A teaching all, or any portion, of the personal financial planning process.
Finally the applicant must agree to adhere to the CFP Code of Professional Conduct and submit to a background check. Any pending litigation must be disclosed.
The Financial Planner typically operates in four major areas: investment planning, estate planning, retirement planning and business succession planning. All of these areas are highly specialized and a planner may decide to specialize in one or more areas. Major firms will offer all of these services to clients, but the delivery method may vary by company. Firms such as Lincoln Financial Advisors, American Express Financial Services and AXA Advisors offer all of these services.
Another group of firms includes brokerage firms, also called wire houses, that may offer some or all of these services, but their primary aim is investment management. These companies include Merrill Lynch, Saloman Smith Barney, Goldman Sachs. They may call their personnel Financial Planners, but they tend to be focused on gathering money from clients to invest through the firm. Some of these firms may offer some of the specialized planning services for their high-dollar clients.
The most important thing for someone who is considering this profession is that it is primarily a sales position, particularly in the beginning of the planner's career. A person who is uncomfortable with the idea of sales will not be successful in this profession. New planners are expected to obtain clients, usually by pursuing their warm market of friends and associates. More experienced planners may assume other duties, particularly as his or her expertise increases.
Because the population is growing wealthier, the outlook for this career is...
In today's complex financial world, most people need help in planning for retirement, college for children and dealing with insurance matters. More wealthy individuals may want to address estate planning options, to ensure that as much as possible of their wealth is transferred to their heirs. Small business owners need to plan for succession issues, such as how the survivors of an owning partner will be compensated.
Compensation in this career varies by firm and level of experience. Those with more experience and with an inventory of clients can demand six-figure salaries. For those individuals with little or no experience, the compensation can vary from several thousand dollars per month to arrangements where the planner is paid only for the fees generated, on a purely commission basis.
For the right individual, this can be a rewarding profession. It requires hard work and much study to be successful. Being a good listener is important in this position. An individual with the desire to succeed can overcome the challenges of this occupation.
Bibliography
Certified Financial Planner Board of Standards. 20 April 2005. http://www.cfp.net/.
Financial Planning Association. 20 April 2005. http://www.fpanet.org/.
Lee, Tony. "Rating the Nation's Best and Worst Jobs." Career Journal.com. 2002. 20 April 2005. http://www.careerjournal.com/jobhunting/change/20020507-lee.html.
Merrill Lynch. 20 April 2005. http://www.ml.com/index.asp?id=7695_15125.
Tony Lee. "Rating the Nation's Best and Worst Jobs." Career Journal.com. 2002. 20 April 2005. http://www.careerjournal.com/jobhunting/change/20020507-lee.html.
Certified Financial Planner Board of Standards. 20 April 2005. http://www.cfp.net.
