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Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

Certified Financial Planner Melbourne

By speaking to a Certified Financial Planner Melbourne, over other financial advisors, some of your due diligence about the advisors’ qualifications and ethical alignment is done for you.

At the end of 2022, there were 15,819 Financial Planners in Australia. Of these, 4,610 or roughly 29% were Certified Financial Planners (CFP®). CFP® is the only globally recognised qualification for financial advisors, and grew by over 213,000 in 2022.  

In this blog post, we will discuss what a Certified Financial Planner is and the benefits of hiring one. We will also show you how to find a trustworthy CFP® in Melbourne, that is ethical and suitably qualified.

The blog writer was a Financial Planning Association (now Financial Advice Association Australia), Certified Financial Planner of the Year finalist in 2018 and 2020

 

What is a Certified Financial Planner®?

A Certified Financial Planner is a financial professional who has met rigorous educational and ethical standards set by the Financial Advice Association Australia (FAAA).

To become a CFP®, a person must meet the FAAA professional standards framework, which they define as the ‘Four E’s’. These include:

  1. Ethics – demonstrating a capacity to make decisions in the best interest of clients
  2. Education – Technical competency and knowledge capabilities required in the profession. This includes bachelors degree or higher.
  3. Examination – Systematic and regular testing to ensure expertise is maintained
  4. Experience – practical on the job learning and skills that confirms professional practice. Including at least 2 – 4 years full time client facing experience.

CFPs are trained to provide comprehensive financial advice to individuals and businesses. You should expect comprehensive understanding of investment markets, retirement planning, tax planning, and estate planning.

Moreover CFP® advisors will have a deep understanding of the financial industry generally, and are equipped to help you navigate the complexities of the market.   

CFP® Code of Ethics

As a Certified Financial Planner in Melbourne, one of the core requirements is to adhere to a strict code of ethics.

The Financial Advice Association of Australia has established a Code of Professional Practice. This outlines the ethical and professional standards that CFP’s must uphold in their work. Specifically, the code requires CFP® holders to act with integrity, honesty, and professionalism.

This includes always acting in your best interests and avoiding conflicts of interest. Moreover, a CFP® must maintain their professional competence and conduct themselves in a manner that upholds the reputation of the financial planning profession.

For you as a consumer, working with a CFP® provides assurance. Assurance that you are working with a professional committed to providing ethical and high-quality financial advice. 

The CFP® Designation  

The Certified Financial Planner designation, is the only internationally recognised designation in financial planning. The Financial Advice Association of Australia is the custodian of the designation in Australia.

Globally, the CFP® designation is recognised in over 27 countries. It is only awarded to individuals who meet strict education, examination, and experience requirements. This ensures that CFP’s have demonstrated a high level of competency and professionalism in the field of financial planning. What’s more, the FAAA ensure that CFP® holders adhere to their strict code of ethics. 

CFP’s also commits to higher levels of ongoing professional development. This further strengthens the credibility and global recognition of the designation.

Working with a certified financial planner Melbourne, means you can trust you are receiving expert advice. From a professional that is globally recognised and respected in the field of financial planning. 

Benefits of Hiring a Certified Financial Planner in Melbourne 

  • Tailored Financial Advice: A CFP® will work with you to create a personalised financial plan that is tailored to your unique needs and goals. They will take into account your income, expenses, investments, risk profile, and other financial factors to develop a plan that is customised to your situation. 
  • Expert Knowledge: CFPs have extensive knowledge and expertise in the financial industry. They stay up to date on the latest market trends and can provide valuable insights that can help you make informed financial decisions. 
  • Investment Management: CFPs can help you manage your investments and ensure that they are aligned with your financial goals. They can also help you diversify your portfolio and minimise risk. 
  • Retirement Planning: A CFP® can help you plan for retirement by developing a strategy that will help you achieve your retirement goals. They will take into account your current financial situation, your retirement goals, and your timeline to retirement. 
  • Tax Planning: A CFP® can help you minimise your tax liabilities by developing a tax-efficient investment strategy. They can also provide guidance on deductions and credits that you may be eligible for.   

How to Find a Reliable and Trustworthy CFP in Melbourne 

Finding a reliable and trustworthy CFP® in Melbourne that has the expertise for your needs and objectives and aligns to you personally can be challenging. Here are some tips to help you find the right CFP® for your needs: 

  • Look for a CFP® with a strong reputation: Check online reviews and ask for referrals from friends and family. 
  • Ask about fees: Ask about the CFP’s fees and make sure they are transparent and reasonable. A reputable CFP should be transparent about their fees and should provide clear and concise information about the services they offer. This includes details about their investment philosophy, how they choose investments, and how they plan to manage your portfolio. 
  • Meet with the CFP®: Schedule an initial meeting with the CFP to discuss your financial goals and to get a sense of their expertise and communication style. 
  • Evaluate communication: Ensure that the CFP® is responsive and communicates in a way that you understand. 
  • Case Studies: Ask to review case studies of other clients the CFP® has helped. This is a great way to see if the CFP® you are speaking to, is regularly helping people similar to you and your need.

Financial advice for retirement planning checklist

Factors to Consider When Working With a Certified Financial Planner® 

First impressions count, and you should expect a CFP® to be a great communicator. But also genuine and someone that gives you an immediate sense of calm.

A good CFP® will take the time to understand your goals and dive deep with you about your values and current position. You should really feel understood in these first engagements. Because great advice is personalised, and this starts with deep understanding about you!

You should expect proactive communication from a CFP®, with regular updates and insights. Importantly you should feel confident that you are on track to achieve your financial goals. 

The CFP should have a strong network of professionals in related fields, such as tax and legal professionals. Because holistic financial planning requires coordination and alignment with your overall goals. If you already have trusted relationships, then the best CFP’s will have no problem working with them either. 

Finally, it’s essential to ensure that your CFP® has the necessary qualifications and certifications to provide financial advice. This includes holding a Certified Financial Planner (CFP®) designation. Considered by many as the gold standard in financial planning.  

Why Choose to Work With a Certified Financial Planner® in Melbourne

The Certified Financial Planner® designation is a credible way to identify highly qualified and ethical financial planners.

By choosing to work with a CFP®, you can feel confident that you are receiving advice from a highly qualified professional. A professional who has a proven track record of providing expert financial advice. And someone that adheres to the highest standards of ethical conduct in their work. 

FAAA Professional Practice Designation

Yield Financial Planning are proud to be an FAAA Professional Practice. Awarded to us for our high ethical standards. To become an FAAA Professional Practice, at least 50% of the firm’s financial advisors must be CFP® professionals and the application process is rigorous!

Because of the high barrier to entry, there are only a limited number of professional practices in Australia, but they are recognised to display the highest standards of ethical financial planning advice. 

How Yield Financial Planning Can Help  

Yield Financial Planning are a multi award winning team, including as a national finalist for CFP® advisor of the year in 2018 and 2020. We are also an FAAA professional practice. 

We have particular expertise working with High Net Worth Individuals, including Financial Planning for Doctors and Business owners and regularly work with people when they have a major life change, such as Retirement, Inherit funds, Divorce or become Widowed.  

Our advice is holistic and our services include Retirement planning, Wealth creation strategies, Property planning, SMSF, Aged Care financial planning and Mortgage broking.

What you will get from Yield Financial Planning, is an experience that is deeply personal and solutions that you will know are in your best interest.

For best practice advice contact us for a no obligation discussion today. 

Important Note

Any information provided here is general advice only and does not consider your objectives, financial situation or needs. This information should not be taken as comprehensive and does not constitute legal or financial advice. You should seek legal, financial or other professional advice before relying on any content. Yield Financial Planning is not responsible to you or anyone else for any loss suffered in connection with the use of this information. Information is only current at the date initially published.

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Free Consultation

Free Consultation

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.