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What is a CFP®?

The CFP® marks represent a CERTIFIED FINANCIAL PLANNER™  designation.  An individual who has earned these marks has met the education, examination, experience and ethics standards established by the CERTIFIED FINANCIAL PLANNERS™  Board of Standards (CFP® Board); Therefore, a financial planner who has earned the CFP® marks should be distinguished from a financial planner who has not.  Consumers need to be aware that there is nothing preventing a person from declaring themselves a "Financial Planner," and its therefore incumbent upon the consumer to differentiate between a planner who has earned the marks and one who hasn't.

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If a financial planner has earned the right to use the CFP® marks, this means that he or she has met the following requirements:

 

 

 Education: 

There are three ways to meet the CFP® certification education requirement.

  1. Completing a comprehensive course of study at a college or university whose curriculum is registered with the CFP® Board; or
  2. Submitting a transcript of previous financial planning- related course work to the CFP® Board for review and credit; or
  3. Showing the attainment of certain professional designations or academic degrees that cover subjects pertinent to the CFP® Boards financial planning curriculum.

Note: Applicants for CFP®  certification must have attained a bachelors degree (or higher) from an accredited college or university.

Examination:

Candidates for the CFP® certification must pass a rigorous two-day, 10-hour CFP® Certification Examination administered by the CFP® Board that tests the ability to apply financial planning acumen to real life situations.  Topics include tax planning, employee benefits and retirement planning, estate planning, investment management and insurance. 

Experience:

Candidates for CFP® certification must prove they have a minimum of 3 years of work-related experience in the financial planning process, prior to being authorized to use the CFP®  marks.

Ethics: 

Certified Financial Planner™  professionals are held to the highest of standards; CFP® practitioners agree to abide by a strict code of professional conduct developed by the CFP® Boards Code of Ethics.  The CFP® Boards Code of Ethics requires financial planners, authorized to use the CFP® designation to adhere and uphold the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism, and diligence.  Candidates for CFP® certification have their backgrounds checked by the CFP® Board, and must also disclose any investigations or legal proceedings related to their professional or business conduct.  For example, if a CFP® professional declares bankruptcy or receives a DUI (driving under the influence), this must be disclosed to the CFP® Board and the professional could face disciplinary action or suspension of the right to use the CFP® mark.  Additionally, once certified, CFP® practitioners must fulfill a biennial continuing educational requirement to stay up-to-date on planning strategies and financial trends affecting their clients.

To determine if your financial planner is a CFP®, and in good standing, please click the following link and search for your financial planner: