Would people possibly mistake someone completely unqualified to handle their finances?
The fact is, anyone can claim to be a financial advisor. There is a big difference between stock brokers, insurance agents, salesman, and CERTIFIED FINANCIAL PLANNERS. Do you know the difference between fee-only and fee-based? Does your financial adviser sell products to make commissions? Fee-Only advisers do not sell any financial products! To bring awareness to this confusion, the CFP Board recently conducted an informal experiment. Would people possibly mistake someone completely unqualified to handle their finances for a qualified financial advisor? The results are alarming.
The CFP Board created a fake financial firm on the 48th floor of a prominent office building. The firm’s key feature? A conference room constructed with fake walls, two-way mirrors and six hidden cameras. Once everything was properly set up, they invited various people to receive a brief presentation from a man claiming to be a financial advisor. In actuality, he was a professional DJ equipped with little more than a few financial-sounding phrases and a personable demeanor. The lesson here, not all financial planners are what they appear.
If they’re not a CFP® pro, you just don’t know. CFP® CERTIFICATION is recognized as the highest standard in personal financial planning. Not all financial planners are FIDUCIARIES. Work with professionals who are required to put your needs before their own. We adhere to the highest standard a Fiduciary can and do not combine product sales with advice-giving. If they’re not a CFP® pro, you just don’t know. Find a CERTIFIED FINANCIAL PLANNER™ who’s properly vetted. CFP®: Work with the highest standard.