CERTIFIED FINANCIAL PLANNER™ professionals through education and training use a financial planning process to best help you reach your goals.
The financial planning process:
- Set realistic financial and personal goals
- Assess your current financial health by examining your assets, liabilities, income, insurance, taxes, investments and estate plan
- Develop a realistic, comprehensive plan to meet your financial goals by identifying financial opportunities and building on financial strengths
- You and your planner will then decide on implementation and monitoring
Often a specific event or need will trigger the desire for professional financial planning guidance. These might include:
- Making sure your money will last during retirement
- Handling inheritance or other unexpected financial windfall
- Financial preparation for a marriage or divorce
- Planning for the birth or adoption of a child
- Facing a financial crisis such as an illness, layoff or natural disaster
- Coping financially with the death of a spouse or close family member
- Funding for education expenses
- Buying, selling or passing on a family business
- Planning for complex financial situations
- Buying or selling a residence or other property
CFP® professionals are dedicated to using the financial planning process. To earn the prestigious CFP® certification and remain certified as a CFP® professional, individuals must meet the following requirements:
Education
They must complete a comprehensive course of study offered by a college or university program (ranging from certificate to doctoral degree levels) which covers a personal financial planning curriculum approved by CFP Board. In addition, they must have earned a bachelor’s degree from a regionally accredited college or university.
Examination
CFP® professionals must successfully complete CFP Board’s comprehensive examination, which tests an individual’s ability to integrate and apply their financial planning knowledge.
Experience
They must acquire three years of financial planning-related experience, or a limited 2-year structured option, before achieving the right to use the CFP® marks.
Ethics
They must voluntarily ascribe to CFP Board’s code of ethics and additional requirements as mandated. This includes providing financial planning services as a fiduciary, or acting in the client’s best interest.
Learn more on the CFP Board Let’s Make A Plan website: http://www.letsmakeaplan.org/
