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CFP Board in the News

Is Your Financial Advisor Waving These Red Flags?

Jun 14, 2013

When choosing a financial planner to help manage your money, the importance of careful screening cannot be overstated. Indeed, amid the thousands of reputable advisors who serve their clients well, there exist a few who are only out for personal gain—or worse, to scam would-be investors out of their hard-earned savings.

If your advisor makes anywhere near the following statements, run, don't walk for the nearest exit.


Credentials Don't Count

Virtually anyone can hang a shingle and call themselves a financial advisor. No experience required. Before handing their money over, investors should always ask if they are a licensed broker or investment advisor, Walsh said. Advisors who have passed the requirements from their professional organization to act as a certified financial planner (CFP®) or chartered financial consultant (ChFC) also have demonstrated competency in helping investors create a comprehensive financial plan. Likewise, chartered financial analysts (CFA) are trained to provide investment advice, while certified public accountants (CPA) are considered tax experts. Read more >

 
CNBC
Shelly K. Schwartz
June 14, 2013

 

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Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call himself a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
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