Money Monday: Investor protection

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The CFP certification is the gold standard for financial advisors.

A CFP is required to learn about and integrate retirement, investments, insurance, estate planning, taxes basic economics. They then use that knowledge to create comprehensive financial plans using the fiduciary standard, meaning the client’s needs are always first.

But too many CFP’s are not living up to that high bar. This means investors absolutely must check on their advisors for trouble.

You should do this before you start a relationship and you can do it with your current advisor.

First: look into what’s called BrokerCheck online. Then check with the Securities and Exchange Commission (SEC).

If your advisor is a CFP you will also want to check the certified financial planner board’s disciplinary standings.

Right now there are 40 Michigan CFPs undergoing some kind of disciplinary action.


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About the Author:

Rod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Planner™ Professional.