Why is competence important in financial planning?
Unlike the professions of medicine, law, and accounting, the field of financial planning does not yet have a broadly accepted definition of superior quality. It has numerous certification programs that show that a person has been trained in certain relevant subject areas. The public deserves to have this crucial issue settled so that individuals can turn to financial advisors who have the equivalent of an MD, JD, or CPA in education, training, ethical requirements, and practice methods. NAPFA is doing its part to ensure those professionals calling themselves NAPFA-Registered Financial Advisors are meeting high competence levels. In fact, NAPFA’s requirements exceed those of any other financial industry association. The NAPFA program not only requires one of the basic educational certifications, but much more. A NAPFA-Registered Financial Advisor must submit a financial plan for peer review and complete continuing education in six subject areas every two years. Additionally, his/her gov
