As there are more and more consumers being resistant to pay for financial investments offered by a financial investment counselor, nowadays independent planners have become a norm in society due to the considerably amount of benefits gained including cheaper costs. As consumers are penetrating into the modern world where financial affairs have become an important aspect of their lives, they have begun to take responsible of their own financial security.
The trends of people becoming independent financial planners are undeniable. Back then, retirement plans were not of concern by most employees as such responsibilities have been the job of social security. The older mentality portrayed that social security was larger and a more reliable source of retirement income. There was not much job-switching among employees and there were only few retirement assets to track. But ever since the revolution into a modernized society, people are taking the step towards making complex decisions themselves and get involved in investments personally.
Hence the greater demand of fee-only, independent advisors. There are some sources that offer such services. Independent financial investment counselor can be found in certain bodies such as the National Association of Personal Financial Advisors (NAPFA). This is a corporation dedicated to provide comprehensive financial planning with fee charges. It is the largest professional organization in the United States. They do not handle your money, only offering financial advice and investment tips from experts’ point of view.
If you wish to become one of the independent financial planners, you will need to equip yourself with some independence, absolute competency and ultimate coordination of all aspects in financial planning. It is best if you have the Certified Public Accountant designations along with the Personal Financial Specialist (PFS) or Certified Financial Planner (CFP) titles. A good planner should be able to provide comprehensive planning related to social security, life insurance, employee retirement plans, as well as personal assets.