If you are located in the  Greater Denver Area, mobile trading apps, robo advisors, and online trading may give you access to low-cost investments. But can they help you create a financial plan or lower your tax exposure? A CERTIFIED FINANCIAL PLANNER™ Professional can. 

In a time of uncertainty made worse by the COVID-19 pandemic, a CFP® Professional plays an important role in protecting and growing your wealth. Taxes, insurance, retirement, and estate planning, need to be considered. A CFP® Professional can help with that and more.

Let’s discuss ways to get your financial life balanced. Contact The Normandy Group today!

There are several advantages to working with a CERTIFIED FINANCIAL PLANNER™ Professional. A big one is the fiduciary standard CFP® Professionals are held to. It requires all CFP® Professionals to keep the client’s best interest in mind when giving advice or providing financial planning services. This is incredibly important when paying someone to handle your money. You don’t want a financial advisor pushing a certain stock or investment idea because of the commission he or she will receive. You want an advisor that understands your goals and makes investment recommendations based on that. 

Regulation Best Interest went into effect at the end of June 2020.  Under the new rule, broker-dealers are required to disclose any conflicts when recommending stocks. That’s a big change for the industry which now has to adopt a fiduciary standard. It’s a non-event for CFP® Professionals however since they already act as fiduciaries. The CFP® Board’s Code of Ethics and Standards of Conduct requires CFP® Professionals to place clients’ interests above their own and that of the firm. They also have a duty to follow the instructions of their clients, avoid or disclose conflicts of interest, and act with “care, skill, prudence, and diligence.”

They’re Up To The Task

Understanding the intricacies of tax law and/or estate planning can be a daunting task. A CFP® Professional, on-the-other-hand, has extensive knowledge of all aspects of financial planning. In order to become a CFP® Professional, individuals have to go through arduous training culminating with a seven-hour exam. Prior to sitting for the CFP® Board exam, financial advisors must complete college-level financial planning coursework focused on insurance, investments, tax planning, estate planning, and retirement. An advisor is also required to have experience within the financial services industry — at least three years of offering financial planning services or two years working as an apprentice for a CFP® Professional.

The path to becoming a CFP® Professional requires commitment and discipline. The individuals who are successful in accomplishing this feat are trained to provide comprehensive wealth management services to their clients based on proven knowledge and experience.

They Can Help Take The Emotion Out of Investing

Investing can be emotional and for good reason.  Emotional investing may lead to undesirable outcomes.  Buying high and selling low is one of these common outcomes among individual investors. They panic when the markets turn south and overreact when things begin to recover. History has shown that staying the course may be the most beneficial strategy to achieve long-term success. Sticking to a long-term strategy requires discipline, especially during tumultuous times. That’s where a CFP® Professional comes in. CERTIFIED FINANCIAL PLANNER™ Professionals can provide peace of mind during times of market volatility. If you create a long-term financial plan your CFP® Professional will help you stay the course, hopefully preventing you from making costly mistakes.  Can you say the same for a mobile trading app? 

They Are Accountable for Their Actions 

CFP® Professional’s are accountable for their actions long after they receive their certifications. The CFP Board holds CFP® Professionals to the highest fiduciary standard.  Those who do not adhere to this standard are held accountable.  Penalties may involve suspension or revocation of being able to use the CFP® marks.  This enforcement and oversight protects the credibility and standards of the professionals who go through the process to become a CFP® Professional.  

They’re Around For The Long Haul

If you choose the right CFP® Professional, you will have a trusted advisor for your lifetime. A CFP® Professional’s role is to serve as a coach, keeping you on track or altering your plans to give you the best potential to meet your long-term goals. CFP® Professionals can help you with life events whether it’s purchasing a home, starting a family, or determining what to leave your heirs. They can mitigate your tax burden, choose investments that mesh with your risk tolerance, provide insurance options, and handle any financial windfall you may have. These highly experienced professionals can also assist with a divorce, saving for college, and planning for long-term care. 

When you work with a CFP® Professional you get a coach that will help you take on your toughest challenges.  Their commitment to a fiduciary standard will help you focus on what matters to you most.

The CERTIFIED FINANCIAL PLANNER™ Professionals and CERTIFIED ESTATE PLANNERS™ at The Normandy Group offer serious financial planning for today’s complex world.  By combining tax, financial, and estate planning strategies we can help you achieve your goals. Contact us today for a complimentary consultation.

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