| p>What is a Certified Financial Planner (CFP)? | | | | planning and the way various strategies can be used |
| A Certified Financial Planner, or CFP, is a financial | | | | to create a comprehensive plan suited to your needs. |
| professional who meets the requirements established | | | | How do I pay for a CFP's services? There are two |
| by the CFP Board of Standards. | | | | ways that CFPs can be compensated. First, they |
| To become a Certified Financial Planner, the board | | | | may take a commission from a product or service |
| requires the following: | | | | that they sell you. Second, they may ask that you |
| - A Bachelor's degree, or higher | | | | pay a flat or hourly fee for their services. Some |
| - Complete a CFP Board-Registered Education | | | | financial professionals use a hybrid of fees and |
| Program. | | | | commissions. Be sure to talk about this with your |
| - Pass the CFP Certification Examination, a 10 hour | | | | planner before agreeing to engage his or her services. |
| exam | | | | How do I choose a CFP to work with? You will be |
| - Have at least three years of work experience in | | | | working very closely with your financial planner on |
| personal financial planning | | | | every aspect of your wealth management, so it's |
| - Pass a background check | | | | important that you are completely confident with the |
| - Pay certification fees | | | | CFP you choose to work with. - Talk to your friends |
| Once they become a CFP, financial professionals are | | | | and family to see what their experiences are, it's a |
| required to report Continuing Education requirements | | | | good place to get started. |
| every other year, to insure they are keeping up with | | | | - Feel free to do some internet searches on |
| changes in the industry. | | | | prospective planners - you should be able to tell a lot |
| How does a CFP compare to other financial | | | | by a person's, or firm's, online presence. |
| professionals? There are many different types of | | | | - Don't hesitate to check with the various regulatory |
| financial professionals, and the "alphabet soup" of | | | | boards to see if there has ever been a complaint |
| designations may be confusing. | | | | lodged against the planner. You can check CFP.net, as |
| CFPs are trained to develop comprehensive financial | | | | well as Finra.org, and Sipc.org. |
| plans for individuals, businesses, and non-profit | | | | - Finally, give the CFP a call. If you set up a meeting, |
| organizations. It is their responsibility to objectively | | | | or even just start out with a long phone |
| assess your financial situation, troubleshoot problem | | | | conversation, it will give you a good idea of whether |
| areas, and recommend appropriate options. A good | | | | this is the planner for you. |
| CFP should be confident in all areas of financial | | | | |