There’s some terrific content and insight at the 91st Carnival of Personal Finance hosted by The Sun’s Financial Diary. I continue to be amazed at the diversity of topics and information presented. Invariably I find something that discusses a recent concern or interest. Even some topics a little beyond my expectations… but that’s what makes blogging such an effective medium. Some interesting posts on financial planning, and planners. But what really is a financial planner? I have noticed that a lot of personal finance readers really don’t understand the difference between a real Financial Planner and someone who is a broker, financial advisor, financial consultant, etc. Some people think a Certified Financial Planner is a designation you can send for in the mail… without much educational background. Nothing could be further from the truth!  I think the problem is that so many institutional firms are employing “financial whatever” people to target the demographic markets and troll for business. Unfortunately, those who have taken the time and effort in both education and years of training to attain Certified Financial Planner designation are competing against those large firms for business, with an unwary public being confused, and sometimes hurt financially, in the process. Folks, if someone is trying to sell you a product instead of speaking objectively about your financial concerns and how they can help you attain your goals… then you are probably not speaking with a real Financial Planner.  Real Financial Planners are trained in far more than simple investing and managing money. They have education and experience with many other issues such as taxation, estate planning, family finanicial matters, budgeting, retirement and even real estate considerations.  If you’re in doubt about who you are talking with, ask about their credentials and designations… ask about their education… ask about the Code of Ethics they adhere too.  Fee-only Financial Planning from a designated CFP is probably about as close as you can get to objective advice. Getting that advice from someone or a some company who is in business to charge fees and commissions to clients probably involves competing priorities. Not always, but if someone makes their living by selling things to you, how strongly will they encourage you to buy something from a different firm if that’s what fits?  Do you like feeling “tied” to one institution or company? I don’t… I would rather get good advice to help make timely decisions… and then receive recommendations about options. I don’t want to have to buy a stock or fund from a financial “whatever” person I’m talking to- I should be able to do that almost anywhere, but receive solid, objective advice before doing so. I think it’s so important do a little background research before you put your money on the table…. Financial Planning is a comprehensive discipline and you should have someone with comprehensive experience giving advice. With that in mind, to find a Certified Financial Planner in your area that meets your needs, see the Financial Planning Association’s search tool.
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Thanks for linking to the Carnival!