Week 3: Financial Planning I

Financial Planning – Video Webinar – Fall 2021


Video Presentation By Peter Kote, Don Vivrette & Delia Fernandez

In Session Three we focus on how you should begin viewing investing and financial planning by understanding who the players are within the financial services industry.  There are over 140 designations, most of which are not very meaningful compared to licenses and registrations required by state and federal law.

The two most popular and legitimate designations are the Certified Financial Planner (CFP) and the Chartered Financial Analyst (CFA).  The CFA is usually a person that does the investing in specific securities and usually works for Mutual Funds.  The CFP credential is for the consumer and focuses on comprehensive financial planning including goal setting, insurance review, taxes, balance sheet, determining risk tolerance, writing a financial plan, estate planning and asset allocation and investing.

We believe every consumer should know how their financial planner is paid and their legal duty of care to the client.  Brokers usually have a “SUITABILITY” standard which holds them to less accountability   Whereas a “fee only” Advisor or Registered Investment Advisor has a “FIDUCIARY” duty to you, meaning if they do not do what is “in your best interest” they could be held liable.

In Financial Planning 1 we focus on the importance of knowing your net worth and spending plan.  We also cover taxes and insurance briefly.

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