Financial planning can be a very good profession and there are many individuals who are still not aware of the career prospects in the field of financial planning and fiduciaries. Individuals must get into the courses of certified financial planners also known as CFP. The certification for this course is given by Financial Planning Standards Board also known as FPSB. Many career opportunities can be found by CFP individuals. The finance sector and advisory services in the area of finances are wide open for individuals.
Scope for CFP’s
There is scope in the areas of financial planning, retirement plans, insurance, estate planning, etc., where the CFP’s can spread their wings i.e. work on these areas. An experienced CFP who has an experience of about 5-10 years can earn an income average of around $70,000 a year, and in case a certified financial planner who has an experience of more than 18+ years is likely to earn an average income of $1,35,000 per year.
Fiduciary services can also be termed as financial advisory services or financial planning services. A financial planner can help you with a lot of things regarding your finances like how to keep it organized and keep your savings and investments up to the mark. It’s more of like a retirement plan. But you must also know that not all financial advisors are fiduciaries. So, it is important that you look for a fiduciary financial advisor or planner who works in your interest. It is a duty that includes the highest standard of care.
What the fiduciary financial planners must do?
- Seek the best prices for their clients including any advantageous terms prior to seeking their own benefit
- Reveal all the relevant facts to the clients and act faithfully
- Reveal about any kind of conflicting interest to the clients
- Offer apt advises & do their best
- Never use customers’ assets to buy securities for themselves rather than buying for the customer
The CFPB has approved and expanded the fiduciary standard as a part of the certified financial planner. As per the new rules and regulations, the certified financial planner which includes brokers also should act in the interest of their customers.