Are you considering working with a professional to manage your finances? We understand it’s a big step, and we’re here to help you select the right financial planner!
Table of Contents
- What is a CERTIFIED FINANCIAL PLANNER™ (CFP®)?
- What are the benefits of working with a CFP®?
- When should I hire a CFP®?
- How do I find a qualified CFP® near me?
- What should I expect once I hire a CFP®?
What is a CERTIFIED FINANCIAL PLANNER™ (CFP®)?
A CERTIFIED FINANCIAL PLANNER™ is a financial professional who has passed a certification exam and a rigorous education program consisting of thousands of hours of training and experience. CFP® professionals are certified through the CFP Board, which has been the standard of excellence for financial planners for over 30 years.
The CFP Board notes, “Anyone can call themselves a financial advisor. Only those who have met the standard of excellence in financial planning can call themselves a CFP® professional.”
What are the benefits of working with a CFP®?
There are plenty of benefits to working with a CFP®, and the benefits will vary depending on your specific situation and goals. Here are a few benefits to expect when hiring a CFP®:
- A clear plan of action to reach your big life goals
- Clarity and a better understanding of your finances
- The knowledge and expertise of a professional
- Accountability to achieve short- and long-term goals
- A renewed sense of confidence and commitment to your goals
When choosing between a general financial advisor or a CERTIFIED FINANCIAL PLANNER™, we recommend the latter. According to Forbes, “Unlike some financial advisors, all CFPs are held to a strict standard of fiduciary duty, meaning they must put your financial best interests ahead of their own. Practically speaking, this means they are barred from buying a financial product for a client simply because it pays them a high commission.”
When should I hire a CERTIFIED FINANCIAL PLANNER™?
You can consult a financial planner at any time – doing so can ensure you’re on track to reaching your future goals and provide accountability for the long term.
There are also significant points in your journey that may inspire you to reach out to a financial planner, including:
- Planning for milestones such as buying a home, sending a child off to college, or retirement
- A significant life change such as marital status, family size, or employment
- A sudden increase in wealth – whether it’s expected or unexpected
- Starting or exiting a business
- A general sense of overwhelm around your current financial situation
- Or a desire for a comprehensive financial strategy that aligns with your life goals
There is no right or wrong time to hire a CERTIFIED FINANCIAL PLANNER™. We recommend researching qualified CFP® professionals near you and reaching out to discuss your financial situation and goals.
How do I find a qualified CERTIFIED FINANCIAL PLANNER™ near me?
When researching financial planners, we recommend starting with the CFP Board’s ‘Find a CFP® professional’ Search. Enter your location and desired services (such as Budgeting, Business Succession Planning, or Life Transitions for example), and the CFP Board will provide a list of professionals.
Once you have a list of CFP® professionals, reach out to schedule meetings with them. Come prepared with initial questions about their services and an overview of what you hope to achieve in the short and long term. Then, move forward with a financial planner who listens to your aspirations and provides solutions to align your goals with practicality and progress!
What should I expect once I hire a CFP®?
You’ve done your research and found a qualified CFP® ready to help you reach your goals — exciting! But, what can you expect now? Typically, a CFP® will start by better understanding your current financial situation, any upcoming milestones you’re planning for, goals you’re working to achieve, and more.
A CFP® can provide recommendations and advice on long-term goals — such as retirement, exiting a business, sending children to college, or buying a home — as well as potential investments and paying off debt. Because financial planners can specialize in all different areas, make sure to share specifics of what you’re looking for and have a sense of the services you need once you choose a CFP®.
Want to get to know exitfour’s CFP® professionals? Meet our team here and contact us today to start your journey!
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