To be more protective aren’t we looking for Advisors with Well-Known and relevant Professional Designations?

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It is unfortunate that we must be very carefully while picking an advisor but with a little insight and common sense on top of the law, we may be able to avoid the unethical actions of some advisors that give the finance industry a bad reputation.
“Ethics is one of the great differentiators between independent advisors. Of course we find that our financial advisor is holding a licence to work but we still need extra protection and technical advises and planning. That’s where professional designations like the CFP along with licensing to work as advisor, comes in handy. A Certified Financial Planner must uphold the fiduciary standard even if he or she is a licensed financial advisor.

There are some additional characteristics on the practising process that has to be determined in a reliable financial advisor or planner, despite their certificate or degree. They should be very particular in discussing ones needs, in providing freedom to make decisions on their advices and have clear communication including the explanation of fees.