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Financial Advisors & Planning Professionals | CFP - Let's Make a Plan
To echo others, stay away from Eddie Jones. I am now in the process if helping a good but financially naive friend escape from their clutches. He "thinks" he owns four or five annuities. Ack! Every single one is a ripoff. He has also been ripped off with load funds and 12b1 fees. Granted the recent Department of Labor "fiduciary rule" will make it harder for Eddie to rip people off on retirement funds, the tiger does not change his stripes.
@joeea is correct: Your advisor should be a fiduciary, either a Registered Investment Advisor (Series 65 or 66 license) or an Investment Advisor Representative where the firm is actually the registered advisor. The SEC and FINRA have legal teeth to deal with bad actors in these categories. Go to
https://brokercheck.finra.org/ to check out anyone you're thinking of dealing with and make sure they are either an RIA or an IAR.
OK, that said,
@joeea's link is a little misleading. The CFP is A Good Thing because it guarantees that: the person has a college degree (maybe in mortuary science, though), a nominal amount of training, a couple years experience in the industry and has passed a test. The CFP is a little like the Good Housekeeping Seal of Approval, though. It is bestowed (sold actually) by a private organization and has no legal standing.
The CFP advertising is quite misleading on this, however. I have studied the issue because I am going to be teaching an Adult Ed investment class next quarter. CFPs are "governed" by the "CFP Rules of Conduct:"
https://www.cfp.net/for-cfp-profess...ards-of-professional-conduct/rules-of-conduct An important duty of a fiduciary is the Duty of Loyalty. You will not find the word "loyalty" in those rules and here is why: They want to be able to sell CFP's to Series 7 licensed Registered Representatives, aka "brokers." By definition a "representative" owes his loyalty to his employer, not to his client. Another dead giveaway is this sentence: " ... the Rules are not designed to be a basis for legal liability to any third party." I translate this into plain English as follows: "We're really not very serious about this."
So ... a fiduciary can be a CFP, but not all CFPs are fiduciaries. Be careful out there!
(OK, I can't resist. Here is a really nasty and disgusting Eddie Jones video:
)