Personal financial planners can help you reach your financial goals, whether you need to start a budget after landing your first job or are struggling to pay for major medical care. Personal financial specialists receive extensive training in working directly with individuals wanting to manage their money, and these professionals can help you achieve your financial goals.
Training To Become a Personal Financial Specialist
Anyone can call themselves a financial advisor and charge money for financial advising, but personal financial specialists must meet specific educational and testing requirements. According to the Financial Industry Regulatory Authority, a personal financial specialist must meet multiple requirements. First, you must be a certified personal accountant, or CPA, which requires a bachelor’s degree in accounting. Second, you must have a valid CPA credential from your state. Third, you must have two years of full-time experience in personal financial planning and at least 75 hours of continuing education within the past five years. You must pass a rigorous exam and continue to take at least 60 hours of professional development courses every three years. If you visit a personal financial specialist, you can be confident they have proven knowledge at providing advice for personal finance issues.
Why Should You Choose a Personal Financial Specialist?
Hiring a personal financial specialists makes sense for several reasons. You know that you’ll be working with a professional with a relevant degree and state certification. Recent federal laws also require that any financial assistance you receive be in your best interest, according to the USA Today. A personal financial specialist can’t recommend a product to you simply because they would receive a hefty commission. Instead, they have a fiduciary standard to guide you toward products that best fit your needs. If they fail to do so, they face fines and other sanctions from both state and federal regulatory bodies.
How a Personal Financial Specialist Can Help
A personal financial specialist can help you with any financial goals you have. Whether you need guidance creating a budget, choosing a retirement account or understanding your mortgage options, a personal financial specialist can provide you with expert guidance. If you’re not sure how to get your finances in order and lack a specific goal, a personal financial specialist can help there as well. These professionals work with clients of all income levels and financial backgrounds, so they can assist you whether you’re trying to pay for college or see if you have enough money to retire from the workforce.
Cost of a Personal Financial Specialist
Most personal financial specialists charge an hourly rate. Some charge a flat fee per service or rely on commission. While they may charge more than non-licensed advisors, keep in mind that personal financial specialists must have years of experience and an extensive knowledge base before gaining their credentials. You’re paying for top-notch financial advice customized to your goals.
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Now that you’re familiar with the personal financial specialist profession, you can decide for yourself if an appointment with one would help you achieve your goals. Even if you don’t need advice from a personal financial specialist today, you’ll be able to reach out to one in the future.
