Tealbrook Financial Asks ?Is Your Financial Planner Certified?? Plus Tips for Selecting the Right CFP

Tealbrook Financial Asks “Is Your Financial Planner Certified?” Plus Tips for Selecting the Right CFP®

St. Louis, Missouri (PRWEB) December 10, 2011

Not all financial advisors are the same. Some are specialists, such as accountants, attorneys, estate planners, insurance agents, investment advisers, and stockbrokers. Others use the “financial planner” or “financial advisor” title, but it’s not as broad as it may sound. Many people are surprised to learn that there is no federal regulation of “financial planning.” These individuals are only subject to regulation in the specific area of what they sell, like insurance or investments.

The Gold Standard

“The CFP® mark truly serves as the gold standard for personal financial planning, said CFP® Board http://www.cfp.net/ CEO Kevin R. Keller, CAE. “Just about anyone can use the term ‘financial planner.’ But only those individuals who have passed a rigorous set of criteria and meet our strict ethical qualifications can call themselves a CFP® professional.”

The CFP® certification demonstrates achievement of education and experience requirements, and represents a high level of competency, ethics, and professionalism. “As a licensed CFP®, I know I am prepared to handle any financial situation, regardless of its complexity,” says Tsiaklides. “I think of myself as the financial physician—analyzing the situation and diagnosing the problem—and the financial coach—advising, implementing, and monitoring the ‘game plan.’ I want to not only help my clients achieve their financial goals but also contribute to their overall well-being.” He added, “I’m glad the CFP Board embarked on a public awareness campaign to help people understand the differences among financial advisors. I think the website http://www.letsmakeaplan.org/ they have created to help educate individuals is a great idea.”

Clients Come First

CFPs are required under the CFP® Board’s Standards of Professional Conduct to act in the best interest of the client, putting the client’s interest ahead of their own. Financial planners in some firms may recommend investments in which they receive a commission. Others may sell you proprietary mutual funds which can never be transferred to another brokerage, essentially holding a customer hostage. Most large brokerage firms do not have a requirement for financial planner certification, so it’s important to know why your financial planner is making certain recommendations. “When I have a choice between investments that will produce similar financial results, I usually recommend the one with less commission and fees. My clients always seem to appreciate that,” notes Tsiaklides.

The Comprehensive Picture

Unlike some financial advisors who are specialists, CFPs look at the whole picture. “People are pulled in so many different directions when it comes to their finances, but a CFP® professional is uniquely qualified to pull all the pieces together and provide a comprehensive evaluation that looks at the whole picture of a person’s financial life,” said Charles Moran, CFP®, 2011 Chair of CFP® Board’s Board of Directors. A CFP® will want to review a myriad of financial and non-financial documents to gain a comprehensive view of the client’s financial situation: personal financial statements; budget and cash flow statements; income tax returns; bank statements; education, investment and retirement account statements; property and casualty insurance policies; personal life, health and disability insurance policies; annuity contracts; wills, trusts and estate plans; employment contracts and bonus plans; divorce decrees; alimony and child support agreements; and any other documents evidencing assets, liabilities and income. “As a CFP®, I review all pertinent information and take careful measures to listen attentively, not be judgmental, allay any emotional issues, and collaborate with other trusted professionals when necessary. It’s important to me to understand the overall picture in order to provide the most optimum advice,” notes Tsiaklides.

Who Is The Best CFP® for You? Follow These Tips:

    Interview CFP®s to find out if they are knowledgeable about your situation, how accessible they will be, and if you feel comfortable with them. This should be a complimentary ½ hour meeting.
    Ask about fees upfront. Will you pay them an hourly fee or will they receive fees from your investments? This decision will be subjective, based on your unique financial situation.
    Ask yourself if you can trust them completely. “Clients will need to fess-up. In order for a CFP® to provide appropriate recommendations, the client will need to pour out financial and personal information, regardless of how painful it may be,” advises Tsiaklides.

Is A Financial Planner Certified? Find Out:

    Look for the CFP® certification mark on business cards, websites, letterhead and brochures. Only those who have fulfilled certification and renewal requirements can display these marks.
    Visit CFP.net to find a CFP® professional in your area.
    Ask the financial planner.

About the CFP® Board

The mission of the Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. The Board of Directors, in furthering CFP® Board’s mission, acts on behalf of the public, CFP® professionals and other stakeholders. The CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and the federally registered CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP® Board’s initial and ongoing certification requirements. CFP® Board currently authorizes nearly 63,000 individuals to use these marks in the U.S.

About Tealbrook Financial

Founded in 2001, Tealbrook Financial LLC and its affiliated company Tealbrook Advisors LLC provide wealth management, tax, accounting, and advisory services for individuals and small businesses. Principal Michael Tsiaklides is a Certified Financial Planner (CFP®), an IRS Enrolled Agent, and a licensed life and health insurance agent (IL, MO). The mission of Tealbrook Financial LLC is to understand the unique financial goals and objectives of each and every client, and to provide products, services, and advice—including the tax implications of financial decisions—to work toward those goals.

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