I belong to a few Facebook Groups devoted to the topic of “retirement planning.” As a professional, I find the questions interesting, and some of the responses even more intriguing. You get the occasional planner or broker selling their wares. For the most part, there are people like you and me concerned about having enough money to live on throughout retirement. When I see a question from one of the members asking for advice, I typically encourage them to get a professional to help them. There is a danger in relying on social media for your financial planning.

A Northwestern Mutual study exploring the state of financial planning found that 63% of Americans say their financial planning needs improvement, and the number one obstacle is time. No wonder people flock to social media to look for a quick fix! 69% say the pace of society makes it harder for them to stick to long-term goals. Yet, the danger is still there. I always recommend that you work with a planner. Although the consequences are not as dire, it is like asking your cousin for medical advice because you don’t have time to see a doctor. There are no shortcuts in life!

Here are five things a Certified Financial Planner can do for you:

• Bring a process to help you overcome your financial challenges – a CFP®  uses the procedure shown below in the graphic. It starts with identifying your goals and then proceeds with an analysis of your financial life. Then a plan is developed to accomplish your financial goals, including how to implement the plan.

• Be objective – a CFP® is not tied to a specific investment product solution. He/she is a fiduciary, which means they have your best interest at the forefront of the relationship. You don’t have to feel like you are being “sold” something. Ethics is part of the CFP certification process.
• Bring expertise – a CFP® has to pass a rigorous certification exam after completing an equally rigorous curriculum of various financial planning topics, including investments, taxes, estate planning, and financial planning, to name a few.
• Make sense of life changes – life happens, as they say, divorce, marriage, death, and they carry financial implications. A CFP® can help you sort out the complexities often at an uncertain time, emotionally, in your life.
• Business ownership issues – whether you are starting a business or exiting a business, it can be complicated to unwind a business partnership or put a business plan together at startup. A CFP® can be an objective and qualified resource. A CFP often works in concert with other professionals such as attorneys and business valuation experts to bring comprehensive and qualified experience to their clients.

So, while social media may seem like a good idea to cast a wide net and get a bunch of opinions on your financial situation, it can often cause more harm than good. I recommend that you take the time to interview a CFP® who is a good fit for you. Ask for recommendations and testimonials if necessary. You can find more information about the CFP designation at www.cfp.net .