The Retirement Planning Institute has developed a powerful financial team of Tax Attorneys, Investment Advisors, Insurance Professionals, and Pension Actuaries.
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IT TAKES A VILLAGE TO MANAGE WEALTH
Today, one's financial world should be built by a team of financial specialists, quarterbacked by a highly knowledgeable Certified Financial Planner™ and CPA. No financial professional is an island, and this is especially true in the sea of financial advice of which we are all awash.
When you think about how just how massive and complex our Internal Revenue Code is at over 75,000 pages, it is plainly recognized that no one individual can successfully navigate and implement all the available tax strategies and deductions afforded taxpayers.
And just like you wouldn't approach your family doctor to operate on your brain, you shouldn't rely on your CPA for all your tax ailments. Yet the simple fact remains that most people rely on just one tax advisor to perform all their tax needs and do very little forward thinking when it comes to tax reduction strategies.
CFP® - FINANCIAL PLAN QUARTERBACK
Climbing above the clamor and confusion of building a successful financial plan is someone who dedicates their practice to understanding and coordinating all the professionals who manage your wealth.
The CFP®, short for Certified Financial Planner™, is the financial equivalent of the quarterback of your financial team. Their role is to coordinate all the financial players on the field to create a harmonized result.
More than any other advisor on your team the CFP® best understands how to coordinate all the different financial areas for your greatest aggrandizement.
WHAT MAKES A CFP®
To better understand how valuable this role is to the successful implementation of a wealth plan, let's look at the path to becoming a Certified Financial Planner™ versus a typical financial advisor.
In order to become a registered representative of FINRA one must obtain a financial license to sell securities by passing either the Series 6, 7, 63, 65 or 66 financial test. These are fairly simple two-hour multiple-choice tests ranging from 60-125 questions.
To receive a life health and annuity insurance license on must take a forty-hour study course and pass a 100 question exam. Obtaining a CFP® designation however requires much more time and dedication.
To begin with the advisor must satisfactorily complete seven full-term college level courses as well as pass a rigorous two-day ten-hour exam and have at least three years of work history and a bachelor's degree from an accredited college. The CFP® exam revolves around seven areas of practice:
* Insurance Planning
* Retirement Planning
* Employee Benefits Planning
* Investment Planning
* Tax Planning
* Estate Tax, Gift Tax, and Transfer Tax Planning
While obtaining the CFP® designation does not automatically confer the status of financial uber-mensch, the designation does clearly characterize the ability to understand basic financial planning.
Using a competent CFP® and CPA tandem is one of the smartest decisions you can make when setting out to reach your financial destination.
TIPS FOR SUCCESS
* Never assume your tax professional has all the answers, the tax code is extremely large and complex.
* Create a team of experienced CFP®s, CPAs, CFAs, Tax Attorneys, Estate Attorneys, Investment Advisors, Pension Actuaries, and Insurance Professionals.
* Work with financial professionals that have done the research and can document how and why the deduction can be taken.