what is a certified financial planner cfp 
certified financial planner cfp is a formal recognition of expertise in the areas of financial planning taxes insurance estate planning and retirement saving owned and awarded by the certified financial planner board of standards inc the designation is awarded to individuals who successfully complete the cfp board s initial exams then continue ongoing annual education programs to sustain their skills and certification roles and responsibilities of a certified financial planner cfp cfps are there to help individuals manage their finances this can include a variety of needs such as investment planning retirement planning insurance and education planning the most important aspect of a cfp is to be a fiduciary of your assets meaning that they will make decisions with your best interests in mind cfps are all encompassing particularly when compared to investment advisors cfps will usually start the process by evaluating your current finances including any cash assets investments or properties to come up with an estimate of your income and net worth they also take a look at your liabilities such as mortgages and student debt from this point on they work with you to come up with an individualized financial plan for example say you are nearing retirement the cfp will create a financial plan that can see you through your retirement years or perhaps you have a child that will be starting college the cfp can help create a financial plan to manage that cost a cfp is a financial adviser who has earned a certification that indicates in depth knowledge of financial planning the requirements to become a cfp are some of the most difficult and stringent in the financial industry cfp and fiduciary dutyall cfps are held to the standard of fiduciary duty that means they must always put your interests as a client ahead of their own for example if they would make more money selling one product over another but the product that made them less money was better for you that is the product they must recommend a cfp s fiduciary duty is clearly laid out by the cfp board and states at all times when providing financial advice to a client a cfp professional must act as a fiduciary and therefore act in the best interest of the client the board goes on to state that three duties must be met by an adviser with a fiduciary duty these are 1 duty of loyalty 2 duty of care and 3 duty to follow client instructions 2