Loss of Your Spouse

Get Professional Advice

Becoming a widow may be the life event that persuades you to hire an adviser to help sort out your finances and plan for your future. Women place a premium on trust in such a relationship. That's tough to quantify, so it's difficult to give precise guidelines on how to choose an adviser. Word of mouth from other women whose opinion you respect may be as good an indicator as any. But there are some objective criteria to consider:

Experience. Your financial adviser should have, at a minimum, a few years of experience in financial planning or related fields, such as accounting, securities analysis or trading, or law.

Professional credentials. Many practitioners have managed to pull themselves above the crowd by taking courses and passing examinations that lead to a professional designation. It's no guarantee that his or her advice will be any better, but it is a sign that an adviser takes the business seriously, and takes time to keep up with continuing education.

At a minimum, look for the certified financial planner (CFP®) designation. That's a license, as opposed to being exclusively an educational credential; therefore, if a CFP® does something unethical his or her license can be taken away. (Find CFP®s near you through the Financial Planning Association, 800-282-7526; www.fpanet.org.)

Referrals. Ask each planner about educational credentials, continuing education, any specialties, what kind of reports clients get and how often. Verify what the costs will be. You're looking for knowledge, but you're also looking for your own sense of comfort. Be wary of anyone who tries to sell you something the minute you step in the door.

A good planner should be questioning you, too, quizzing you thoroughly about your assets, your goals, and your tolerance for risk. Before clients come in for the first time, some firms send out lengthy questionnaires asking such questions as, "What is your most pressing concern?" or "What do you think we can do for you?"

Don't be intimidated into silence. "Planners almost always control the discussion," one adviser laments. "Sometimes we'd like to shake people and say, 'What are your questions?'"

*All information provided to Calvert Investments, by Janet Bodnar, Deputy Editor, Kiplinger's Personal Finance Magazine