GUEST BLOG POST: Introducing Your Consumer Advocate
May 18, 2011
From the podium, I look out at the sea of faces and begin, as I always do: “Hello, I am Eleanor Blayney, CFP® Consumer Advocate for the Certified Financial Planner Board of Standards.”
At the mention of “consumer advocate,” there is a slight lifting of chins. The audience at least knows I wear a white hat, figuratively speaking. But referring to the CFP Board rarely elicits a glimmer of recognition. I can see in their eyes, “This lady has some explaining to do…”
The fact is I have a great story to tell. It’s my job to get the word out to the public that there are nearly 63,000 financial professionals in America who have qualified to be “Certified Financial Planners™ professionals” or CFP® professionals. I myself have held this designation for more than twenty years, and like my professional colleagues, I subscribe to a process called financial planning, which involves setting specific financial goals, analyzing the options for getting to these goals, and developing an individual-specific strategy.
Everyone—of all ages and financial circumstances—can benefit from financial planning. Those who have gone through the process will tell you that they face the future, even amid these uncertain economic times, with greater optimism and confidence than those who don’t.
From the back, a hand is raised: “But what about the CFP Board — what do they do?” Here’s another important message for consumers, especially those uncertain about how to find a financial advisor they can trust. The CFP Board exists to grant and uphold the CFP® certification as the recognized standard of excellence in personal financial planning.
As many readers of Financial Finesse’s blogs may know, to earn the right to use the CFP® marks, an individual must meet four “E” requirements: he or she must be Educated (have a bachelor’s degree and pass a registered course of study), Examined (i.e., pass a rigorous two-day 10-hour exam), Experienced in the profession (have three years of relevant work experience), and Ethical (i.e., subscribe to and meet the standards of a Code of Ethics.) There is, however, yet another important “E” for CFPs: namely, they are subject to Enforcement actions by the Board, such as public censure or revocation of the certification, if they are found to have violated an ethical or practice standard.
But back to me. In the coming weeks and months, you’ll be hearing a lot from me, on a variety of personal finance subjects — all the topics that CFP® professionals believe are part of a comprehensive plan. It may surprise you, but financial planning is not just about managing your investments or 401(k). It looks at how you manage all financial aspects of your life — your benefits, spending, debt, property, income, taxes, the transfer of your assets to your family. Another myth I will dispel: the idea that you need to have a lot of money or be close to retirement in order to benefit from planning. On the contrary, you need to do a lot of planning to have a lot of money and get close to retirement.
I’ll also help point you in the right direction—with easy to follow tips, resources, and guidance you can begin to implement today as well as ongoing guidance on how to find a qualified, ethical advisor and how to avoid fraudulent financial advice.
Bottom line—along with the Financial Finesse planners who contribute to this blog, I’ll always act as your advocate. Just as they do, I’ll demystify the financial planning and give it to you straight. Your finances are your own, but you are not alone in figuring out the best decisions to make.
