Personal Financial Planner
What is a personal financial planner? The different types of financial planners and how they can help you efficiently spend and save money.
Many individuals or businesses choose to do business with a financial planner in order to most efficiently spend and save money. Financial planners can help you budget and save your money in ways you may never have thought of. Here are some different types of financial planners you should consider, if you're thinking about hiring one.
• Financial Planning Practitioners. These are financial planners who have at least three years of full-time experience as a financial planner. They are required to have a CFP, ChFC, CPA, or a law or business degree, and need to meet other training requirements. This is the highest level of financial planner.
• Masters Degree in Business Administration. Financial planners with MBAs have successfully completed graduate levels of business administration courses at a college or university. There are actually many schools that offer MBA specializations in financial planning.
• Master of Science in Financial Service. Financial planners who have MSFS degrees have successfully completed courses in financial planning at the graduate level. These degrees are awarded by the American College in Bryn Mawr, Pennsylvania. In order to achieve this degree, candidates must complete 13 courses in financial planning along with a research paper.
• Chartered Financial Consultant. A ChFC has achieved coursework in financial planning from the American College. The ChFC can be achieved through correspondence coursework, and attendance at the actual school is not needed. The standards for achieving this status is not as strenuous as the MSFS program. You are required to successfully complete eight required courses and two electives.
• Certified Financial Planner. A CFP program typically takes two to three years to complete and requires successful completion of classes in estate planning, investments, tax planning and management, retirement planning and employee benefits, risk management, and financial planning. The International Board of Standards and Practices for Certified Financial Planners accredits colleges and universities to teach these courses.