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Financial Planners - Who Needs Them?

The Experts

Many people can benefit from using the services of a financial planning professional. There is a common misconception that only those with a large amount of assets should hire a financial planner. However, in many cases it may be more necessary and more beneficial for those who are in need of help just to start a retiremen plan to seek the advice of a professional.

There are several different typesof financial planning profesionals and they may have a professional designation, such as CPA, CFP®, or Registered Financial Consultant. Each of these carries its own requirements, which may include education, examinations and professional experience.

As with any profession, there are always excellent, reputable and high-quality planners, and there are some that approach the level of incompetence. While a financial planner does not have to meet any licensing requirements to begin advising clients, planners that have a professional designation such as those mentioned above, must adhere to ethical standards of conduct and ongoing education requirements. When these requirements are breached, the planner is subject to disciplinary action or even suspension or expulsion from the profession.

Financial planners that do not hold a certification or professional designation with these requirements have no such ethical standards, and are not subject to disciplinary action that may lead to suspension or expulsion from their profession. This does not mean that these financial planners are not helpful or professional in their actions. Good Financial Planners can help families accumulate capital and meet expected financial needs. Understanding your Financial Planner may help you choose the right planner and ascertain whether you can work within their financial planning processes.

Financial Planners - Who Needs Them?
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