As an inheritor, you may not have complete control and freedom to determine the investment strategy for all of your money, but you do have a say in the type of advisor who manages your money and educates you on your specific financial picture – no matter what your current advisors, trustees, or executors may lead you to believe. The job of your advisors or wealth coaches should be to honor your worth and take care of your wealth. When choosing who to partner with in this endeavor, choose wisely. The Wealth Conservancy, Inc. is a fee-only financial planning, wealth-coaching, and investment management firm you can trust.
If you’ve come across this post, chances are you’re already familiar with the types of services a financial advisor provides. Just about anyone can call themselves a financial advisor (FA), but a financial advisor must earn the right to call themselves a CERTIFIED FINANCIAL PLANNER™. Read on for an overview of some of the unique designations and affiliations TWC Planners hold, and for more information on how a CFP® Professional differs from a traditional financial advisor.
CERTIFIED FINANCIAL PLANNER™: A financial advisor who has earned the CFP® mark has demonstrated expertise in financial planning, a distinguished level of professionalism, and a commitment towards continuing education. In addition to holding a bachelor’s degree, CFP® Professionals have completed rigorous coursework in the subject areas of taxes, estate planning, retirement planning, investments, and asset protection, sat for and passed a six-hour-long exam, and completed qualifying and relevant work experience. Additionally, CFP® Professionals are required to complete continuing education hours each year and are held to the highest ethical standards by serving clients as fiduciaries. Both Myra and Melissa are CFP® Professionals.
Professional Certified Coach (PCC): In the professional world, a coach is someone who helps an individual become a leader of their own life by fine-tuning natural abilities they already possess. Coaches may also help individuals and couples identify their strengths and values and align their goals to live a more fulfilling life. Just like the CFP® mark or NAPFA affiliation, PCC’s must follow a code of ethics and special standards created and set forth by the International Coaching Federation. Melissa, TWC’s lead wealth coach, is both CFP® and PCC certified. Her unique combination of coaching skills, traditional financial planning experience, and holistic training brings a refreshing perspective to the wealth coaching process, as clients feel empowered to manage their wealth wisely in a way that allows them to live in harmony with their finances and lead fulfilling personal lives.
National Association of Personal Financial Advisors (NAPFA): NAPFA is a professional association for U.S.-based, fee-only financial advisors. Myra has been a NAPFA member since 1998. Requirements for NAPFA advisors include adhering to a strict code of ethics and taking an annual fiduciary oath. NAPFA members must act as fiduciaries, meaning they cannot work for commissions or compensation based on product sales. As a result, they have fewer inherent conflicts of interest and are able to prioritize building client knowledge, confidence, and potential to the fullest extent possible. NAPFA-registered financial advisors must complete 60 hours of continuing education credits (CEs) during every two-year CE cycle. This is twice as many CEs as required by the CFP® board.