THIS PIECE WAS WRITTEN BEFORE DEVELOPMENT OF THE "C COP R" CRITERIA AND SHOULD BE READ IN CONJUNCTION WITH THE "C COP R" PIECE.

I believe there are three factors critical to the selection of a quality financial advisor. Not paying attention to these variables often lead to the selection of poor advisors and sometimes even dishonest advisors - the "Madoff " effect.These three factors combine to form a solid foundation on which to build and maintain your financial future and well-being. The three factors are what inspired the pyramid logo of Legacy. Utilize them to help construct a solid financial base to build upon.

 Although financial planning is an interdisciplinary field, involving accounting, law and psychology, the adjective in financial planning is finance. Quality financial planning requires an extensive backround in finance. This is most likely acquired through a financial education at an accredited university unaffiliated with any industry group(s), i.e. one or more degrees in Finance. This education provides your planner with the tools needed to construct a plan that can withstand pitfalls that the unknowing may not even realize exist. It also allows a planner to identify the shortfalls in planning and take actions to adjust for them. Finance is not a hobby but a profession. Ask Barbara to give you examples of these pitfalls as well as accomodations needed in your Get Acquainted Meeting.
 
The CFP designation is a beginning point in choosing a financial planner. Holding the designation tells you that the individual was disciplined and focused enough to learn the required information. It also tells you that the individual believes that they are intelligent enough to pass the exam as well as committed to the field. If an individual doesn’t believe that they are disciplined enough, committed to the field and intelligent enough to pass this exam, do you really want to trust them with your financial future?
 
Finally the personal financial planning profession evolved from companies looking to sell their products and wanting to retain control of their customers. “There really is no such thing as a free lunch.”  A free plan is never free but is connected to sales in some way. When the client’s best interest conflicts with the company’s or planner’s best interests, it is often the client’s interest that is compromised. You should pay for what you need and need what you pay for. Therefore make sure that your interests are aligned with the planner's interest.
 
Remembering these three factors should guide you to choosing a quality financial planner: a degree(s) in Finance, a CFP designation and a fee only or retainer compensation structure to assure no conflict of interest.