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USTaxAdvising
USTaxAdvising, Accountant
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How do I do due diligence on a certified financial planner

Resolved Question:

How do I do due diligence on a certified financial planner.
Submitted: 11 months ago.
Category: Finance
Expert:  USTaxAdvising replied 11 months ago.

USTaxAdvising :

Hello,

USTaxAdvising :

First thing you would want to do is to verify the certified financial planner's license of the CFP designation. Ask what state he/she is licensed in and then call that state licensing authority and ask them to confirm his/her license and status. You would also want to ask the state authority if there has ever been any complaints filed against the respective CFP. They can give you quite a bit of information which is useful. You would also want to check the year in which he/she was licensed and make sure it agrees to what the CFP is representing.

USTaxAdvising :

Next you would want to consider the planner's pay structure. A planner who earns money based on commission rather than a flat, hourly rate could have an incentive to steer you in a particular direction which may or may not be in light with your risk tolerance. For example if you are close to retirement age you most likely would be risk adverse to stocks (equities) and more suited for bonds (fixed income securities). Equities bring a higher return and therefore a higher commission for the CFP but also carry more risk. The oppposite is true for fixed income investments.

USTaxAdvising :

Next you would want to make a criminal record inquiry with all the U.S. states to see if the CFP has a criminal record. Perhaps he/she was indighted for something in another state in which you reside so you would want to check all the states. (if it is feasible for you)

USTaxAdvising :

That's really about it. The two big things you should check is to verify the license of the CFP and do a criminal record check.

USTaxAdvising :

Please let me know if you have any further questions on this.

USTaxAdvising :

Best regards,

Customer:

Please use the Q & A format. currently, I can read your response only one line at a time

USTaxAdvising, Accountant
Category: Finance
Satisfied Customers: 1087
Experience: Professional with finance related questions.
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Expert:  USTaxAdvising replied 11 months ago.
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Expert:  USTaxAdvising replied 11 months ago.

HiCustomer

 

We're in the Q&A format now.

 

Best,

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