A financial planner can help you develop a strategy for saving, spending, or investing your money that is right for you. A Certified Financial Planner in Minneapolis MN has earned the official certification by the CFP® Board. CFP® professionals have met rigorous training and experience prerequisites. They also uphold and commit to the CFP® Board’s ethical standard of putting their client’s needs first. If you are looking for a Certified Financial Planner in Minneapolis MN, here are some tips on choosing the right one for you.
Number of CFP Professionals
According to CFP® Board demographics in 2022, 42% of all financial advisors were CFP® certified. CFP® professionals must take extensive exams in financial planning, taxes, insurance, estate planning, and retirement planning. They must also pursue continuing education after receiving their certificate. All CFPs® are held to a fiduciary standard and must act in their client’s best interest.
Discern How Your Advisor is Paid
We recommend that you find an advisor that is fee-only. A Certified Financial Planner in MN must disclose how he or she is paid and avoid or disclose any potential conflicts of interest. A CFP® professional may use the fee-only label if the CFP® professional and the CFP professional’s firm do not receive sales-related compensation.
Research Every Firm You Consider
It is essential to research the background of a prospective financial advisor or advisory firm to see if there is a history of any disciplinary actions. We recommend that you hire an advisor that is a fiduciary. Find out which credentials the advisor has earned, such as the CFP® designation. A Certified Financial Planner in MN should be someone you will be able to trust to advise you on your financial plan. Ideally, it will be someone you can work with for a long time.
