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Financial advisors provide Stock
Tip guidance on all aspects of your financial life, including
investments, estate planning, tax preparation and planning,
retirement planning and insurance. Some financial advisors
acquire one or more professional designations, indicating that
they have satisfied certain educational and experience
requirements. Examples of financial advisor designations include:
Chartered Financial Analysts (CFA), Certified Financial Planners
(CFP), Chartered Financial Consultants (ChFC), and Certified
Investment Management Analysts (CIMA). Find a Financial Advisor
It is an arduous process to find a financial advisor. There are
numerous time-consuming steps, such as contacting friends and
associates, getting references from them, contacting the advisors
they recommend, acquiring basic information about those advisors,
screening out the ones that do not interest you, and finally
meeting with advisors of your choice. The Internet provides
efficient resources to find a financial advisor, which streamline
this process significantly. Some websites, like
www.investortree.com and www.fpanet.org, provide information and
search tools to find a financial advisor. Financial Plan A
financial plan is useful for individuals and businesses to
organize the various aspects of their finances. Typically, anyone
with questions or concerns regarding investments, estate
planning, retirement planning, tax reduction, education planning,
or insurance could benefit from a financial plan. A financial
plan may include: retirement and cash-flow goals, "what if"
scenarios based on different circumstances, a strategy for
financing education, and a realistic plan for achieving these
objectives. Contact a financial advisor for assistance with
developing a financial plan. Retirement Planning Retirement
planning involves an assessment of an individual's retirement
needs and developing an appropriate plan. In general, retirement
planning will require an individual to forecast benefits to be
received, determine costs to be incurred during retirement years
and define the lifestyle that he or she would like to enjoy. Many
financial advisors have expertise with respect to retirement
planning, particularly 401(k) plans, IRAs and annuities. Contact
a financial advisor for assistance with retirement
planning.
In addition to significant education and experience requirements, they must pass a comprehensive exam that tests their personal financial planning knowledge and skills, continually update their abilities and abide by the Certified Finanical Planner Board's Code of Ethics and Professional Responsibility (Code of Ethics) and Financial Planning Practice Standards (Practice Standards). CFPs can work in several settings including small financial planning practices, large financial services firms, credit unions, banks and other financial institutions. Planners are compensated for the services they provide in different ways, as well. Some are paid through commissions, and others through fees or a combination of both. Financial Consultant Financial consultants provide guidance on all aspects of your financial life, including investments, estate planning, tax preparation and planning, retirement planning and insurance. Some financial consultants acquire one or more professional designations, indicating that they have satisfied certain educational and experience requirements. Examples of financial consultant designations include: Chartered Financial Analysts (CFA), Certified Financial Planners (CFP), Chartered Financial Consultants (ChFC), and Certified Investment Management Analysts (CIMA). Consultants may operate exactly as Financial Advisors, or they may operate exactly as Financial Planners, or they may provide some planning work and some advisory work, thus operating in-between. CFP ™ A CFP, is an individual who has been awarded this designation by the Certified Financial Planner Board of Standards (CFP Board).
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