Financial Planners - Your Options

Unsolicited contacts

Unsolicited contact from financial advisors may appear legitimate even if they are not approved retirement plan providers. Check the list of approved providers, or contact HR Connection, before responding. Some companies may attempt to mirror the look and feel of the university website. For example, the university is not affiliated with Rebel Financial, Retirement Expert, Pension Advisors, Pres Financial, Employee Retirement Advisors or The Veritas Group.

Ohio State encourages faculty and staff to seek out financial planning assistance to help you plan the retirement you want. Below are several considerations for how to select a financial advisor who meets your needs.

University Approved Retirement Plan Providers

Through your employment at The Ohio State University, you pay into a mandatory retirement plan. You may also voluntarily pay into one of the supplemental retirement plan(s). Each approved provider under these plans has retirement advisors to assist in your retirement planning and offers access to planning tools. You may also schedule a free one-on-one consultation with an approved provider at no additional cost. Discuss with your provider when they may or may not be acting as a fiduciary.

Non-affiliated Financial Planners

Outside of the services available through an approved retirement provider, you may choose to work with your own financial planner on how to best save, invest and grow your retirement account(s). The university does not endorse specific financial planners. We encourage you to carefully evaluate the expertise and associated fees of any financial planner you are considering.

Tips for Choosing a Non-affiliated Financial Planner

Below are tips for interviewing and choosing a financial planner to help you carefully choose the right person to advise you.

  • Confirm Certified Financial Planners™ (CFP) credentials. CFP is the most significant credential for a financial planner. A CFP has passed a rigorous test administered by the Certified Financial Planner Board of Standards. CFPs must also commit to continuing education on financial matters and ethics classes to maintain their designation.
  • Ask the financial planner if they are a fiduciary. This means the planner has pledged to act in your best interests at all times. Investment professionals who aren’t fiduciaries are often held to a lesser standard, and anything they sell you merely has to be suitable, not necessarily ideal or in your best interest. Experts suggest that you work with financial planners who are fiduciaries.
  • Ensure the person’s credentials are current. Research their credentials to see who administers their designation, then call that administrator to verify that the credential is valid. Do not work with a person who is not licensed or has an expired license. Examples for how to check:
    • If the financial professional is a broker, they are regulated by the Financial Industry Regulatory Authority (FINRA). Validate their broker credentials on the FINRA website.
    • If they are an investment advisor, they will be regulated by the Securities Exchange Commission (SEC) or a state securities regulatory agency. Validate their status on the SEC website.
    • If they are a licensed insurance agent, you can validate their status through that state’s insurance commission.
  • Understand how your potential financial planner earns their compensation. You may want to avoid commission-based advisers. Planners who work on commission may recommend a certain investment if they’re getting income from that investment. If your financial planner recommends you move assets to the plan’s brokerage window, they might earn a percentage on that business.
  • Be critical of overselling or criticizing competitors. Be cautious of professionals who heavily emphasize they can beat the market. No one can safely make such guarantees.
  • Do not be afraid to ask tough questions or to walk away if you feel uncomfortable. Remember, if it seems too good to be true, it probably is.
  • Keep your goals in mind and work with a reputable financial planner who has your best interest in mind to help navigate you to a path for a comfortable financial future.