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Aren't all financial planners the same?

Wealth Management Q&A

Dear Lillian,
My wife and I are very confused at the many professionals that are called Financial Planners. How do I choose the right one? How can I make sure that they have the right qualifications? Aren’t all financial planners the same?
 

Sandy & Paul
 

Dear Sandy & Paul,

Managing your personal finances is ultimately your responsibility. However, you do not have to do it alone. A qualified financial planner, such as a CERTIFIED FINANCIAL PLANNER™ (CFP®) professional, can help you make decisions that make the most of your financial resources.

No! Not all financial planners are the same. Not every financial planner is a CERTIFIED FINANCIAL PLANNER professional. CFP professionals have an ethical obligation to act in your best interest (Fiduciary responsibility).

No, financial planners may not currently be regulated as financial planners by either state or federal government.

CFP practioners are certified and regulated by Certified Financial Planner Board of Standards, Inc. (CFP Board). By virtue of their certification, granted by CFP Board, CFP professionals are held accountable to CFP Board's code of ethics for their financial planning activities.

To earn the prestigious CFP certification and remain certified as a CFP professional, individuals must meet five main requirements: They must have earned a four-year college degree in finance related areas; Passed an examination; Have three years experience in financial planning; Ascribe to CFP Board's code of ethics and additional requirements as mandated, and they must complete 30 hours of continuing education every two years to stay current, including ethics.

Compliance with these five all-important areas assures you that an individual who holds the CFP certification is well prepared and qualified to give you sound, professional advice.

Go to FPA.org/find a planner. Look for a Certified Financial Planner CFP®.

Ask how they charge. Don’t get into a transaction if you have doubts.

My Very Best,
 

Lillian

Lillian Meyers (CA Insurance Lic.# 0809561) is a financial advisor practicing at 670 West Napa Street, Suite C, Sonoma, CA 95476. She offers securities as a registered representative of Commonwealth Financial Network®, a member firm of FINRA/SIPC.  Her firm, Meyers Financial, is a Registered Investment Adviser. She can be reached at (707) 935-1124 or at Lillian@meyersfinancial.com. Strictly intended for individuals in: AZ, CA, CO, ID, IL, NY, OR, PA, WA. No offers may be made or accepted from any resident outside these states due to various state and registration requirements regarding investment products and services.