for Divorce Financial Analysts. Institutedfa.com/find-a-cdfa

Databases are a great way to vet financial advisers. You can search for complaints from customers, violations of regulations, and other information on two websites. BrokerCheckFINRA and the Financial Industry Regulatory Authority. Investment Adviser Public DisclosureSite from the SEC.

A list of questions should be prepared for advisors once you have spoken to them. The CFP Board recommends these 10 questions:

1. Are you qualified and have credentials?
2. What are your services?
3. Do you have to fulfill a fiduciary obligation?
4. How do you approach financial planning?
5. How do you work with clients?
6. Do you want to be my only advisor?
7. Which payment method will you use to cover your costs?
8. What is your typical charge for services?
9. Are there any other people who could benefit from your financial advice?
10. Did you ever face public discipline for any illegal or unethical acts in your work career?

Loper said that this isn’t the right time to be timid.

He said, “It’s important to interview advisors to determine the right fit for you.” Ask about their credentials and ask if they hold a fiduciary responsibility.

Loper explained that CFPs are required to be a fiduciary when they provide financial advice. That means they “must place your interests first when providing financial advice — even when they have a conflict of interest,” he said. Others financial advisors might only operate under the so-called suitability standards of care. This means that their recommendations for clients must be appropriate and not necessarily most beneficial.

Loper advised that you should check with Loper to determine if other people benefit from their financial advice and how they approach financial planning.