The Benefits of Hiring a Certified Financial Planner: Advice & Guidance for Your Financial Future

By: Scott Sturgeon, JD, MBA, CFP®

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When it comes to managing your finances, it’s probably not shocking for you to hear there are plenty of options available. From DIY budgeting apps to robo-advisors, the internet is full of resources designed to help you take control of your money. Sometimes though, it’s better to leave things to an advisor that actually deals in the same types of issues and financial challenges as you. Hiring a CERTIFIED FINANCIAL PLANNER™ can provide a range of benefits that may not be available from advisors without the designation.

In this article, we’ll explore the many advantages of working with a professional financial planner. From personalized advice to comprehensive financial planning, we’ll explain why hiring a certified financial planner could be one of the smartest financial decisions you’ll ever make.

What is a CERTIFIED FINANCIAL PLANNER™?

Before we dive into the benefits of hiring a CERTIFIED FINANCIAL PLANNER™, let’s define what we mean by that term. A CERTIFIED FINANCIAL PLANNER™, or CFP® professional, is a professional who has completed a rigorous education and certification process to become knowledgeable in many areas of personal finance. This includes topics such as retirement planning, investment strategies, tax planning, and more.

CFP® professionals are required to pass a comprehensive exam, have at least three years of professional experience, and adhere to strict ethical standards. This means that when you work with a CFP® professional, you can trust that you’re working with someone knowledgeable and who’s going to adhere to a fiduciary standard of advice and always act with your best interests in mind (something that not all advisors have to adhere to).

How Can a CERTIFIED FINANCIAL PLANNER™ Help You?

Now that we’ve established what a certified financial planner is, let’s explore some of the specific ways they can help you achieve your financial goals.

1.Personalized Advice: One of the biggest benefits of working with a CFP® professional is the personalized advice you’ll receive. A good financial planner will take the time to understand your unique financial situation, goals, and risk tolerance, and develop a customized plan that’s tailored to your needs. This level of personalized attention simply can’t be matched by a one-size-fits-all budgeting app or robo-advisor.

2. Comprehensive Financial Planning: A CFP® professional can provide comprehensive financial planning services that cover all aspects of your financial life. This includes retirement planning, investment management, tax planning, estate planning, and more. By working with a CFP® professional, you can develop a comprehensive plan that takes into account all of your financial goals and needs.

3. Fiduciary Advice and Knowledge: CFP® professionals are knowledgeable in many areas of personal finance, which means they can provide you with valuable insights and advice that you may not have access to otherwise. They can help you navigate complex financial issues and make informed decisions that can have a big impact on your financial future. Not only that, but any advice a CFP® professional provides you is required to be done in a fiduciary capacity. That means advice is always given in your best interest, which isn’t always a requirement of other financial advisors.

4. Accountability and Support: When you work with a CFP® professional, you’ll have someone to hold you accountable and provide ongoing support as you work towards your financial goals. This can be especially valuable if you’re trying to make significant changes to your financial habits or overcome financial challenges. At Oread Wealth Partners, we always talk about ‘persistence in service’ with our clients. We acknowledge that many of the tasks associated with making your finances more efficient are complex or may require time to complete. We work with you to either handle those tasks for you, or to work with you to ensure things are getting done.

Common Questions About Hiring a CERTIFIED FINANCIAL PLANNER™

If you’re considering hiring a CERTIFIED FINANCIAL PLANNER™, you may have some questions about the process. Here are some of the most common questions people have about working with a CFP® professional:

1. How much does it cost to hire a certified financial planner? The cost of working with a CFP® professional can vary depending on the specific services you need and the level of expertise of the planner. Some CFP® professionals charge a flat fee, while others charge an hourly rate or a percentage of your assets under management. It’s important to ask about fees upfront so you know what to expect.

2. How do I find a CERTIFIED FINANCIAL PLANNER™? One of the easiest ways to find a CFP® professional near you or that might be a good fit for you is to visit letsmakeaplan.org where you can search for a CFP® professional to fit your needs.

3. What should I look for in a CERTIFIED FINANCIAL PLANNER™? When choosing a CFP® professional, it’s important to consider factors such as their experience, qualifications, and the services they offer. You should also look for someone who is a good communicator and who you feel comfortable working with. You’re going to be telling this advisor or planner some of your most intimate financial details, so it’s important you work with someone you can trust and are comfortable with.

4. Is hiring a CERTIFIED FINANCIAL PLANNER™ worth the cost? While working with a CFP® professional does come with a cost, many people find that the benefits outweigh the expense. By receiving personalized advice and comprehensive financial planning services, you may be able to make smarter financial decisions and ultimately save money in the long run.

The Benefits of Hiring a CERTIFIED FINANCIAL PLANNER™

Now that we’ve explored what a CERTIFIED FINANCIAL PLANNER™ is and how they can help you, let’s dive into the specific benefits of working with a CFP® professional.

1. Knowledgeable Advice: One of the biggest advantages of hiring a certified financial planner is the guidance & advice you’ll receive. CFP® professionals have a deep understanding of personal finance and can provide you with insights and guidance that you may not have access to otherwise. They can help you navigate complex financial issues and make informed decisions that can have a big impact on your financial future.

2. Personalized Attention: Another benefit of working with a CFP® professional is the personalized attention you’ll receive. Unlike a budgeting app or robo-advisor, a CFP® professional will take the time to understand your unique financial situation and develop a customized plan that’s tailored to your needs. This level of personalized attention can help you achieve your financial goals more effectively.

3. Comprehensive Financial Planning: A CFP® professional can provide comprehensive financial planning services that cover all aspects of your financial life. This includes retirement planning, investment management, tax planning, estate planning, and more. By working with a CFP® professional, you can develop a comprehensive plan that takes into account all of your financial goals and needs.

4. Ongoing Support: When you work with a CFP® professional, you’ll have ongoing support as you work towards your financial goals. This can be especially valuable if you’re trying to make significant changes to your financial habits or overcome financial challenges. Your CFP can provide you with guidance and support as you navigate these challenges and help you stay on track towards your goals.

5. Increased Accountability: Working with a CFP® professional can also increase your accountability when it comes to your finances. When you have someone to answer to and a plan in place, you may be more motivated to make positive financial changes and stick to your plan.

6. Potential for Cost Savings: While working with a CFP® professional does come with a cost, many people find that the benefits outweigh the expense. By receiving fiduciary advice and comprehensive financial planning services, you may be able to make smarter financial decisions and ultimately save money in the long run. In fact, a study from 2014 indicated that working with an advisor can add up to, or exceed, a 3% net return over a lifetime of working together.

How to Choose a Certified Financial Planner™

If you’re interested in hiring a certified financial planner, it’s important to choose the right one for your needs. Here are some tips for selecting a CFP®:

Look for a Certified Professional: This one is self explanatory, but make sure the financial planner you choose is a CERTIFIED FINANCIAL PLANNER™ with the appropriate qualifications and experience. They will likely have a CFP® designation on their signature or website. 

Consider Your Specific Needs: Remember, not all CFP®’s are equal and some may work in highly specialized areas or with certain niche’s of clients. Think about the specific financial issues you need help with and look for a CFP® professional who specializes in those areas. At Oread Wealth Partners, we focus in working with doctors & business owners, bringing a unique perspective and focus to the specific areas those clients deal with on a daily basis.

Check Credentials and Reviews: Research potential CFP® professionals online and check their credentials and reviews to ensure they have a good reputation and track record. You can research various advisors here.

Ask About All the Ways an Advisor is Paid: Make sure you understand how the financial planner or wealth advisor charges for their services and what you can expect to pay. Transparency is important and you should avoid advisors who aren’t explicit on their pricing structure.

Schedule a Consultation: Finally, schedule a consultation with a potential CFP® professional to get a sense of their communication style, how well they understand your needs, and whether you get along with them! You’re going to be telling this person some pretty personal things about your life & finances, so it’s important you work with someone you enjoy being around and can trust.

Why Oread Wealth Partners places importance on the CERTIFIED FINANCIAL PLANNER™ designation

In today’s landscape of financial planning & wealth management, it’s surprisingly difficult for consumers to find an advisor or planner that’s a good fit for their needs and who will always offer them advice as a fiduciary (i.e. in their best interests at all times). Many wealth management firms will purport to ‘do right by their clients’ or ‘offer good advice’, when in reality their services are limited simply to selling investments to their clients with potentially large commissions to those advisors. For those advisors, a ‘financial plan’ may simply entail plugging a clients information into a software program, generating a printout, and providing that to a client with little actual advice or implementation to go with it.

At Oread Wealth Partners, we place a lot of importance on the CFP® professional designation because we feel it’s the best educational, professional, and ethical standard in the industry. That advisors carrying the CFP® marks are not only more likely to be more knowledgeable on financial planning subject matter, but also better able to offer advice and guidance around that subject matter for the betterment of their clients financial situation. The knowledge base acquired from a CERTIFIED FINANCIAL PLANNER™ designation allows us to provide guidance around investing, tax planning, estate planning, cashflow analysis, and a host of other it topics.

In today’s complex financial landscape, working with a CERTIFIED FINANCIAL PLANNER™ can be a smart move. By receiving fiduciary advice, personalized attention, comprehensive financial planning services, ongoing support, increased accountability, and potential cost savings, you can make smarter financial decisions and achieve your goals more effectively. When selecting a CFP® professional, be sure to look for someone with the appropriate qualifications and experience, who specializes in your specific needs, and has a good reputation and track record. With the right CFP® professional by your side, you can take control of your financial future and enjoy greater peace of mind.

Curious to learn how working with a seasoned CFP® professional at Oread Wealth Partners can bring value to your unique financial situation? Let’s talk.

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