5 Commonly used designations for financial advisers

Sat Dec 6, 2008, 11:41 AM | | Posted in Finances Advisers



There can be many designations – formal and informal – known to mankind for financial advisers. Sometimes we get carried away and we call them [expletive deleted] names that we can’t mention them all here. Those names are mostly from the good folks who have lost so much money over the last couple of years. And they believe it’s because of the financial advisers. However, I think formal designations can be five:

1. Chartered Life Underwriter – indicates training in insurance.
2. Certified Financial Planner – includes training in principles of financial planning, insurance, employee benefits, investments, income taxes and retirement and estate planning. CFP is considered the ultimate financial guru.
3. Chartered Financial Analyst – has expertise in portfolio management and investment analysis.
4. Certified Public Accountant – can offer advice on tax matters.
5. Registered Investment Adviser – manages the investments of others and is registered with the Securities and Exchange Commission.

Such professional certifications require expertise and a commitment to ethical standards and continuing education. If the consultant is a broker registered with the FINRA, you can go to the Financial Industry Regulatory Authority (FINRA) to see if s/he has had any history of improper or unethical conduct.

The type of professional who can best meet your needs depends on what you are looking for. A small family business owner will likely have varied needs, such as investment management, business-succession planning, exit strategy, management of tax liabilities, retirement planning, insurance, estate planning, and creation and administration of a 401(k) plan for employees.

The key is to know what you want to accomplish in your personal finances and business if you have any. You must be able to prioritize what is most important to you and then find a trusted partner to help you.

Find a good financial adviser.

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Information contained herein is general in nature, and is provided for informational and educational purposes only. Past performance is no guarantee of future results. Talk to your financial adviser.

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