When money managers claim to have some designation (e.g., CFP[® certification]) or belong to a professional association (e.g., NAPFA), check with those organizations to see if they really are members and if there have been any complaints. 'Many designations are meaningless, created by folks looking to charge advisors thousands of dollars for the right to put a few initials after their names; there is little education or certification involved,' says Robert [Brokamp]. 'The gold standards are CFP[® certification] (for financial planners) and CFA (for investment analysts). They are the real deal.'

The Motley Fool
Tim Beyers
September 13, 2007