FINANCIAL PLANNERS! HOW DO YOU TELL THE DIFFERENCE?
First Published Fall 1993 Eight years ago I was discussing a Financial Planning recommendation with a Judge. He made the comment that he was reluctant to accept recommendations from a 'Financial Planner' because he knew of a lawyer in Vancouver who had been disbarred for misuse of his client's trust funds and was now doing business as a 'financial planner'. Unfortunately, anyone can call themselves a 'Financial Planner. This is true of many professions. Anyone can hang out a shingle as an Accountant.
But, they cannot call themselves a Chartered Accountant unless they have completed a course of studies and are a member in good standing of their professional association. It is a shame that, after all of the financial degrees and courses I had taken that I still had to compete with a disbarred lawyer. When I left the meeting with the Judge I was determined to do something to make sure I would stand out above the crowd. It is sad to say but many in our business are not very honest and even more are motivated to sell the client only those products that pay them the most money. Some stockbrokers would have people believe they are 'Financial Advisors' when in fact they are simply stock salespeople.
Most have almost no training in Taxation or Estate Planning, both of which impact a great deal on any investment recommendation. Many Life Insurance Agents hold themselves out as 'Financial Advisors' after taking a single course on insurance. Banks promote some of their people as 'Financial Advisors', when in fact they have taken a simple course in Mutual Funds and have in most cases no experience beyond that bank's products. There are some very good and well qualified people in all of these professions and financial institutions. But, the point is, how do you tell the difference? Shortly after the incident with the Judge, I joined the Canadian Association of Financial Planners (CAFP).
As a member I was required to subscribe to their code of ethics and answer to their disciplinary committee. In this way my clients would know that I had attained a certain level of competence and that they could report me to the Association if I did something wrong. The Association grants the RFP (Registered Financial Planner) degree. To maintain that degree I must be a Regular member of the CAFP and have at least one Academic degree (such as CFP, CLU, CA. etc) in one of the Financial Planning disciplines.
1 must then have at least two years experience with a financial planning firm and have passed a six hour competency exam, which covers all areas of financial planning. In addition, I must produce proof of at least $1,000,000.00 of Errors & Omissions Insurance, subscribe to the Code of Ethics and adhere to the "Six Step Financial Planning Process". Each year I must prove that I have kept up to date with new developments through their requirements for continuing education. Ten years ago there was no Financial Planning industry as it emerged because the average investor required someone to guide them through the complexity of the tax regulations and investment choices. I think the growth of the financial planning industry is due in no small part to the growth in service industries.
As everything in our daily lives becomes so specialized we need to turn ever more to people who specialize in areas we need help in. Today the association is recognized as the national organization for the regulation and development of financial planning in Canada. It is possible to phone in any major city in Canada to Inquire if someone is a regular member, an associate member in good standing, or is even a member at all. In British Columbia the Association is called the British Columbia Association of Financial Planners. The phone number is (604) 684-8843.
Last month I was honored to be elected President of the British Columbia Association of Financial Planners. Bring on that disbarred lawyer!Copyright ? www.money-software.com.
Peter F. Baigent CFP, CLU, CHFC, RFP. is a Past President of the Canadian Association of Financial Planners for British Columbia, a former Director of the Canadian Association of Financial Planners. He has spoken across Canada on financial planning matters and has taught courses for the Chartered Financial Consultants & Certified Financial Planners degrees. He is the founder of Money Minders Software which produces financial planning software.Credit Cards Web Site Adds Form, Function, Features & Freebies
New York, NY (ContentDesk) March 29, 2006 -- FrankfordFinancial.com's Credit Cards site is more useful than ever. They have introduced 3 new areas of functionality that provide their customers with tools that encourage consumer credit education and a foundation for financial planning.The three main site features of the re-design are as follows:1. "The Financial Organizer". The Financial Organizer is a multi-purpose software tool that creates a foundation for personal, financial and estate planning matters. Writers and developers say the Financial Organizer was "inspired by Hurricane Katrina...We heard so many stories from friends, family and customers who; because they werent organized and prepared, lost all of their vital information.
They are now faced with the nightmare of having to start over and re-do all their financial, personal, medical and insurance information...this digital document is a solution for always being prepared and we hope our customers will find good use...
Credit Cards Web Site Adds Form, Function, Features & Freebies
Financial planning > Credit Cards Web Site Adds Form, Function, Features & Freebies
Financial Planning for Your Future
Millions of people give a lot of thought to financial planning but get frustrated and give up before ever making any progress. Making yourself aware of the most common reasons people fail to make a viable financial plan is the first step in reaching your financial goals. The uncertainty of the stock market, social security, and the declining world wide economy have made appropriate financial planning a must for every individual and family. Here are some tips that can make planning for your financial future a more successful experience:A positive attitude is the most important factor in reaching your financial goals. If you continually have negative thoughts about your ability to plan for your future, you are most likely going to fail in your efforts.
A good attitude and the desire to succeed in developing a proper budget and secure financial future will go a long way in helping you reach your goals. It is important to keep your long-term goals in mind and have a positive attitude...
Financial Planning for Your Future
Financial planning > Financial Planning for Your Future
Felten and Associates Announces Major Corporate Expansion
(ContentDesk) June 9, 2005 -- Felten & Associates announces a major corporate expansion to include offices in Stuart, Florida and Woodstock, Vermont; in addition to its corporate office in Vero Beach, Florida.
Ken Felten, owner of Felten & Associates announced that the demand for the insurance and financial services offered through their Vero Beach location has increased to the point where branch offices in Stuart are now necessary.
Expansion into Vermont was considered after so many of Felten & Associates' clients voiced their desire for Felten & Associates' insurance and financial planning services for their northern locations.
"Vermont is centrally located in an area that our clients migrate to every summer.
We want to have offices located close to their winter homes on the Treasure Coast and a location close to their homes along the northeastern seaboard." stated Felten.
Ken Felten announced that future branch openings in other northern...
Felten and Associates Announces Major Corporate Expansion
Financial planning > Felten and Associates Announces Major Corporate Expansion
David A. Katzman CPA/CFP? Of Goldstein Lewin & Co. Earns Personal Financial Specialist Credential
(ContentDesk) April 24, 2004--To obtain this credential, Mr. Katzman earned a passing grade on a financial planning examination, submitted references, and documented his business experience in personal financial planning, personal income tax planning, risk management planning, investment planning, and estate planning.
A Certified Public Accountant, Mr. Katzman is licensed to practice in the State of Florida and the Commonwealth of Massachusetts.
He received the CERTIFIED FINANCIAL PLANNER?
(CFP) credential in 1998.The rigorous course of study required to obtain the PFS designation provides me with the additional skills and knowledge necessary to provide my clients with comprehensive financial services," states Mr.
Katzman.
Mr. Katzman has extensive experience working with businesses to resolve auditing and tax issues and with high net-worth individuals to provide financial and trust planning advisory services.
As an eldercare practitioner,...
Financial planning > David A. Katzman CPA/CFP? Of Goldstein Lewin & Co. Earns Personal Financial Specialist Credential
Asset Planning Strategies Launches New Web Site
Bingham Farms, Mich. (ContentDesk) May 25, 2006 Asset Planning Strategies (APS), a Michigan branch agency of First Allied Securities and the investment advocate of estate, tax, financial planning and money management services to the Great Lakes region, announced today the launch of a redesigned corporate Web site at www.assetplanningstrategies.com.
The new APS Web site contains information on all of the firms services including retirement planning, tax planning, estate planning, money management, and 401(k) rollovers. Clients and prospects will find valuable resources at the new site such as upcoming workshop schedules, financial calculators, and information-packed newsletters and articles.The new Web site will communicate future topics and invited guests on the Asset Planning Strategies sponsored radio broadcast show Your Money & Ken Stern, which airs on WJR 760 AM every Saturday afternoon. The new site...
Financial planning > Asset Planning Strategies Launches New Web Site
Mid-Cities Advisor Named One of the ?Best Financial Planners in Dallas/Fort Worth?
Steve Blankenship, CFP?, Founder and Principal of Heritage Financial Planning in Grapevine has been named by D Magazine as one of the "Best Financial Planners in Dallas" in a recent issue of the magazine.
Over 1,000 financial planners in the greater Dallas/Fort Worth area were considered for this prestigious honor.
Fewer than 10 of those honored are from Tarrant County.
Mr. Blankenship is the only fee-only financial planner in Grapevine, Texas and one of only a handful of fee-only professionals in all of Tarrant County.
As a fee-only professional, Mr. Blankenship receives no commissions or other rewards for selling financial products.
About Heritage Financial PlanningSteve Blankenship, CFP? is the Founder and Principal of Heritage Financial Planning, an independent financial planning firm located in Grapevine, Texas. A Certified Financial Planner? professional, Steve was recently featured on the cover of Financial Planning magazine and profiled...
Financial planning > Mid-Cities Advisor Named One of the ?Best Financial Planners in Dallas/Fort Worth?
National (18 year-old) estate planning firm offers a 21st century approach to multi-disciplinary networking.
(ContentDesk) January 2 2004--Financial professionals, like everyone else, are being impacted by a 21st century information blitz. Mainstream Americans have become more informed and thus aware of their family's particulary estate planning needs. Clients now carry that attitude with them as they go into meetings to discuss investment-suitability or insurance needs. For the financial/agent advisor, that presents an opportunity. Clients are looking for a "platform" to help put it all together for them, to package granular products and services into a singular plan - a "one-stop-shop", so to speak, to help them with their planning concerns and objectives.
Integrated Trust Systems has galvanized their 18 years of professional experience in the national estate planning industry to develop a high-tech "virtual office" networking system that brings the advisor and attorney together - online - to help meet the clients' estate planning needs with speed, efficiency, accuracy, and cost effectiveness.....
National (18 year-old) estate planning firm offers a 21st century approach to multi-disciplinary networking.
Financial planning > National (18 year-old) estate planning firm offers a 21st century approach to multi-disciplinary networking.
Cleaning for Allergy and Asthma Sufferers
Ready for another round of allergies?My daughter recently had a bout with asthma. The strange thingis, she hadn't had any problems for a couple of years. Inlooking at the possible triggers - She had a new batch ofpuppies at her dad's. While the 2 dogs didn't seem to botherher, the addional puppies seemed to put her over the edge.To make matters worse, since we hadn't had problems for a coupleof years, I had become lax in some of the cleaning that I wouldhave done when she had problems every year.Once...
mattresses Cleaning for Allergy and Asthma Sufferers Financial planning
Financial planning > Cleaning for Allergy and Asthma Sufferers
KUA Receives Community Service Award
????KISSIMMEE, Fla., October 30, 9:30 am ? Kissimmee Utility Authority's ongoing commitment to community service through utility-sponsored programs and public outreach efforts has been recognized by the Florida Municipal Electric Association (FMEA). FMEA on Tuesday presented to KUA its 2003 Florida Community Service Award -- the highest honor an electric utility can receive from the statewide association.????The award is given annually to utilities whose achievement or sustained performance shows...
electric generators Financial planning
Financial planning > KUA Receives Community Service Award
Financial planning
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