The Certified Financial Planning Board of Standards and CFA Institute both are committed to investor education, including providing information to help consumers choose a financial advisor. The CFA Institute has published an article titled “What Every Invstor Should Know,” while the CFP Board of Standards offers its own brochure titled “10 Questions to Ask When Choosing a Financial Planner.” While the CFA Institute’s publication is more comprehensive, the CFP Board’s “10 Questions” is a more practical guide for a typical individual going through the evaluation process. But while the ten questions are good ones, it is not entirely clear what answers a consumer should be looking for or worried about.
Melissa Rudy, a freelance writer who has authored articles on a broad array of topics from parenting to personal finance, and I have collaborated to update the CFP’s ten questions and provide some answers, from her perspective as a consumer and my position as an advisor. The article was published on the Morningstar website and can be viewed here. I hope to expand on a number of these topics in the coming weeks.