If you’re looking for expert fee-only personal financial planning, you’ve come to the right place. Philip Capell is a Certified Financial Planner™ (CFP®), which is one of the most rigorous and highly regarded certifications for financial advisors.
From our offices in Melville, Long Island, Midtown Manhattan, and Boca Raton we serve clients throughout the NYC metro area, Florida, and beyond.
Contact us or call at (888) 910-1666 or online for a free consultation with our experienced investment team and let us help you create a personal financial plan to help you reach your financial goals.
What is a Certified Financial Planner (CFP®) Professional?
A CFP® practitioner is a financial professional accredited by the Certified Financial Planner Board of Standards (CFP Board) as having significant financial planning knowledge and professional experience, along with adherence to a strict client-centered code of ethics.
Some of the rigorous requirements of the Certified Financial Planner (CFP®) designation:
- CFP® education requirements - The Certified Financial Planner education requirements are among the strictest of all financial planner accreditations. To obtain the certification, a CFP® professional must complete a comprehensive financial planning curriculum at a college or university registered with the Certified Financial Planner Board of Standards. To maintain the designation, a CFP® professional must complete at least 30 hours of financial planning continuing education courses every two years. Two of these hours must be spent studying the CFP Board's Code of Ethics and Professional Responsibility or Financial Planning Practice Standards.
- CFP® examination requirements - The 6-hour CFP® examination tests candidates’ ability to apply financial planning knowledge to real-life situations. It covers a wide range of financial planning topics that reflect the skills needed to perform comprehensive financial planning, as determined by periodic surveys of practicing CFP® practitioners. The exam covers the general principles of financial planning, investment planning, insurance, income taxes, risk management, retirement planning, estate planning, and employee benefits planning. On average, less than 60% of candidates pass the CFP® exam.
- CFP® experience requirements - Each CFP® certification candidate must complete three years of work experience before gaining the accreditation. This ensures the financial planner can effectively apply financial planning knowledge to real-world client situations. The planner’s three years of experience must include the supervision, direct support, teaching, or personal delivery of the personal financial planning process to a client.
- CFP® ethics requirements - Ethics requirements are a key part of the CFP® certification and are emphasized in the ongoing continuing education requirements. CFP® practitioners must pass an ethics review and agree to abide by the CFP Board's Financial Planning Practice Standards and Code of Ethics and Professional Responsibility. This code of ethics requires CFP® practitioners to “act with integrity and offer professional services that are objective and based on client needs.”
How to Choose a Financial Advisor
There are more than 50 different designations used in the financial service industry. With so many designations it’s difficult for the average investor to understand the value or meaning behind many of these so-called credentials.
If you are interviewing an advisor, here are a few questions that should come up regarding his/her credentials:
- Purchased - Did the advisor simply have to write a check, sit back and then wait for the certificate or did he/she earn it?
- Education - Did the advisor have to go through any schooling, and if so, how many classes and was his/her knowledge tested?
- Continuing Education - Does the advisor have to continue his/her education in order to maintain such credential(s)?
- Membership - Did the advisor have to submit a sample financial plan or work product to gain membership in certain organizations?
For us, the standard of excellence has always been the CFP certification, which requires knowledge in all aspects of financial planning (investments, retirement, insurance, tax planning, cash flow, etc.) as tested on the rigorous two-day, 10-hour CFP examination. Further, CFP designees are required to take ongoing educational classes to maintain such a designation.
The National Association of Personal Financial Advisors
The National Association of Personal Financial Advisors (NAFPA) sets a very high threshold for admission. All members are non-commission-based advisors and considered fiduciaries, which means they are obligated to always act in the best interest of their clients. To gain admission, applicants must submit a financial plan for a peer review and then upon becoming a member, the advisor must satisfy a continuing education requirement
Expert Fee-Only Financial Planner
Looking for a CFP® professional in the New York or Florida area? Piermont Wealth Management can help. Contact us for a free consultation to see if we’re a good fit for your personal financial planning needs. Meet our financial planning team and learn about our other wealth management services.
- An Investment team with a total of more than 20 years of experience.
- Unique guidance from an estate planning attorney turned Certified Financial Planner®.
- Comprehensive financial planning services for any investment portfolio.
- Independent fiduciary advice regulated by the federal government.