By Jim Shellenberger, CFA, CFP®
Navigating the divergent intricacies of wealth management strategies can feel like charting a course through unexplored waters. The sheer number of decisions—ranging from investments, retirement, tax planning, insurance, and estate planning—can be daunting.
Many people handle different aspects of their money in isolation, perhaps making sporadic contributions to a retirement account or periodically checking their expenses. A more effective approach is utilizing comprehensive financial planning which takes a holistic view of your financial profile, connecting all the disparate pieces and creating a single road map for pursuing your unique goals.
To offer all of the services integral to comprehensive financial planning, an advisor must hold the CERTIFIED FINANCIAL PLANNER®, CFP® certification. In this article, I discuss the robust requirements of a CFP® professional and how those requirements translate to excellence in all aspects of helping you pursue your financial dreams.
Comprehensive Financial Planning Definition
Comprehensive financial planning involves a thorough assessment of a client’s current financial situation, the establishment of clear financial goals, and the development of personalized strategies to pursue those objectives.
By analyzing how different financial elements are interconnected, this integrated approach verifies that actions taken in one area support and enhance objectives in other areas. The ultimate purpose is to help individuals safeguard their financial future, pursue their life goals, and optimize their financial well-being.
CFP® Fiduciary Duty Requirements
When you entrust a wealth manager with your life savings and future stability, you want them to consider your needs first and foremost. Essentially, an advisor who has a fiduciary duty is obligated legally and ethically to put your needs ahead of their own.
This means they have to offer guidance that is exclusively concerned with pursuing your financial goals, even if that means suggesting products or strategies that don’t yield the largest commission for them. This dedication to putting clients first is the foundation of trust in the advisor-client relationship.
CFP® Training and Education Requirements
When you choose to work with a CFP® professional, you can trust that the designation has been earned through effort and experience. To obtain the CFP® designation, advisors must complete substantial education requirements, including coursework, a capstone project proving their ability, and a rigorous exam. Along with these education and exam requirements, advisors must work in the industry for multiple years, equating to invaluable on-the-job training. Many planners also hold bachelor’s degrees in finance, business, or a related field, equipping them with an underlying knowledge of financial principles.
Planners must continue their professional development to maintain these qualifications, which verifies they stay up to date on the most recent developments in financial products, investment techniques, and regulations. In the ever-changing world of finance, this dedication to lifelong learning is crucial.
CFP® Ethical Code Requirements
In addition to the fiduciary duty requirements discussed above, CFP® advisors operate under a stringent code of ethics that’s intended to safeguard clients and uphold the integrity of the financial planning industry. Ethical codes emphasize integrity, which requires honesty and transparency in all client interactions.
Those with the CFP® designation must also consistently provide accurate information, be transparent about potential risks, and behave honorably in all professional matters. This dedication to ethical behavior cultivates a strong advisor-client connection and increases trust.
Lastly, in order to maintain professionalism in the financial sector, advisers must consistently act in a way that reflects positively on the industry. These combined ethical principles establish a foundation for responsible financial advising, building confidence and verifying that clients always receive the greatest possible treatment.
Reach Out Today
Trying to manage all of the pieces of your financial life on your own is next to impossible. A smarter approach is to work with a qualified wealth manager who can provide comprehensive guidance and support throughout the process.
By working with a CFP® advisor at Elevate Wealth Management who understands the power of a comprehensive approach, you can gain the confidence and clarity needed to make informed decisions, build wealth, and look forward to a solid financial future for years to come.
Do we sound like the type of financial partner you’re looking for? Schedule an introductory meeting by reaching out to us at jim@elevateasset.com or 307.673.5675.
About Jim
Jim Shellenberger, CFA, CFP® is a financial advisor at Elevate Wealth Management, an independent, fee-only wealth management firm serving young professionals, pre-retirees, and retirees in Sheridan, Wyoming, and surrounding areas. With the mission of serving and educating, Jim is dedicated to providing comprehensive, top-notch services that not only help his clients reach their goals, but also empower them to make the smartest financial decisions for their lives and walk toward their future with confidence. Jim is known for going the extra mile, not only offering valuable knowledge in investment management as a former investment analyst, but building long-lasting relationships so he can give honest, customized advice and strategies that make an impact on their lives.
Jim has a bachelor’s degree in business administration with a minor in finance from the University of Wyoming. He is proud to be a Wyoming native and loves exploring the outdoors with his family—hiking, fishing, hunting, and backpacking. Faith is an integral part of Jim’s life, and he always looks forward to attending church on Sundays, Bible study on Fridays, and being part of his church community. He’s also an avid sports fan! Fun fact: Jim owns shares in the Green Bay Packers. To learn more about Jim, connect with him on LinkedIn.
The views expressed represent the opinion of Frontier Asset Management. The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness. While Frontier Asset Management believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability. The use of such sources does not constitute an endorsement. Frontier does not have an affiliation with any author, company or security noted within. Statements of future expectations, estimates, projections, and other forward-looking statements are based on available information and the Frontier Asset Management’s view as of the time of these statements. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such statements. Investing in securities involves risks, including the potential loss of principal. Past performance is not indicative of future results.
Frontier does not provide tax advice. Please consult with a CPA for recommendations pertaining to individual circumstances.
Elevate Wealth Management is the financial planning division of Frontier Asset Management. Frontier Asset Management is a Registered Investment Adviser with the Securities and Exchange Commission. The firm’s ADV Brochure and Form CRS are available at no charge by request at info@frontierasset.com or 307.673.5675 and are available on our website www.frontierasset.com. They include important disclosures and should be read carefully.
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