If you’ve never met with a financial professional, now may be a good time

When it comes to managing your finances, you might be inclined to take matters into your own hands, but working with a professional can help you see your personal finances through a different lens. Financial professionals can determine your major areas of improvement and create a plan to help you efficiently manage your finances so that you can tick off all of your financial milestones. 

It’s important to know that you don’t need to have an astronomically high net worth to work with a financial professional. Whether you’re building an empire or a modest emergency fund, a financial professional can help you set goals and make a plan for hitting those goals according to your preferred timeline. 

What exactly does a financial professional do?

A financial professional's job is to create a roadmap for their client that helps them create a more stable foundation in the short-term that, in turn, supports their long-term goals. Note: not all financial professionals are certified financial planners, or CFPs. 

To become a CFP, an individual must meet the following requirements:

• Experience requirement: Complete either 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of apprenticeship experience.
• Education requirement: Meet certain educational requirements which includes completing coursework on financial planning through a CFP Board Registered Program and holding a bachelor's degree or higher (in any discipline) from an accredited college or university.
• Exam requirement: Then they have to pass the actual CFP® exam, which is a 170-question, 6-hour exam broken up into two sections.
• Ethics requirement: Finally, they must commit to the CFP Board to act as a fiduciary as the last step in the process, which means acting in the best interests of the client at all times when providing any financial advice. They must also commit to other high ethical and conduct standards. The CFP Board will conduct a detailed background check.

A few key ways that a CFP can help you get your finances in order: 

• Income planning and management 
• Investment planning 
• Risk management and insurance planning
• Tax planning
• Retirement planning
• Estate planning

When does it make sense to meet with a financial professional? 

Meeting with a financial professional or planner can help you establish healthy financial habits and keep you accountable to your goals. There are major also life events that may prompt you to seek out professional help for guidance on how to move forward. These life events events may include: 

• A job loss, promotion or major career transition
• A recent engagement, wedding or divorce 
• Receiving an inheritance 
• Expanding your family 
• Starting your own business 
• Entering into retirement 

Still, many recommend that individuals begin working with a financial professional early on in their income-earning years. If you haven’t yet worked with one, you don’t have to wait for a major life event to happen to do so. 

How much does a financial professional cost and how do I find one? 

The amount you can expect to pay to work with a financial professional, financial planner or other financial professional will range widely depending on the services provided, frequency of those services, how the planner charges, and more. 

But the good news is there are several ways you may be able to have one-on-one time with a financial planner at a lower (or in some cases zero) cost. 

• Check your benefits plan at work: Your employer may offer financial planning services as part of your benefits package. 
• See if you qualify for pro-bono services: Organizations like the Financial Planners Association (FPA) and the National Association of Personal Financial Advisors (NAPFA) offer personalized financial planning advice to thousands of qualifying consumers across the country — free of charge. 
• Start with a free consultation: Some financial professionals may offer a free initial consultation to lay the groundwork for your long-term plan. This won’t cover everything you’ll need to set all of your goals in motion, but it can answer some of your questions and give you a sense of whether or not this specific professional is a good fit for you. 

The takeaway 

Your financial plan will likely involve quite a number of moving parts. As you continue to earn more money, build wealth, accumulate or pay down debt, and face new circumstances that challenge your financial plan, working with a trusted financial professional or planner can help keep you centered and on track to meet your goals.

This article was written by Ivana Pino from Fortune and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.