It is certainly not easy to be a chartered financial consultant and speaking of understanding the job, there are few important affairs that you should look into. First of all, it is the significance of being a financial consultant. Anyone can assign such titles to themselves as basically there is no specific academic requirement. Yes, there may be certain licenses that one should possess before being able to offer financial planning services to people. Recently there is a revelation that there are scams involving billions of dollars done by financial consultants. As such, you should beware of the experts’ credibility and personal ethics before deciding upon utilizing their professional skills.
Many designations such as the CPA (Certified Public Accountant), CLU (Certified Life Underwriter), and CFP (Certified Financial Planner) are professionals in the planning of finance industry that have undergone extensive training, being educationally certified and equipped with several years of experience. These credentials are important to give a view to people to differentiate between a chartered financial consultant and a self-claim professional. This is important to ensure they deal with a certified expertise to handle their financial affairs. With such strict requirements, government will also be able to control the integrity and quality of financial planners.
Do not make prompt judgments of a professional planner before you seek financial planning services from them. You should not hesitate to understand their backgrounds such as their designations, the services they provide, what institutions they graduated from and what benefit they might enjoy from your situation. You can also contact the awarding organization to make confirmation that the person’s credentials are not self-made.
Getting a proper planning from a chartered financial consultant may extract a certain figure from your bank account but it should be appropriate considering their education covers a wide field of knowledge that include taxation, accounting, insurance, economics, ethics, estate planning and investing. There are three examinations related to such fields to pass and must have at least three years of experience before they become a licensed financial consultant.