Certified Financial Planner
In 1985, the Certified Financial Planner Board of Standards (CFP Board) was founded in order to authorize, oversee, and enforce standards for professionals in the financial planning industry. Before that, anyone with a business card could assume the title of Financial Planner without qualification or official authorization. Since its creation, the CFP Board has provided oversight and regulation to the world of financial planning by establishing a precise criteria of prerequisites, standards, and testing.
The Core Objectives of the CFP Board are to provide the most rigorous financial planning credentialing possible, to establish educational standards for testing and enhancing the knowledge of Certified Financial Planners, to rigorously enforce and regulate the behavior and professional conduct of CFP’s, and to increase public access to competent and ethical financial planning.
Recognized as the standard of excellence in personal financial planning, individuals seeking certification by the CFP Board are required to fulfill prerequisites in education and professional experience, pass a lengthy examination covering a vast array of topics related to financial management, and agree to abide by certain ethical guidelines. Applicants must possess a Bachelor’s Degree (or higher) in a relevant discipline and at least 6,000 hours of professional experience in financial planning. As an added safeguard, all applicants must submit to an extensive background check that investigates and scrutinizes their personal, ethical, and criminal history.
In addition to the aforementioned criteria, a Certified Financial Planner must meet and uphold certain qualifications known as the Standards of Professional Conduct. As a result, a CFP is required to follow a stringent Code of Ethics and Professional Responsibility, adhere to certain Rules of Conduct, meet Candidate Fitness Standards, and comply with all Financial Planner Practice Standards. Infractions against these standards are subject to disciplinary actions by the CFP Board, which can include suspension and permanent revocation of certification. Information about the disciplinary history of every Certified Financial Planner is available online for the public.
After meeting the necessary prerequisites, qualified candidates must pass an extremely rigorous examination before acquiring their CFP license. Covering more than 100 unique aspects of integrated financial planning, the comprehensive 10-hour certification test requires an extremely thorough understanding of the material and intensive study. The CFP exam incorporates material from across the entire spectrum of financial planning, from Investment Strategies to Retirement Planning, Estate Tax to Insurance Planning, and numerous other relevant topics.
In order to maintain certification, all Certified Financial Planners must renew their license every two years and fulfill biannual requirements of continuing education. Before issuing a license renewal, the CFP Board reevaluates Certified Financial Planners to ensure compliance with the Standards of Professional Conduct.
Glenn Movish, principal at Asset Management Group, Ltd., earned his CFP designation in 1985, two years after beginning his career as an attorney. This unique blend of perspectives, in combination with more than 25 years of experience, results in a balanced and distinctive approach to financial planning. Contact Glenn today at (847) 291-7909 or e-mail AMG@assetmgnt.com to learn more and discover if Asset Management Group is the right fit for your financial goals.
The information provided here is for informational purposes only. Investing involves risk and including loss of principal. There is no guarantee the strategies discussed on this website will prove to be successful.
