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Who is a Financial Planning Specialist?

Who is a Financial Planning Specialist?

 A financial planning specialist is a crucial person for guiding individuals and businesses to meet financial long-term goals. In this article, we will see what are the specific financial planning specialists’ roles. Also, we will take a look at the best degrees that can help you become a financial planner.

Understanding a Financial Planning Specialist

The main responsibility of a certified personal financial planning expert is to assist clients in organizing their financial affairs. This could involve helping clients overcome excessive debts or establishing a savings plan for their future. 

They may also assist in creating an investment portfolio. They can provide advice on the best investment options and evaluate clients’ needs. But they usually delegate the actual execution of these investments to other financial professionals.

To become a certified personal financial planning expert, Certified Public Accountants (CPAs) must first pass a financial planning examination. Additionally, candidates must have a minimum of two years of full-time professional experience in financial planning. They must complete at least 75 hours of formal education in financial planning within the last five years.

What does a financial planning specialist do?

A financial planning specialist is a professional who helps individuals and families manage their finances, set financial goals and achieve them. These specialists provide personalized advice and guidance on various financial matters. They take into account their client’s current financial situation, future aspirations, and risk tolerance.

Here are some of the key responsibilities and services that a financial planning specialist typically provides:

Financial Analysis

 They conduct a thorough analysis of their client’s financial situation, including income, expenses, assets, debts, investments, and insurance coverage. This analysis helps them understand their client’s overall financial health and identify areas that require attention.

Goal Setting

 They work with their clients to define their short-term and long-term financial goals. These goals can be buying a house, saving for retirement, funding education, or starting a business.

Financial Planning

 Based on the analysis and goal setting, they create a thorough financial plan tailored to their client’s specific needs and objectives. The plan may include strategies for budgeting, saving, tax planning, investing, risk management, and estate planning.

Investment Advice

 They provide recommendations on how to invest their clients’ money to align with their financial goals and risk tolerance. This might involve selecting appropriate investment vehicles like stocks, bonds, mutual funds, and other assets.

Retirement Planning

 They help clients plan for their retirement by estimating the required savings. Alo assists them in identifying suitable retirement accounts and determining a sustainable withdrawal strategy during retirement.

Risk Management

They assess the risk exposure of their clients and recommend appropriate insurance coverage. Also, they help them to protect against unforeseen events such as life insurance, disability insurance, and health insurance.

Tax Planning

They explore tax-efficient strategies to minimize the impact of taxes on their clients’ investments and overall financial plans.

Financial planner vs. a financial advisor

A financial planner specializes in creating comprehensive financial plans for individuals and families. They take a holistic approach to financial management, considering various aspects of their client’s financial lives and long-term goals. 

Financial planners typically focus on providing guidance and strategies related to budgeting, saving, investing, and more.

A financial adviser is a broader term that encompasses professionals who offer financial advice and guidance to clients. Financial advisors can include financial planners, as well as professionals specializing in specific areas of financial services.

While some financial advisors may also offer comprehensive financial planning services like financial planners, others might concentrate on a particular area of expertise.

What is the best degree for a financial planner?

The best degree for a financial planner depends on various factors. These include individual career goals, personal interests, and the specific area of financial planning one wants to specialize in. Financial planning is a multi-faceted field that requires a diverse set of skills and knowledge. Here are some common degrees that can provide a strong foundation for a career in financial planning:

Finance or Financial Planning

Pursuing a degree in financial planning is a natural choice for aspiring financial planners. These programs typically cover crucial topics such as investments, risk management, taxation, retirement planning, estate planning, and personal finance. A degree in finance equips individuals with a broad understanding of financial concepts. It also prepares them for various roles in the financial services industry, including financial planning.

Business Administration

A degree in business administration can be valuable for financial planners. It provides a thorough grasp of business principles, management, and operations. Students can choose to concentrate on finance-related courses within the business administration program. It can be particularly beneficial for a financial planning career.


 A degree in economics can be beneficial for financial planners, especially those interested in macroeconomic trends and their impact on investment strategies and financial markets. Economics programs focus on understanding economic theories, market dynamics, and decision-making processes.


An accounting degree can be advantageous for financial planners, especially those interested in tax planning and understanding financial statements. Accounting programs provide in-depth knowledge of financial reporting, auditing, taxation, and managerial accounting.

In Conclusion -What is a Financial Planning Specialist

Individuals or business clients can receive assistance from a certified personal financial planning expert in areas such as retirement planning, debt reduction, college savings, investment portfolio creation, and overall financial guidance for both individuals and families.

In order to become an accredited personal financial planning specialist, individuals must pass a planning examination administered by the AICPA, possess at least two years of full-time experience, and complete 75 hours of formal education.

To qualify as an accredited personal financial planning specialist, one must already hold a CPA certification and undergo specialized training in order to offer financial advice to individuals and families.

The post Who is a Financial Planning Specialist? appeared first on FinanceBrokerage.

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