QUESTION: I'll be graduating this year, and I'd like to consult a financial planner. How do I find a good one?

ANSWER: First, decide exactly what you want from a financial planner -- advice about debt management, tax planning, starting your own practice? Next, ask colleagues, family and friends for recommendations, says Bill Nolan of Williams Consulting Group in Lincoln, Neb. Industry associations such as the National Association of Personal Financial Advisors, are also good sources.

Then, call some planners and ask about their experience -- you want a minimum of 3 years -- and areas of expertise as well as licenses and certifications.

Next, schedule a meeting with those who look promising and discuss:

�         Financial philosophy. A planner may be aggressive or cautious. Does this match your philosophy?

�         Master plan. Decide if you want an all-inclusive plan or one that concentrates only on specific goals. Find out how the planner would proceed.

�         Client base. Ask for a profile of typical clients and a sample financial plan to give you an idea of his usual approach and how you might fit in.

�         Fees. Costs can be fee-based (hourly, flat or percentage of assets), commission-based or a combination. Be wary or anyone paid only by commission.

�         Your costs. Ask for an estimate. An hourly rate of $100 or less is average.

�         References. Planners should be prepared to give you names of long-term clients and professional associates.

�         Insurance. Make sure the firm or the individual financial planner has liability insurance.

Once you've found an advisor who's right for you, get a written agreement that details the services to be provided.

Here's a final word of advice from Bruce Maller, president and CEO of The BSM Consulting Group, Incline Village, Nev.

"You can find people to guide you," he says, "but ultimately you need to make the final decisions. Learn about your options and be sure you understand what's happening with your money. Don't just assume your advisor knows what he's doing. Without education you're simply prey."

For more information, visit the Certified Financial Planner Board Web site at www.cfp-board.org and InvestorGuide at www.investorguide.com.

New or Used Equipment? What's Best for Your New Practice?

QUESTION: I'm having trouble finding good used equipment for my new office, and I really can't afford new equipment. How important is brand new equipment to a new practice?

ANSWER: Unfortunately, good used equipment is fast becoming an oxymoron, says Philip M. Buscemi, O.D., whose column "Instrumental Strategies" appears every month in Optometric Management. The reality is that in many cases you need new equipment to meet the needs of your patients and your practice.

One way to make new equipment affordable, says Dr. Buscemi, is to take advantage of leasing programs that let you pay a lower monthly rate with a balloon payment at the end of the lease to purchase the equipment. Remember, the government subsidizes your purchase with tax breaks on the interest you pay.

This strategy definitely costs more in the long run, but you can derive a couple of benefits. You'll have greater cash flow when you need it starting out. Later, when your practice is established and your financial position is stronger, you should be able to afford to buy the instrumentation outright after the lease has expired. If you can't afford a pay-out, you could refinance the balance at the end of your lease.

And this brings up another important topic, says Dr. Buscemi.

"Establish a relationship with your banker. I've been using the same guy for more than 15 years. When I need equipment now, I get great rates not just because of my business, but because I've referred people to him, some of whom have become huge accounts."

So don't be nearsighted when buying equipment for your new practice, be farsighted and plan for the long term. *

Mail your questions to: New OD Advice, 1300 Virginia Dr., Suite 400, Ft. Washington, PA 19034; or e-mail them to wisemf@boucher1.com.