San Diego Financial Planner, Best Qualifications
What qualifications and/or educational degrees should your Financial Planner have
?
Jane Bryant Quinn of Newsweek wrote an article in February, 2006. In it, she spelled out the various degrees and qualifications that financial planners can have. Because our economy has been on such a roller coaster ride over the past few decades, more and more people are turning to FP's for advice and to help make sense of it all. People worry if they will ever be able to retire as past generations have, or is this a sign that these types of objectives may be unattainable in today's ever changing markets?
Financial planners are the key to keeping your plan on track in times of uncertainty. The proper road map is critical to your financial health, it will help you attain those goals and objectives most important to you. Financial planners have other initials after their names. Here is a list of some more popular acronyms and their meanings:
ChFC - Chartered Financial Consultant. This person is well versed in insurance products.
PFS - Personal Financial Specialist. This is a CPA who has tax planning training.
CFA - Chartered Financial Analyst. These people know mostly about securities.
RIA - Registered Investment Advisor. Obviously their expertise is in stocks and investments.
CFP- Certified Financial Planner - the basic, all around expert.
CSA - Certified Senior Advisor. May have taken extra courses, but may not be a FP.
CRPC- Chartered Retirement Planning Counselor- they are highly trained in long term goals.
It very well may be your CFP has some of these other initials after their name. However, if you want diversified, overall strategic planning, make sure CFP is on their business cards. Watch out for what is known as "alphabet soup" designations. Some less scrupled high-pressure sales people can tack on letters after a one our training seminar. The NASAA (North American Securities Administrators Association) put out a warning to watch out for these folk who are especially prevalent in large populated areas on the east and west coast. If you are unsure of all of those initials on their card, ask. Then go online to napfa.org. (The National Association of Personal Financial Advisors).
In the reference section of this eBook are other resources you can click on or call toll free to learn more about your planner's credentials, educational background and expertise.
It maybe in your best interest to look for a financial planner that has certifications or charters in many diverse areas, especially if you have never used one.
Look for a CFP that is also a RIA (Registered Investment Advisor), or S65 licensed. They will be able to construct a diversified portfolio for you and work under a fee based structure for you. The best planners are fee based, rather than transactional. This means charging commissions for every change you make in your portfolio, this often leaves the consumer wondering if the recommendations are being made because they will benefit his portfolio or his broker. Most of the professionals in our lives are fee-based ex: attorneys, consultants, doctors. It's important to start thinking of your financial health as important as these other areas of your life.
For 10 more questions you should ask in the initial interview phase to ensure they are the right Financial Planner for you go to our website www.sandiegofinancialplanner.info and request the FREE E-Book 20 Insider Secrets to Finding the Best Financial Planner in San Diego
by: S Young
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