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To earn the right to be called a Certified Financial Planner (CFP), you need to complete a rigorous course of education, ethical, and experiential requirements - and then maintain a certain level of continual adherence to keep those credentials. For example, if a financial planner sells insurance products to their clients, they would have to be licensed by their state regulatory agency. Quick tip: Though financial planners are not subject to regulation, they may offer products or services that do fall under regulated industries. However, there are some trade organizations, such as the Certified Financial Planner Board of Standards, that offer credentialing opportunities that can provide clients some assurance they're working with a knowledgeable finance professional that's also a fiduciary. They can have any kind of education or work experience, which may or may not include anything to do with finance. Just about anyone can call themselves a financial planner since there is no real regulation or licensing required within the industry. In these cases, financial planners take on a coordination role, ensuring plans are executed correctly. If they aren't, they can work with consultants, advisors, and those who are licensed to make specific transactions to service their clients.

Ciemiewicz, Senior Vice President at OneDigital Retirement and Wealth Management.Ĭiemiewicz adds that financial planners aren't required to be licensed to implement financial plans. "A financial planner will often assist a person or household with a personal financial plan, including helping to plan and consult on financial matters such as budgeting and spending, debt management, savings and retirement planning, estate planning, insurance planning, etc.," says Sean M. They provide services such as making transactions and monitoring performance.įinancial planners take a 360-degree view of their clients' lives to gain an understanding of their complete financial picture, then work with the client to develop customized plans that aim to reach specific goals.