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Frequently Asked Questions


Q: What should I know about my financial advisor to understand how they will handle my investments?

A: The following are key questions to ask before hiring your financial advisor:

  • How are you compensated?
  • Do you think we will ever have another bear (down) market?
  • Do you have any incentives to recommend certain products over others?
  • Are you only permitted to offer a limited selection of investments?
  • Do you have a fiduciary responsibility to keep my best interests at heart?
  • In managing my investments, what strategy will you implement to potentially preserve my assets in the event of a prolonged market correction or crash?

Q: What is a CFP?

A: 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 it is, therefore, incumbent upon the consumer to differentiate between a planner who has earned the marks and one who hasn't.

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:

  • Completing an Education Program At a College or University Whose Curriculum Is Registered With the CFP Board
  • Submitting a Transcript Of Previous Financial Planning-Related Course Work To the CFP Board for Review & Credit
  • Showing the Attainment Of Certain Professional Designations or Academic Degrees

Examination

Candidates for the CFP certification must pass a rigorous two-day, 10-hour CFP Certification Examination administered by the CFP Board that covers the financial planning process and includes such topics as tax planning, employee benefits and retirement planning, estate planning, investment management and insurance.

Experience

Candidates for CFP certification must prove they have experience in the financial planning process before being authorized to use the CFP marks.

Ethics

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. The CFP Board reviews all such disclosures and investigates those statements that indicate areas of concern. Candidates must also adhere to the CFP Board's Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.

Additionally, once certified, CFP certificants must fulfill a biennial continuing education requirement to stay up-to-date on planning strategies and financial trends affecting their clients.


Q: Aren't all advisors fee-only?

A: Most "so-called" advisors are in the business of selling products, often on commission, and the advice they offer is "incidental" to their main job of selling the product.

This is important because fee-only registered investment advisors owe you a much higher fiduciary standard of duty under the law, meaning they are required to minimize conflicts of interest and put your interests ahead of their own, which is not true for non-fiduciary advisors. The best way to be sure is to insist on a written statement that an investment advisor is a fee-only fiduciary. STEVE ROBBINS, CFP® is such as advisor, and you have that here in writing.


Q: Where can investors go for more information?

A: Our references are as follows:

  • Financial Industry Regulatory Authority (FINRA)
    BrokerCheck
    (800) 289-9999
    Website
  • Certified Financial Planner
    Board of Standards, Inc.
    (800) 487-1497
    Website
  • Financial Planning Association
    (800) 322-4237
    Website
  • Missouri Securities Investor Protection
    Investor Education
    (573) 751-1862
    Website
  • Securities & Exchange Commission (SEC)
    (800) 732-0330
    Website
  • Better Business Bureau
    (314) 645-3300
    Website

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