Have you ever noticed that licensed professionals like tax advisors, doctors, attorneys, or dentists proudly display their designations after their name (CPA, MD, DDS, or Esq)? These titles can provide instant assurance of their qualifications. However, when it comes to financial advisors, the initials after their name can be a head-scratching alphabet soup. You may see any of the following CFP®, CFA, ChFC, CLU, CIMA, Series 65, Series 7, etc. Each has its own significance and certification, but are some better than others to have?
The Designation Has Meaning
Not all financial designations are created equal, and that’s where the CERTIFIED FINANCIAL PLANNER® (CFP®) certification stands apart.
Backed by a nonprofit organization, the CFP Board ensures that financial planners are competent, ethical, and committed to putting your best interests first. The CFP Board highlights the often confusing landscape of financial advisor titles in lighthearted commercials. It’s a humorous point, but a serious point nonetheless. With three CFP® practitioners on the Whitaker-Myers Wealth Managers Team, here are 10 reasons we feel why hiring a CERTIFIED FINANCIAL PLANNER® professional is one of the smartest financial decisions you can make:
Top 10 reasons to hire a CFP® Professional
1. Fiduciary Responsibility
A CFP® professional is required to act in your best interest at all times as a fiduciary with no hidden agendas or conflicts of interest.
2. Ethical Standards
A CFP® professional must adhere to a strict code of ethics and is held accountable by the CFP Board. The seven major principles required to abide by are: Integrity, Objectivity, Competence, Fairness, Confidentiality, Professionalism, and Diligence.
3. Education and Training
A CFP® professional must have at least a bachelor’s degree, over 6000 hours of professional experience, and have passed a rigorous exam requiring extensive preparation.
4. Holistic Financial Planning
While other designations have expertise in specific areas, a CFP® professional takes a comprehensive approach to your plan, including retirement, investing, budgeting, insurance, tax, and estate planning.
5. Trusted Industry Reputation
The CFP® certification is recognized as the standard amongst financial planners. It is viewed by the financial planning world as the top designation to hold because of its holistic knowledge, standard of excellence, and ethical standards.
6. Objective Advice
Advisors may be incentivized by commission-based products, like annuities, for example. This could potentially lead to a client ending up with a product that they don’t need or comprehend. A CFP® professional will take the time to make sure you understand what your dollars are invested in and why they recommend each product.
7. The CFP Board
Like the American Medical Association for physicians and the American Bar Association for attorneys, they have a high standard for their professionals and hold the power to revoke the designation from a CFP® certificant. They field consumer complaints about their members to ensure they are still worthy of using the designation. When your advisor says they are the best fit for you, is it just their word or a national board backing them up on that claim?
8. Change Happens
A CFP® professional has to stay up-to-date with these changes and the economy continually. Having a professional with a constantly updated body of knowledge is essential to keep your finances up-to-date.
9. Peace of Mind
A CFP® professional will help navigate complex financial decisions, reassuring you that your money is being managed wisely and your future is on the right track.
10. Dedication
The CFP® exam is known to be challenging and time-consuming due to its rigorous curriculum and low pass rate. This deters many advisors from taking it, but those who do earn their CFP® mark demonstrate a commitment to expertise and knowledge that extends to a career of dedication to their clients.
Choosing the right financial advisor can significantly impact your financial future. While there are countless titles and certifications, a CFP® practitioner stands out for their extensive knowledge, ethical obligations, and commitment to putting your best interests first. The ideal client-advisor relationship should last for decades, yet it is wise to compare your options periodically to ensure your plan is in the right hands.
Our experienced team at Whitaker-Myers Wealth Managers focuses on building holistic and customized plans for individuals. With some of our advisors having earned the credentialed CFP® certification, or others currently pursuing the designation, we would be honored to serve you on your financial journey.
What is a CERTIFIED FINANCIAL PLANNER® (CFP®) Professional?
April 28, 2025
Whitaker Myers
Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.
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