Certified Financial Planner (CFP)
The CFP designation is the gold standard professional credential for financial planners, awarded by the CFP Board to individuals who meet education, examination, experience, and ethics requirements and commit to a fiduciary standard of care.
Exam Tip
CFP = fiduciary at ALL times. 4 E's: Education, Examination, Experience, Ethics. 8 principal knowledge domains. CFP Board governs the designation.
What is a Certified Financial Planner?
A Certified Financial Planner (CFP) is a professional who has met rigorous requirements set by the CFP Board of Standards to provide comprehensive financial planning. CFP professionals must act as fiduciaries at all times when providing financial advice.
CFP Certification Requirements (4 E's)
| Requirement | Details |
|---|---|
| Education | Bachelor's degree + CFP Board-registered program |
| Examination | 170-question, 6-hour exam covering 8 principal knowledge domains |
| Experience | 6,000 hours standard pathway or 4,000 hours apprenticeship |
| Ethics | Adhere to CFP Board Code of Ethics and Standards of Conduct |
Principal Knowledge Domains
| Domain | Weight |
|---|---|
| Financial Planning Process | 15% |
| Risk Management & Insurance | 11% |
| Investment Planning | 17% |
| Tax Planning | 14% |
| Retirement Savings & Income | 17% |
| Estate Planning | 10% |
| Psychology of Financial Planning | 7% |
| Professional Conduct & Regulation | 9% |
CFP Fiduciary Duty
CFP professionals must:
- Act in the client's best interest at ALL times
- Provide full disclosure of conflicts and compensation
- Follow the duty of care, loyalty, and good faith
Exam Alert
The CFP exam covers 8 domains with Investment and Retirement carrying the most weight (17% each). CFP professionals are ALWAYS fiduciaries. Know the 4 E's: Education, Examination, Experience, Ethics. The CFP Board (not FINRA or SEC) governs the designation.
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Fiduciary Standard
The investment adviser fiduciary standard requires care and loyalty throughout the agreed advisory relationship. Broker-dealer retail securities recommendations are governed by Regulation Best Interest, and CFP professionals owe fiduciary duties when providing financial advice.
Investment Adviser
An investment adviser is a person or firm that provides advice about securities for compensation, regulated by the SEC (if managing $100M+) or state regulators, and held to a fiduciary standard.
Suitability Standard
FINRA Rule 2111 requires reasonable-basis, customer-specific and quantitative suitability where applicable. It does not apply to recommendations subject to Regulation Best Interest, which requires broker-dealers to act in a retail customer's best interest.
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