STUDY WARNS CONSUMERS TO BEWARE OF FINANCIAL ADVISERS WHO HOLD THEMSELVES OUT AS "FINANCIAL PLANNERS"


“Consumers are harmed by … those who hold themselves out as “financial planners,” but provide narrowly focused advice, single-product solutions, or advice that is not in the consumers’ best interest.”1

The above caption is from a 2014 independent study done by Lesly Fulop.  The study indicated that:

  • Consumers searching for financial planning services faced the real risk that they will not receive the services they seek
  • Financial service providers contribute to consumer confusion by identifying themselves as financial planners, despite providing limited financial planning services
  • While consumers are confronted with confusing and inconsistent information in their search for financial planning services, the Financial Planning Coalition’s research found that consumers who work with CFP® professionals had higher levels of satisfaction, were more likely to say they received a plan with realistic financial goals, and were more likely to feel their financial needs and objectives were addressed

1Amid Surge in Demand for Financial Planners, Consumers Are Harmed by Lack of Appropriate Regulatory Standards, October 20, 2014 , Lesly Fulop

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