Ask Terry Questions Should a financial planner be registered?

Should a financial planner be registered?

By Terry Savage on June 10, 2013 | Financial Planning / Retirement

setting up my retirement account, met with a retirement planner, that a WLS radio show wm gieger recommened, however i see on the state of il site, this broker is not regeristered with finra, should i keep looking, do you have any referrals?

SAVAGE SAYS: Lots of people call themselves “financial planners” — but you want a CERTIFIED Financial Planner. The way to find one is to check the registry at I would definitely NOT deal with anyone who is not a CFP — because that means he/she is probably a salesperson, who is not bound by the CFP code to put your interests first, and to fully reveal any potential conflicts of interest (such as getting a huge commission on the products they sell you!)

That’s the big difference between a “broker” or salesperson — and a Certified Financial Planner.

The website it NOT for learning about financial planners. It does have a place to check the disciplinary history of brokers — salespeople.

Now my question is what type of “planning” do you need Are you just trying to diversify your IRA and other investments If so, you can get that advice free from fund companies like Fidelity, Vanguard or T. Rowe Price — or you can use the link to Financial Engines on the home page at my website.

If you are trying to do an overall plan, assessing your retirement readiness and dealing with issues like estate planning, insurance, tax planning, etc., then yes — you do need a CFP.

And since you obviously live in the Chicago area, you might want to start your search at the Financial Planning Association of Illinois. I work with them every year to present a program on financial literacy for MoneySmart week in May. I have met many of them, and am impressed with them as a group. Here’s their website:?



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