A personal financial advisor is a person who helps clients increase or preserve wealth by a knowledge of investment vehicles and strategies. Many begin their careers in banking, insurance or other related fields. Individual advisors may specialize in areas such as retirement planning, estate planning, wealth preservation or succession planning. Some are licensed to sell insurance, mutual funds, bonds, stocks or other financial vehicles directly to their clients; others simply charge for their time and expertise.
A Certified Financial Planner is a financial advisor who has met the criteria set out by the Certified Financial Planner Board of Standards (CFPBS), the profession's accrediting body. In order to gain the CFP designation a candidate must fulfill the educational requirements, pass a certification exam, have a minimum level of experience in the field, and undergo a series of detailed personal and professional background checks. The educational requirement begins with a bachelor's degree in any discipline, followed by a board-registered CFP course. Those with doctorates in business or economics may challenge the educational requirement, as may professionals in related fields, such as lawyers, CPAs, chartered life underwriters and chartered financial analysts.
For those who have already earned a graduate degree in a related discipline, a graduate certificate will provide the necessary skills and knowledge in a short course of study, often a year or less. For those with undergraduate degrees, the CFP program may be taken as a concentration within a master's or MBA degree. The MBA program is often made available online for the benefit of working professionals who cannot take time off to attend formal classes. Examples of these three alternatives may be found at the website of California Lutheran University.
The CFPBS maintains a database of approved programs on its website. The database is searchable by state, or by the type of program. Another option is the federal College Navigator website, which allows search results to be filtered by a number of criteria. The College Navigator also provides tools for comparing up to four schools at a time on a grid, making it easier to choose between institutions with similar offerings.