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Nurses are skilled at assisting others. They bring smiles to crying babies and comfort to the anxious elderly. But do they provide the same tender loving care to their own financial situations? Too often, the answer is no.

Some nurses have investment or personal finance skills, but all too often, eyes glaze over when the subject of finances arises. Developing a financial plan, taking advantage of estate tax laws, and choosing the best financial products to provide appropriate asset allocation can seem as overwhelming as performing brain surgery. Consider this prescription: a professional financial advisor to nurse you through financial planning or portfolio building.

Help is on the way

If you need advice regarding retirement planning or investment management, or if you've experienced a life-altering event-like inheriting money, getting married, getting divorced, having children, losing a spouse, or winning the lottery (if only!)-it's a good idea to see a financial pro. These advisors assist in creating and defining goals, like deciding how big your nest egg should be for a comfortable retirement. They discover where you are now and how many eggs you'll need to keep the basket constantly filled.

Financial advisors can help create an investment strategy. They examine your current income, assets, and debts, and identify your personal tolerance for risk. Based on these factors, an investment plan can evolve-and you can sleep better at night.

Who's who in advisors

Nurses, beware: In America, anyone can call himself a financial advisor or planner. These financial gurus have different certifications, which indicate the planner's training. But fancy letters after a practitioner's name does not a good planner make. (Think of the doctors you know. They've all gone to medical school; some are just better than others.)

This handy guide will teach you the ABCs of financial nomenclature:

• Certified Financial Planner (CFP)
  Certified by the Certified Financial Planner Board of Standards in Denver, Colorado, a CFP develops and helps to implement a comprehensive financial plan. To attain the CFP designation, candidates undergo extensive training, a two-day comprehensive exam, and must have at least three years of financial planning experience. A CFP can create a nifty financial plan, but may not be skilled in selecting specific investments.



• Chartered Financial Consultant (ChFC)
  This designation is given by the American College in Bryn Mawr, Pennsylvania. A ChFC has expertise in financial planning, insurance, taxes, estate planning, and general portfolio management.



• Chartered Life Underwriter (CLU)
  The American College also offers the CLU designation. These advisors have backgrounds in life insurance and annuities, but aren't necessarily skilled at investing or developing financial plans.



• Certified Public Accountant (CPA)
  Everyone needs a good accountant to assist with taxes. If you're a traveling nurse, an experienced CPA can help you take advantage of tax opportunities. Some CPAs also may be Personal Finance Specialists (PFS). This designation is granted by the American Institute of Certified Public Accountants, and indicates training in financial planning.



• Registered Representative (RR)
  Financial advisors, also known as stockbrokers, most commonly hold this designation. RRs have passed the Series 7 exam administered by the National Association of Securities Dealers Regulation (NASDR). These days, they go by the "financial consultant" or "financial advisor" moniker, but a stockbroker by any other name is still a stockbroker. They earn commissions off the stocks, bonds, and mutual funds they buy for you.



• Registered Investment Advisor (RIA)
  Not a professional designation, these letters indicate that an individual is registered with the Securities and Exchange Commission to act as an investment advisor. An RIA may not have training in financial planning.

For help with financial planning, look for a CFP®, ChFC, or PFS. For help choosing investments, think RR or RIA. For insurance needs, visit a CLU.

How to find one

How do you find the planner who's right for you? Begin by asking friends, neighbors, and relatives for referrals. Ask your banker, lawyer, or accountant. They're financial service industry pros and chances are they may know some excellent practitioners. If you still need candidates, ask for referrals from professional associations like the Certified Financial Planner Board of Standards or the National Association of Personal Financial Advisors. You also can let your fingers do the walking under Financial Planners or Financial Planning Consultants in the good old Yellow Pages.

Choose at least three planners and call them. Most offer a free initial consultation. Before making an appointment, however, ask the candidate about his or her background and certifications. Ask about minimum asset requirements. If your assets are below the minimum, don't waste your time. Next, check with your state securities office to verify the planner's registration. To find your local number, contact the North American Securities Administrators Association at (202) 737-0900, or visit their Web site.

Before setting an appointment, find out how the advisor gets paid. A "fee only" professional charges an hourly or fixed rate. "Commission" planners receive commissions on the products they sell you, such as insurance, mutual funds, or annuities. A "fee/commission" or "fee-based" planner charges a fee for financial planning, and also receives a commission.

Who's the best? When you visit a financial planner, you want objective advice. Selecting an advisor who doesn't earn commissions from the advice he gives you makes the most sense. Since he has nothing to gain by "selling" you a product, he can be an objective expert.

Questions to ask

Once you've set up your interviews, get prepared. List your assets, liabilities, and monthly/yearly income and expenses. Consider, and list, your financial goals. Do you need advice to save for retirement, to plan your child's education, or to begin an investing program?

During the initial consultation, ask questions. What training has the practitioner had? Is he registered as an investment advisor representative? How long has he been practicing? What types of clients does he service? Are their financial situations similar to yours?

Ask the advisor to provide at least three references. Then call them. If you're interviewing a financial planner, request copies of financial plans he's drawn up for other clients. (The names will be changed to protect the innocent.)

Finally, ask for a copy of his "Form ADV." Make sure you get both parts: Part I contains his general and personal information, and Part II outlines the advisor's business, services, fees, and types of clients. If he doesn't give it to you, he doesn't get your business.

Selecting the right one for you

You're revealing the intimate details of your financial life, so you'll need to feel comfortable with your advisor. You want someone who listens carefully to what you say and explains things to you without making you feel dumb. (Think of it as a good desk-side manner.)

Never forget that financial planning is a service industry. Your planner is working for you to make your financial life easier and to make your dreams and goals come true. He or she can be a most valuable player in your life.