Financial Planners Abound; Trick Is Finding Good One USA Today (09/19/00) Vol. 104, No. 37 p.3B; Block, Sandra
The popularity and number of financial planners is
increasing. Sources report that about 250,000 people identify
themselves as financial planners, and the Bureau of Labor
Statistics forecasts 40 percent growth in the profession between
1998 and 2008. The increase is partially due to the fact that a
financial planner receives no certification. The Certified
Financial Planner (CFP) Board of Standards will begin a two-year
effort to distribute information about financial planning to the
public. The $6 million campaign will concentrate on pushing the
CFP trademark as a standard for financial planners.
Specifically, CFP certification involves testing, an extensive
curriculum, three years of experience, and other requirements.
The organization reports that about 55 percent of people who take
the test actually pass it. CFP provides listings of its planners
at www.fpanet.org. Consumers looking to work with a planner
should inquire about compensation policies, what qualifications a
planner has, if the planner has been disciplined in the past, and
what types of clients a planner takes. Consumers should choose a
financial planner based on personal needs. In order to decrease
taxes, for instance, a consumer might want to work with a
financial planner who is a certified public accountant.