Choosing a Board-Certified Financial Planner Professional
You wouldn’t go to someone who wasn’t board certified for medical advice. You go to a doctor.
You wouldn’t go to just anybody to get legal advice. You go to a lawyer.
Why? Because they are board-certified.
Why would you get financial advice from someone who is not board-certified? Clients should be informed of the difference.
The CFP® Board site has a great explanation of what it means to be certified. (Click Here for CFP Board requirements).
Most people think that all financial planners are “certified” but this is not true.
Anyone can call himself or herself a “financial planner.” Only those who have fulfilled the certification and renewal requirements of CFP Board of Standards have earned the right to display the CFP® certification marks.
The certification provides that sense of security that the person you choose to help you plan your future is competent and ethical.
CFP® Professionals complete a six-part college curriculum encompassing all aspects of personal finances ranging from taxes to investments to retirement planning, employee benefits, insurance and estate planning.
Each professional has to complete a rigorous two-day, 10-hour CFP® Certfication Examination that tests their ability to apply financial planning knowledge in an integrated and practical format.
Before a CFP® Professional can display the marks and call himself a CERTIFIED FINANCIAL PLANNER tm Professional, each candidate must possess a minimum of three years of experience in the financial planning process.
In addition to education, examination and experience requirements, all CFP® Professionals must pass through a background check, disclose any investigations or legal proceedings related to their professional or business conduct and agree to abide by the Code of Ethics of the organization.
Once certified, CFP® Professionals are required to maintain technical competence and fulfill ethical requirements by completing a minimum of 30 hours of continuing education every two years.