Is it important that your advisor is also a CFP?

Is it important that your investment advisor is also a CFP?

CFP stands for Certified Financial Planner.  To become a CFP candidates must have a bachelor’s degree (or higher) from an accredited college or university and three years of full-time personal financial planning experience or the equivalent part-time experience (2,000 hours equals one year full-time). Additionally:

  • To earn a CFP certification, financial planners must show proficiency in risk management, investment, tax, retirement, income and estate planning.
  • The certification process can be flexible but in general it typically takes 18-24 months to achieve the CFP designation.

The CFP training prepares the CFP to help you identify short- and long-term goals for your financial life.  With that information the CFP will then create a plan to achieve those goals and then work to execute the plan.

It is important to note that these skills are above and beyond what an investment advisor is required to have.  A Certified Financial Planner has proven their ability to provide comprehensive financial planning services and has also passed the Series 65 exam.  The Series 65 exam qualifies an investment professional to function as an Investment Advisor in most states.  Topics that are covered include state and federal securities rules and regulations, ethical practices, fiduciary obligations, and conflict of interests.

Working as a financial planner involves a high degree of fiduciary responsibility to clients.  Beyond the standards established by FINRA’s Series 65 or 66 licenses, CFPs are obligated to adhere to high ethical standards as outlined in the CFP Board’s Code of Ethics and Standards of Conduct.

Further, in addition to agreeing to adhere to that code, CFPs must make an ethics declaration to disclose his or her involvement in certain types of regulatory, financial, or commercial matters that may impact their fitness and objectivity. The CFP Board will also conduct a detailed background review of candidates for the CFP.

We see the value in the extra training and scrutiny one must go through to be a CFP.  We expect you can too.

Sara-Bay has financial advisors who are Certified Financial Planners.  We’re just a little proud of that!  Excuse us as we strut a bit!










The information in this article is a compilation pulled from a variety of sources.  The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.




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