Is it true that Financial Planners have no Uni degrees and training?

Question

Is it true that they only are a type of sales people, who sell services for credit providers?

Is there a course or a degree in Financial Planning that people take?

Answer 1

Yes.

Answer 2

NO THAT'S  NOT TRUE  THERE ARE THOSE FRIVOLOUS SALES PEOPLE DISGUISED AS FINANCIAL PLANNERS, AND THEN THERE ARE  REAL CERTIFIED FINANCIAL PLANNERS THAT HAVE TO EARN A BACHELORS DEGREE IN ORDER TO BE ABLE TO TAKE THE CFP CERTIFICATION EXAM. THESE FINANCIAL ADVISER'S WORK ON BEHALF OF YOUR INTEREST, AND NOT FOR  AN INSURANCE COMPANY OR BROKER.  THEY USUALLY CHARGE BY THE HOUR AND NOT BY COMMISSION.

Answer 3

It is true that some financial planners only do a little course, whereas others undertake an extensive university course.

Perhaps a more important question to ask your planner is: "Are you rich by taking your own advise? And if so, why are you still working?"

Another critical area you need to be aware of is their product range. Are the planners advising over a full scope of products from everything that's available - or are they only selling products from one particular institution?

Financial planners that don't have a relationship with a particular institution (and that don't earn trailing commissions) are more inclined to offer you THE best product for your needs, although you will pay a bigger initial fee for their service.

Planners that don't charge high direct fees usually make up for it by taking a slice of your portfolio annually for the rest of its life. It's interesting how they claim they're 'managing' your portfolio, when they don't contact you or recommend that you revisit it.

Answer 4

In Canada you must have several years of both study and on the job experience to receive your accredited Financial Planner Certificate.

Before that you must study insurance and investments and be sponsored by Financial Institution/ Insurance Company, who do a very thorough background of your finances, your lifestyle, your health, any criminal activity in your past etc., they will not let just any old person represent them, because one crook can loose a lot of business for a company and ruin their public reputation. After that If you pass a provincial exam you may practice in the field.

It is not easy at all.  Therefore only the most reputable clean living people are chosen for this career.