How to Hire a Financial Advisor in the Top 2%

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How to Hire a Financial Advisor in the Top 2%

Jun 19, 2012

Know Your ABCs and CFPs

This should be a bare minimum for consideration. After all, you wouldn't go to a doctor without an MD or a lawyer without a law degree, would you? Of course, doctors and lawyers are legally required to have certain designations in order to practice but the bar is much lower for financial advisors. They must simply pass a test on securities law in order to sell or provide advice on investments. A separate license is required to sell insurance. To fill the gap, a whole alphabet soup of designations have arisen that advisors can essentially purchase to add letters after their name with the hope of buying some credibility. This has led to a lot of confusion for people looking for quality advice.

While there are many respected financial planning credentials, all of our planners are required to have the CFP® mark as it has long been the most widely recognized designation for serious financial planners. To become a CFP® [professional], a financial planner must attain a certain level of financial education, pass a ten hour comprehensive financial planning exam, have at least three years of full time experience, and undergo a background check. To stay in good standing, certificants must continue taking continuing education courses and maintain high ethical standards. Read more >
Erik Carter, CFP®
June 19, 2012

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CFP Board’s leadership and representatives are available for interviews and speaking engagements on personal finance, the financial planning profession, CFP Board and the CFP® designation.

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 themselves 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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