Our Thoughts

Eight Questions To Ask When Choosing A Financial Advisor: #2

#2 “What are your qualifications?”

Ever wondered what “CFP®” after our advisor’s names really means? Or what it takes to become a financial advisor? Allow me to explain. To become a CFP® professional, you first must fulfill education requirements by an approved program (bachelor degree, capstone course). Once the education requirements are met, there is an exam. The exam is 10 hours, split over one and a half days. The exam covers subject areas such as tax, ethics, estate planning, insurance, investments, retirement, and general financial concepts and has an average pass rate of 50-60%. After successful completion of the exam, a candidate must complete three years of work as a financial advisor. The three years of full time work must be done within five years of passing the exam. Once a candidate has passed the requirements to use the designation, they must then work towards annual CEs to maintain current knowledge. The CFP® designation is similar to the CPA designation for accountants.

Why is this important to you? (Especially if you’re not planning on becoming a CFP®?) At FJY all of our advisory staff have their CFP® designation. In addition, at FJY all of our Senior Financial Advisors and Financial Advisors hold further designations, including JD, MBA, MS, and RLP®. The CFP® Board and ongoing educational requirements holds us accountable to rigorous professional standards and indicates that each of our advisors have agreed to the principles of the CFP® Board including “integrity, objectivity, competence, fairness, confidentiality, professionalism, and diligence when dealing with clients”. We believe that these standards are in the best interest of our clients, we hope you agree.