Get Adobe Flash player
Financial Planner and Client
If you decide to employ the services of a financial planner, knowing your rights as a client is a necessary tool. By knowing your rights, you can judge if your financial planner’s attitude is proper, and if she regards your financial benefit as a client as importantly as you do. Therefore, as the client, you should participate actively in your own financial planning.
The following are your rights as a client:
01 The right to choose an honest financial planner
When a financial planner takes his responsibility seriously, even more than his own personal objectives, he and his client can enjoy a cooperative and successful relationship.
02 The right to choose a competent financial planner
The client has the right to demand that the financial planner show her CFP and AFPK certifications in order to confirm that she possesses the knowledge appropriate for providing professional financial planning advice.
03 The right to choose a financial planner who demonstrates professionalism
A financial planner who does not have the appropriate certification according to the related regulations, or who is not registered, may neither sell insurance or investment products nor mediate a stock trade. Moreover, if the financial planner does not demonstrate professionalism in the service area required by the client, a financial planner who shows such professionalism should be introduced instead.
04 The right to choose a sincere financial planner
A financial planner should recommend the most appropriate choices to the client.
In particular, a sincere financial planner should examine in detail the services or products that he recommends. In addition, he has a duty to supervise and manage the employees and staff who assist him in supporting his client.
05 The right to receive objective advice
The client’s needs make up an essential part of a financial planner’s proposal. A financial planner uses his/her ability and experience properly to examine in detail the client’s status, and to give proper advice so that the client’s objectives are met.
06 The right to receive fair service
A financial planner should handle her clients fairly. As such, a clear guide to the services offered and any fees they entail must be specified. The financial planner should also explain the risks associated with her personal recommendations.
07 The right to protection of private information
To receive the best results from financial planning, clients should regularly provide their financial planner with private information including their personal financial status. Therefore, the financial planner must keep such information confidential. Nonetheless, this information may be made available in legally limited cases at the client’s approval or based upon a court order.
08 Right to handle complaints
You can file a complaint against the corresponding financial planner if you are not satisfied with the work performed. If a mutual agreement is not reached, you can be administered another financial planner. If you want to process a complaint, you may contact the institution supervising the corresponding certification for validation.
01. How can you review a measurement of satisfaction regarding your financial planner?
If you feel uncomfortable about the service you are being provided, let your financial planner know how you feel. If your financial planner possesses a professional ability and high level of ethics, he will understand your complaint as a client and acknowledge your needs. Also, he will provide the reasons and background information for his decisions.
The checklist below can help you confirm the client satisfaction of your financial planner:
Is my financial planner sincere and faithfully working within my best interests?
Does my financial planner answer my questions properly?
Are the proposals of my financial planner appropriate given my economic situation?
Do I understand the service fees I should pay? Can I accept such fees?
Can I understand and accept any mutual conflicts or problems?
Can I participate in the decision making process at the appropriate time?
Am I being pressed into making a definite decision?
Have I been provided the sufficient information to make a good decision?
Has my financial planner properly examined the product that she has recommended?
Am I receiving the level of services and products commensurate to the service fees I have paid?
Has my financial planner presented her certifications and demonstrated her ability in an honest manner?
Are other clients in search of financial planning managed properly?
Has any of my private information been leaked?
02. Why are AFPK and CFP certificants recommended for financial planners?
Not all financial planners are alike. There are some who call themselves financial planners, yet neglect the real needs and objectives of their clients, showing an interest in merely selling special financial products. You would be wise to avoid such types of planners. Not all financial planners are CFP and AFPK certificants. To obtain an AFPK certification, the planner needs to take special courses and pass a certification exam after reviewing the 7 core areas of financial planning: insurance, retirement, investment, real estate, inheritance, tax, and business performance. A CFP certificant should have more than 3 to 5 years of working experience as an AFPK certificant, pass an educational program and certification exam, and, take an oath to observe a level of ethics complying with strict rules that ensure that the best interest of the client comes first.
CFP and AFPK certificants have the ability to give you sound and professional advice, satisfying the 4 levels of education, examination, experience, and ethics. Please consult only a true financial planner, one who is CFP- and AFPK- certified.
Choosing a Financial Planner
< previous
What is Financial Planning?
next >
Financial Planning
What is Financial Planning?
Understanding Financial Planning
Process of Financial Planning
Choosing a Financial Planner
Financial Planner and Client
What is CFP® Certification?
What is AFPK® Certification?
Search for Certificant
Report a Complaint against a Certificant
Contact us