Certified Financial Planner (CFP)

Although many organizations offer financial planning services to those who need to get a better grasp of their financial situation and objectives, only an accredited financial planner (CFP) is considered to be a professional in the area. CFPs have been awarded this title after passing an intense certification process that assures that the person has a thorough understanding of every aspect of their work that includes the tax laws and retirement planning, and regulations and investments and insurance. Certified financial planners work with people or under the aegis or a bank, or privately to assist them in managing their income, money, and expenses.

Certified financial planners usually begin with their clients by looking at every aspect of debt and income from the past and in the near future. They also conduct interviews with clients to identify potential trouble areas, and the financial goals that the person might have. This could include savings for retirement, college costs for children, additional investments or even trying to solve problems such as long-term debt.

CFPs offer the most diverse options and solutions as they can to their clients. This could include taking advantage of tax incentives that could be available or refinancing options or utilizing various financial products. They can also provide advice to clients on the best investment mix for bonds, stocks and other commodities and can help to identify spikes in debt, or create financial protections in the event of unemployment or other issues.

A bachelor's degree is the minimum qualification for this job however there are specific requirements for a range of subjects in investment, insurance, as well as market-related work. CFPs must be able to pass a strict 2-day test before they are certified. This accreditation is held in the highest regard among financial establishments, however certain CFPs prefer to work outside from these organizations. CFPs usually work during normal working hours in a office, however certain CFPs will work unscheduled hours and work in the field to meet prospective clients at their home.

A Certified Financial Planner (CFP) with 3-6 years of experience in India has the following main responsibilities:

• Develop comprehensive financial plans tailored to clients' goals and risk tolerance.
• Create and manage investment portfolios, identifying suitable opportunities and balancing risk and return.
• Provide tax advice and strategies to optimize clients' tax liabilities and maximize savings.
• Assess and manage clients' exposure to various financial risks, providing suitable insurance and protection solutions.

Major educational qualifications required for Certified Financial Planner (CFP) are:

• Students are required to finish the 10+2 level of instruction in mathematics, accounting economics, statistics, or maths with a total of 50% scores or equivalent in a recognized school.
• When they have completed the 10+2 level of instruction in mathematics, accounting and business studies, economics or statistics, the students may choose to pursue B. Com (Bachelor of Commerce) or BBA(Bachelor of Business Administration).
• When they have completed the bachelor's degree students can begin working in the field in entry-level positions like accountants analysts, accountants assistants, or accountants.
• Once they have gained some experience and gaining experience, they may take on a master's degree.

Some Alternative job roles available for Certified Financial Planner (CFP) are:

• Financial Advisor: Provides expert financial advice and guidance to clients, helping them achieve their financial goals and make informed investment decisions.
• Investment Analyst: Analyzes financial data and market trends to provide valuable insights and recommendations for investment strategies.
• Wealth Manager: Manages and grows the wealth of high net worth individuals, offering personalized financial planning and portfolio management services.
• Financial Consultant: Offers professional financial advice and expertise to individuals and businesses, helping them improve their financial position and achieve financial success.

According to the BLS (US Bureau of Labour Statistics) Occupational Outlook Handbook, Financial Planner Employment is predicted to grow by 27% between 2012 and 2022. This is much higher than the 10% national average for all occupations.
Based on the country's current population growth rate and the rising disposable income of retail and HNI (High Net-worth Individuals) clients, the wealth management and financial advisory sector are expected to increase by 15% to 25% per year over the next ten years. Financial advisors can help people reach their goal of retiring happily without sacrificing their standard of living.