Only one in ten Americans have a written financial plan, yet overcoming their financial concerns tops the "wish lists" among the majority of adults nationwide, according to a national survey by American Express Financial Advisors in November 2004. The survey also shows that Americans spend more time worrying about their finances than managing them, and in the end the majority does not seek professional help for important financial decisions.

A financial advisor can help you develop a personalized financial plan, as well as take some of the stress away that comes from trying to managing your finances. If you're unsure of weather or not you should meet with a financial professional take the time to ask yourself the following questions:

1. Assess your financial situation - Do you have a clear view of your current financial status? Do you know how much money you spend? Do you understand and keep track of the investments you have made? Do you know how much insurance you have, what kind and is it enough?
2. Map out goals and priorities - Have you set any financial goals? How realistic and specific are they? For example, have you set a target age at which you would like to retire and the lifestyle you would like to create in retirement (will you travel, buy a boat, downsize your home, etc.)? Have you considered balancing multiple financial goals, such as saving for retirement while paying for your children's college education?
3. Set financial strategies - Once you have set your goals and priorities, do you have specific financial strategies assigned to reach those goals? Do you have a long-term investment strategy as well as one for short-term goals? Do you have a protection planning strategy that covers your changing insurance needs? Do you have emergency reserves or a plan to accumulate a safety net?
4. Research products and prices - Do you have the time or expertise to research the right products that fit each of your goals and strategies? Do you know where to get this information and what to look for? Do you want to spend your time staying current on your products and prospective products? Do you have the experience to get the best products at the lowest possible cost?
5. Create an integrated plan - It may be possible to work with your investment broker, CPA, banker and insurance agent to get professional help in many areas, but do you have one integrated financial plan? Does this plan map out different scenarios based on a variety of possible investment returns and other variables? Does the advice that you are getting from each professional work in tandem to help you reach your ultimate goals on your desired schedule?
6. Remain objective - Are you focused on one aspect of your plan, such as buying a home, and are your emotions getting in the way of a rational analysis of how this particular goal fits into your overall plan?
7. Keep your plan on track - Can you realistically stick to your budget, pay off your debt or stick to your savings plan? Would you benefit from a coach who could encourage you and remind you of your goals when the going gets tough? How do you resolve conflicting goals between you and your spouse? How often do you review and revise your plan and rebalance your investments?

If the answers to these questions lead you searching for some professional help, be sure to interview a few qualified financial professionals before you make a commitment. Some sample questions for your prospective advisors may include:

1. Are you registered with the Securities and Exchange Commission, your state securities regulator or the National Association of Securities Dealers?
2. What professional credentials do you have? CFP (Certified Financial Planner), CFA (Chartered Financial Analyst) ChFC (Chartered Financial Consultant) or other?
3. How much experience has your company had working with individual investors? How much experience have you had personally?
4. What is your fee structure? Do I pay a flat fee and/or commissions? Will you disclose your fees in writing?
5. Exactly what type of recommendations will I receive from you? Will they be put in writing? Will you help me put your recommendations in place?
6. Have you had any run-ins with federal, state or brokerage industry regulators? Has a client ever filed an arbitration claim or other complaint against you?
7. Can you provide me with three client referrals?
8. How will we evaluate whether the advice you have given me has been worthwhile? How often will we do this?

Finally, for additional information and referrals in your area, you can check out the Financial Planning Association (www.fpanet.org) or The National Association of Personal Financial Advisors (www.napfa.org). In addition, you can contact the Certified Financial Planner Board of Standards for its free resource kit for consumers at www.cfp.net or by calling 888-237-6275.

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This information is provided for informational purposes only. The information is intended to be generic in nature and should not be applied or relied upon in any particular situation without the advice of your tax, legal and/or your financial advisor. Neither Ameriprise Financial nor its advisors or representatives provide tax or legal advice. The views expressed may not be suitable for every situation.

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