One of the primary challenges in evaluating planners is that “anyone” can call themselves financial planners. There is no standards body that oversees the practices of financial planning”. In fact, many professionals, including insurance agents, stockbrokers, money managers, mortgage brokers, or CPAs may use the “financial planner” label.
In order to differentiate financial planners, there are four key considerations:
Experience
Financial planning is comprised of estate planning, general finance/taxes, risk management and investments. Historically, planners have specialized in one of these four areas. If you select a planner who is well versed in one area, you may be under served in the others.
Our specific financial planning experience includes:
| Mike Chamberlain | ||
| Risk management - Since | 1985 | |
| Investments – Since | 1995 | |
| Estate planning – Since | 1988 | |
| Finance - | Small business owner since 1978 6 years, Board of Directors for $2 billion Corp. 8 years, owner of A/R financing company |
|
Education
A number of higher educational institutions have developed financial planning curricula, which typically entail 18 months of coursework. A graduate of such a course will have a good conceptual understanding of all the areas of financial planning rather than the more narrow view of someone with experience in just one field.
Mike Chamberlain’s educational qualifications include:
The Center for Fiduciary Studies in association with University of Pittsburgh
Boston University program for Financial Planning
Doctorate from the University of California at Berkeley
Gary Cohen’s educational qualifications include:
University of California, Santa Cruz, Certificate in Financial Planning
Stanford University, MS
Massachusetts Institute of Technology, BS
Objectivity
The best way to judge a planner’s objectivity is to ask how the planner gets paid. Many who claim to be “financial planners” are in reality trying to sell you something, and where commissions are involved, you are never certain as to the objectivity of the advice.
A “fee-only” approach is completely objective, is always in your best interest, and the planning results will be untainted by what might benefit the planner. With “fee-only,” the client pays the planner by the hour or for a specific project or service. Some fee-only planners work on a retainer basis (a set fee for the year), and others, mostly money managers, are paid based on a percentage of the assets they manage for the client.
Chamberlain Financial Planning LLC is “fee-only”. We offer planning by the project or by the hour as well as Advisory Service on an ongoing basis that includes asset management. There are no commissions or referral fees, and no minimum account size. We work with people from all walks of life and in all stages of life. Chamberlain Financial Planning LLC is a Registered Investment Advisor in the State of California.
Certification
Over 1 million people in the US call themselves financial advisors, but there are only approximately 51,000 CFP® professionals. To become a CERTIFIED FINANCIAL PLANNER practitioner, candidates must pass an approved course of study (usually 2 years), pass the CFP certification examination (a comprehensive two-day, 10-hour test), possess a minimum of 3 years of financial planning experience, sign an ethics agreement and satisfy ongoing education requirements.
Michael Chamberlain CFP® is a CERTIFIED FINANCIAL PLANNER practitioner.
Making an Informed Decision
It is our hope that after considering our broad set of qualifications:
Formal education in financial planning
Vast diverse financial planning experience
Unbiased recommendations (no products for sale)
Certification to use the CFP® marks
… you will recognize how we are “different” and are in an excellent position to help you to better live your life, reach for your dreams and develop your individual plan.
Related information: About us
