Why Should You Work With A CFP?
Contrary to popular belief, just because someone calls themselves a financial planner does not make them one. To feel the most assured in your decision you need a planner who has taken the extra step to become certified by the CFP Board. A Certified Financial Planner is a person who has gone the extra mile to meet the criterion of the CFP certification process.
Experience- In order to become a Certified Financial Planner a practitioner needs to have garnered a minimum of three years of participating in the financial planning process. In order to maintain technical competence and fulfill ethical obligations CFPs are required to complete a minimum of 30 hours of continuing education every two years to stay current with developments in the financial planning profession and to better serve their clients.
Ethical Priorities- After a thorough background check in which individuals must reveal any and all investigations involving their professional and business behavior, the practitioners agree to adhere to the CFP Board’s Code of Ethics, which states that they must place your interests ahead of their own at all times, act fairly, diligently, and with integrity; with services that are objective and based on your needs. They are required to provide you with information about their sources of compensation and conflicts of interest. As part of the CFP renewal process all CFP practitioners voluntarily disclose any public, civil, criminal, or disciplinary actions that may have been taken against them during the previous two years.
Examination- A major step on the road to becoming a CFP practitioner is to pass a thorough two-day, 10-hour CFP Certification examination that tests their ability to apply financial planning knowledge in an integrated format. The exam covers everything from the financial planning process to tax planning, employee benefits and retirement planning; even testing on estate planning, investment management, and insurance.
With Certified Financial Planners you are the center of the financial planning relationship and your needs drive the financial planner’s recommendations. When providing financial planning, a CFP practitioner has agreed to define the scope of the work he or she will do with you, explain and document the services she or he will provide, discuss the method of compensation and relay any other relevant information. Their broad approach to financial advice helps you determine your personal and financial goals, your tolerance for financial risk, and your time frame for achieving results, distinguishing themselves from other financial planners who commonly focus on only one area of a person’s financial life.
Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.
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