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To Be a Financial Planner

Blogged by: Juan Munoz CFP®, AIF®, CRC®, AAMS®

Why Should you Become a Financial Planner?

Many people including my clients ask me why you became a financial planner? My answer is simple: because I want to help people with problems where knowledge of the money subject is hardly discussed or thought in school, because it is sort of a taboo.

I was not born with the intention of being a #FinancialPlanner and like most financial planners out there, I found this industry by accident.  I was working in retail at the time being and I would get to see firsthand how many consumers where purchasing electronic items irresponsibly on credit and going in debt.  Some consumers will purchase items with not with one but two or even three credit cards because they were maxed out. 

While attending Texas Tech University I discover a subject called financial counseling (aka behavioral finance) and I could not resist exploring the idea of learning from this subject. I completely fell in love with the idea of becoming a financial planner and obtained my certification once I realized how much fun it would be to help people with their money concerns.  

What Does a Financial Planner Do?

Another question is what does a financial planner do? A CERTIFIED FINANCIAL PLANNER™ or CFP® is what I call a financial doctor. Not all doctors are the same, so you need to find the right one that fits your needs. Most individuals may not have a financial doctor so let’s discuss why having one is important. 

Discussion of money for the longest time has been a taboo topic.  In a study conducted by The Capital Group¹ money related topics like income, savings, debt, and inheritance are considered the most popular taboos topics to discuss with friends and family.

Most individuals feel uncomfortable talking to family and friends, but they feel comfortable talking to their respective financial planner. Talking about their specific situation may lead to actual help with their financial needs. A CFP® professional who can review your financial health and offer advice may help you reach your financial goals. 

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What To Expect When Working with a Financial Planner

So, what can you expect working with a financial planner? A CFP® professional should help you create a personalized financial plan utilizing your goals in mind.   A financial planner should evaluate your current situation, identify opportunities for improvements and monitor periodically with you. 

If you are working or plan to work with a CFP® I would recommend doing your research because not all of them will spend the time that you may need.  Here is a list of questions that I would ask:

  • What is your education?
  • How do you get compensated?
  • Explain your services and how often do you meet.
  • What type of clients do you work with?
  • What results can I expect by working with you?

Keep in mind that not all financial planners have the same education and certifications and you can read all about https://www.letsmakeaplan.org/why-choose-a-cfp-professional. Find one CFP® that is willing to work with you, break down the lingo and educate about your options.

Ready to work with a financial planner who really cares about your interests and goals? We're here to help! 

Reach Out 

¹https://www.capitalgroup.com/content/dam/cgc/shared-content/documents/reports/MFGEWP-062-1218O.pdf