What is a Certified Financial Planner (CFP)? What they can do for you - Business Insider

"A financial professional or financial planner is the person who asks you meaningful questions, allows you to answer, and then provides a framework for you to make decisions about your future," says Julie Genjac, Managing Director of Applied Insights at. "They educate you and connect you to resources, even outside of your financial life. They are your impartial sounding board, and can share stories of others who have experienced similar situations.

Others work solely as financial planners, wealth management advisers, analysts, or investment and portfolio managers. They often actively help you to invest or buy products, such as mutual funds and insurance.What makes CFPs different is the education, ongoing certification requirements, and practical experience they have acquired.

Pay scales for CFPs vary. Some work on a commission basis, meaning they get a percentage of the investment and insurance products they sell you. You may also find planners that get compensated in a combination of ways: They charge fees for certain services and reap commissions for certain products. In fact, in 2019, the CFP Board changed guidance in its ethical standards to include fee-only, fee-and-commission, and commission-based compensation models.

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