Before discussing the value of a CERTIFIED FINANCIAL PLANNER® professional, it’s important to understand what the designation means. What’s the difference between a CERTIFIED FINANCIAL PLANNER® professional and an investment advisor?
According to the following link: Government of Canada: Choosing a Financial Advisor, anyone outside Quebec can use the terms “financial planner” or “financial advisor”. Their stance is that the difference between advisors depends on their education and certifications – and furthermore, the GoC says that financial planning certifications help you to find an advisor with the skills you require.
The article goes on to say that a financial advisor is someone who helps you manage your money, like an Investment Advisor or insurance agent, and that a financial planner is a type of advisor that assists you in developing a long-term financial plan that helps you reach financial goals. Examples from the article that a financial planner can help with:
- Saving money on taxes
- Planning for retirement
- Estate planning
Financial Consumer Agency, Government of Canada “Choosing a Financial Advisor” August 2, 2018
David Sweeney and Janet Bride fill the roles of both Investment Advisor/Associate Investment Advisor and financial planners; their role is to help you manage your money and create a plan to reach your long-term goals. But what is the value of a CERTIFIED FINANCIAL PLANNER®professional?
Data collected from the FPSC “Value of Financial Planning Study”:
- “People with financial plans report feeling more on track with their financial affairs.
- Those who have financial plans and think retirement is an important goal feel more confident in their plans to retire.
- People with financial plans feel they have improved their ability to save in the last five years.
- Those who have financial plans are more confident that they can deal with financial emergencies, tough economic times, and ensuring loved ones are financially looked after.
- People who engage in comprehensive financial planning report higher levels of emotional, financial and overall contentment over those who have engaged in limited planning.”