Working with the right financial planner is one of the most important things you can do to make your retirement a success. But with so many experts, advisors, and salespeople out there, it can be hard to know who to trust. Choosing a Certified Financial Planner (CFP®) is a smart way to ensure your retirement is handled by a trained professional who is committed to your best interests. Below is some helpful information about working with a Certified Financial Planner in Monmouth County, NJ.

Key Takeaways:

• CFP®s meet the highest standards in the industry, completing extensive coursework, tough exams, and ongoing training.
• CFP®s act as fiduciaries, which means they must always put your interests first.
• A Certified Financial Planner in Monmouth County, NJ can help you create the retirement you’ve been working toward.

What is a Certified Financial Planner (CFP®)?

A Certified Financial Planner (CFP®) is widely recognized as a top-level professional in personal finance. They complete a demanding program set by the CFP® Board of Standards, covering financial planning, insurance, investing, retirement planning, taxes, and estate planning. This education usually takes about two years.

While many financial advisors are knowledgeable, a CFP® goes a step further with more education, experience, and strict ethical requirements. To qualify, they need at least 4,000 hours of hands-on work in financial services. This means you can expect a CFP® to be an experienced, trustworthy advisor.

Certified Financial Planner Requirements

There are five main requirements a financial advisor needs to meet in order to gain the CFP® designation.

• Education. Candidates must have at least a bachelor’s degree from a recognized school. They also need to complete CFP Board–approved financial planning courses, unless they already hold certain advanced degrees or certifications.
• Financial Planning Experience. They must complete either three years (6,000 hours) of financial services work or two years (4,000 hours) in an apprenticeship role to gain real-world experience.
• Passing the Exam. The CFP® exam is a challenging single-day, 10-hour test that covers over 100 topics. Many candidates spend years preparing for it.
• Ethical Standards. Candidates must take an ethics pledge and share details about their background, including any complaints, bankruptcies, criminal history, or government investigations. The CFP Board then conducts a thorough background check to ensure the profession’s integrity.
• Staying Current. CFP®s must complete yearly continuing education to stay updated on laws, regulations, and best practices in wealth management.

The Fiduciary Standard for CFPs®

CFP®s are legally required to act in your best interest at all times. Working with a retirement planner who adheres to the Fiduciary Standard means there will be no conflicts of interest, and the advice they give you has no ulterior movies. This includes:

• Duty of loyalty – Avoiding conflicts of interest and being open about any that may exist.
• Duty of care – Acting with skill, diligence, and good judgment based on your needs.
• Duty to follow client instructions – Following all reasonable and legal client directions.

Choosing a fee-only CFP®—who is paid only for advice, not product commissions—can also help ensure their success is tied directly to yours.

Contact a Monmouth County Certified Financial Planner Today

If you are living in Monmouth County, NJ, and are near or in retirement, working with a Certified Financial Planner can give you peace of mind. A local CFP® will understand factors unique to the area, including:

• Higher-than-average cost of living and property taxes
• New Jersey’s favorable retirement tax rules
• Seasonal weather and storm preparation needs
• Proximity to New York City and the Jersey Shore

As a fee-only CFP® and fiduciary, we focus on building long-term relationships through clear, objective advice. Contact Zynergy Retirement Planning today to learn more.