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John Loper managing director, professional practice, at the CFP Board
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It is important to interview the advisors you are considering to find the one who is the best fit for you. Speaking of databases, you can further vet a financial advisor by searching for regulatory violations, customer complaints and other adverse information at two online resources: BrokerCheck, from the Financial Industry Regulatory Authority, or FINRA, and the Investment Adviser Public Disclosure website from the SEC. The CFP Board, for example, offers a searchable online database of CFPs at and the Institute for Divorce Financial Analysts offers one for CDFAs at /find-a-cdfa. Then, there are online resources, as well. “This is important because when choosing a financial advisor, you want them to develop a comprehensive plan and help you find the appropriate path to achieving your financial goals.”įirst, ask around - word-of-mouth recommendations from family, friends and colleagues can be invaluable as a first line of vetting. “CFP professionals have the knowledge required to deliver holistic financial planning,” Loper said. It’s said there are more than 200 designations available to financial advisors but the one you’ll likely see most often is the CFP certification awarded by the CFP Board. Then there’s the matter of professional certifications - those aforementioned acronyms. They are affiliated with a broker-dealer and are registered under that broker-dealer’s corporate firm. Dually registered advisor: These advisors wears two hats.
#YOU ARE THE ONE KARAOKE LICENSE#
Hybrid advisor: This advisor has passed the General Securities Representative Exam has a separate license to give financial-planning advice and owns their own registered investment advisory (RIA) firm registered with the Securities and Exchange Commission or analogous state securities regulatory authority.They may charge by the hour or with flat fees. Fee-only financial planner: An advisor whose earnings come from direct fees to clients, rather than commissions or other sources.Fee-based financial planner: This is an advisor whose income is based on a combination of commissions on financial products they sell and fees for financial planning.Some advisors may be stockbrokers, insurance agents, estate planners and bankers, as well, among other professions. They generally must be licensed in order to conduct business with the public.įinancial advisors may go by various titles, including wealth manager, investment advisor and financial consultant. Advisors offer an array of services, from investment management and estate planning to income-tax preparation. Financial advisor: This is a generic, catch-all term for financial planners who provide money-related advice in exchange for compensation.Here’s a brief look at some of the types of financial advisor you might encounter: