Do you have (or are you seeking) a financial advisor? – You need to watch this.

If you are a frequent reader of finance and flip flops, you know how strongly I feel that a CFP® certification is critically important when looking for a financial advisor. As I’ve said before, I believe it should be the minimum requirement for entry into the industry.

The current requirement to become a financial advisor is…..well…. nothing, really.  Entry into the industry is astonishingly easy.  So easy that many “advisors” only complete a simple insurance exam and a FINRA Series 6 test, both of which can be completed in a week or two (not exactly what I would call an expert!).

Compare this to a Certified Financial Planner™ professional.  The CFP® board requires 3 years of work experience, 7 graduate level courses, and a comprehensive exam with a pass rate that hovers around 50%.

The material learned in preparation for the CFP® exam includes general financial planning, investment planning, tax planning, estate planning, business planning, and risk management.  Does a CFP® professional make someone inherently great?  NO!  But it means they’ve been around the block a few times, and they’ve made a commitment to the consumer and to the industry.

For me, this commercial sums up perfectly the current problem in the financial services industry.  Enjoy!

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