SPONSORED CONTENT -- (StatePoint) Do you know what financial advisors do? Or are misconceptions about being a financial advisor holding you back from exploring this profession?

To help you understand what your career as a CERTIFIED FINANCIAL PLANNER^™ professional could look like, consider these common myths about financial planning careers.

Myth: It’s all just numbers and math.

Fact: While numbers are certainly involved in financial planning, there is much more to it than that. In fact, the job requires great communication skills and a high level of emotional intelligence. This is because money management habits are often guided by personal attitudes, beliefs and emotions, whether that looks like overspending or risk aversion. What’s more, clients often visit a financial advisor for the first time after a major life event, when emotions may run high. Being a CFP^® professional involves coaching clients to overcome any psychological hurdles that may be holding them back from reaching their goals and smoothly guiding them through life transitions.

Myth: Financial advisors are essentially salespeople.

Fact: CFP^® certification requires you to commit to act as a fiduciary, meaning to act in the best interests of your clients at all times when providing financial advice. This is why clients are overwhelmingly satisfied with the services they receive from CFP^® professionals. And that high client satisfaction is why more than 10,000 firms across the United States employ CFP^® professionals.

Myth: Financial advisors have narrow roles.

Fact: The notion that financial planners have narrow roles is a misconception. In reality, financial planners, particularly CFP^® professionals, provide comprehensive financial advice across various domains. Rather than focusing narrowly on one area such as investing or insurance, they consider many factors potentially impacting their clients’ finances, including budgeting, saving, investing, retirement planning, tax strategies, estate planning and risk management. CFP^® professionals support their clients through a wide range of financial life stages and transitions, such as having a first child or starting a new business.

Myth: Being a financial advisor is lucrative, but not satisfying.

Fact: It’s true that being a financial advisor is financially rewarding, especially with the right credentials. The CFP Board 2023 Compensation Study found that the median total compensation for financial planners in 2022 was $198,500, with CFP^® professionals earning 12% more than other financial planners. The survey also reveals that CFP^® professionals overwhelmingly report high levels of personal fulfillment, with 84% experiencing significant satisfaction due to the stability, work-life balance and career growth opportunities. Many also find enormous personal satisfaction in helping people achieve important things in life, such as homeownership, funding their children’s education and planning for a comfortable retirement.

Myth: All financial advisors have the same credentials.

Fact: While anyone can call themselves a financial advisor without specific training, to be an expert and to earn the trust and confidence of prospective employers and clients, you must earn the right credentials. To learn more about career options with CFP^® certification, visit CFP.net.

From helping people build and protect their wealth to securing your own financial future, there are many benefits to becoming a CFP^® professional. Consider disregarding the stereotypes you may have heard about financial planners and explore this career path today.

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