5 Things Consumers Look for in a Financial Advisor

May 15, 2024 at 01:00 AM EDT

SPONSORED CONTENT -- (StatePoint) Whether you’re currently a financial advisor or considering becoming one, knowing which qualities are high in demand among your potential clients can help you position yourself for a lucrative and rewarding career.

Here are five things that consumers look for in a financial advisor, as well as how CERTIFIED FINANCIAL PLANNER^™ certification can help you meet your clients’ expectations:

1. Someone they can trust: Clients seek a financial advisor to help them protect what matters most and to achieve their short- and long-term goals. Building a trusted relationship is critical. In short, clients want a fiduciary, someone who will put the client’s best interests first. CFP^® certification means you’ve committed to CFP Board to act as a fiduciary, and therefore, act in the best interests of your clients at all times when providing financial advice.

2. Expertise: An overwhelming 90% of consumers see an advisor’s qualifications as important, and 86% prefer an advisor who has passed a certification exam and a rigorous education program. CFP^® certification signals to prospective clients that you’ve passed rigorous education, examination, experience and ethical requirements.

3. Someone who can offer 360-degree advice: More than 4 out of 5 consumers prefer an advisor who takes all areas of their financial life into account. CFP^®certification prepares you to do just that, equipping you to offer holistic financial planning so that you can deliver the service a great majority of clients are seeking.

4. A listening ear: Financial planning today is about so much more than making sound investments. It’s also about understanding your clients’ desires and anxieties and helping them work through the psychological hurdles adversely affecting their money story. Part of CFP^® certification is understanding the psychology behind financial planning. Having a solid grasp on the emotional aspect of money can make all the difference in your success.

5. A willingness to learn: The financial landscape is always changing, and so should your skills and knowledge. As financial regulations are updated, tax codes are changed and new financial products are introduced — staying current is important to your clients. Maintaining CFP^® certification requires continuing education, so you can always provide your best counsel.

Given how closely the right credentials align with consumer demand, it’s no surprise that CFP^® professionals out-earn their industry peers by 12%. To learn more about why you should get CFP^® certification, visit CFP.net.

The bottom line? Consumers have very high standards for their financial advisors. To give yourself a competitive edge, achieve the certification that lets clients know you’re a trusted expert in your field.

Photo Credit: (c) PeopleImages / iStock via Getty Images Plus

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