Spread the Word: Consumer Reports Recommends Advisers Who are CFPs and Fee-Only
Earlier this week, on a nice sunny day, I decided to take a break and walk from my office to the nearby public library. I found a few things to browse through and one of them was the October issue of Consumer Reports.
As I started flipping through the pages I found an article about the problems with some financial advisers and what type of adviser Consumer Reports recommends. They pointed out how some advisers don't have to disclose conflicts of interests, some earn commissions on top of fees, and cited a recent study that found financial advisers who have conflicts of interest cause $17 billion of losses annually to Americans.
After explaining what type of adviser to avoid, Consumer Reports recommended the type of financial planner/adviser Americans should use.
Excerpt from Consumer Reports:
"We recommend using financial planners who have the CFP designation. That indicates that she has passed a comprehensive certification examination provided by the board, has at least three years of financial-planning experience, and is committed to continuing education in financial concerns.
It's also important to make sure you understand how the financial planner you select is compensated. Not all CFPs are fee-only; some are paid by commission or a combination of fees and commission."
"We recommend fee-only advisers because they offer the most protection from inherent conflicts of interests."
Here is the link to the full article: Consumer Reports
Please remember these important differences about Christopher G. Peterson and Peterson Wealth Advisory:
- Attained the CFP designation, the highest designation for a financial adviser
- Disclose conflicts of interest about the adviser and the business
- Work in your best interests at all times
- In Crossville, I am the only adviser who is a CFP and fee-only.
Don't keep this a secret. Share this information with your friends, family and neighbors. Let them know what Consumer Reports recommends and that you know someone who meets that high standard.