(NewsUSA) - With school back in session, now is a good time for college students to consider their potential career options.

Unfortunately, many students know little about the financial planning profession. This includes being unfamiliar with what financial planners do, the variety of career opportunities available, the skillsets that are helpful in the profession and how the career can be personally rewarding.

What Financial Planners Do

Financial planning is much more than working with spreadsheets, budgets, sales and stock tickers.

Financial planners help individuals and families make sound financial and investment decisions to achieve life goals based on their priorities and fundamental values. They can help their clients save for college, pay off debt, purchase a home, start a business, preserve family wealth and plan for retirement. Financial planners can also help businesses design and manage retirement plans and other financial welfare programs for their employees.

Most people think all financial planners are "certified," but this isn't true. Just about anyone can use the title "financial planner," but a CERTIFIED FINANCIAL PLANNER™ professional is a financial planner that has met rigorous qualifications. Most important, a CFP® professional made a commitment to CFP Board to act in the best interests of their client.

A CFP® professional establishes a one-on-one relationship with each of their clients. They also provide holistic advice to guide clients through all aspects of their finances and help them maximize their potential for meeting their financial goals.

Career Opportunity

The financial planning profession is in a period of significant growth.

For example, according to the U.S. Bureau of Labor Statistics, about 19,200 openings for personal financial advisors are projected each year throughout the next decade. Many of these openings are expected to result from the need to replace advisors who transfer to different occupations. What's more, part of this aging wave includes advisors themselves, many of whom -- about 37% -- are expected to retire over the next decade.

As for opportunity, financial advisor-related jobs are ranked fourth in "Best Business Jobs" by U.S. News and World Report. Additionally, those who obtain credentials, such as CFP® certification, will likely have the best job prospects.

Helpful Skills

To help clients reach their financial goals, financial planners need knowledge of budgeting, taxes, financial products, investments and investment markets.

They also need to possess analytical skills, as it is common for entry-level professionals to start their career supporting a financial planner. In this role they would gather and maintain client data, enter it into financial planning software, and then analyze and examine financial plans with the financial planner or the financial planning team.

As for interpersonal skills, students considering a career in financial planning should enjoy working on teams, helping and responding to people, and communicating with others. They should also enjoy listening to people's needs, asking questions and developing financial plans -- while possessing high integrity and a "coaching" mindset.

A Rewarding Career

A financial planner also enjoys the rewards that come with helping their clients bring all of the pieces of their financial lives together. For example, a career in financial planning can provide:

• Personal fulfillment of helping others. Financial planners help others enjoy secure and productive lives by guiding them through key financial decisions.
• Mental stimulation. A good financial planner knows more than just money, they understand the psychology of their clients and enjoy helping people achieve sound financial goals.
• Work-life balance. Financial planners have the freedom and flexibility to balance their personal and professional lives. The variety of career options enables them to build the work-life balance they want.
• Flexibility. Financial planning careers take many paths, from working at firms of all sizes to striking out on your own.

Students considering a career in financial planning should check to see if their college or university has a CFP Board Registered Program and read stories from CFP® professionals about their careers in financial planning and why they love what they do.

(NewsUSA) -The internet and the evolution of social media platforms makes it easy to find information -- and misinformation -- on almost any topic, including financial planning.

Approximately 3.6 billion people worldwide access a growing array of social media such as Facebook, Instagram, Twitter and TikTok.

Although social media platforms can be sources of legitimate and useful financial tips and advice, they are also home to fake news and influencers of dubious credibility who offer financial advice based on nothing but their own point of view in order to gain followers.

"People often accept information from social media influencers and assume it to be true without looking into their professional background and verifying their credibility," according to CERTIFIED FINANCIAL PLANNER™ professionals Shannah Compton Game, CFP® and Akeiva Ellis, CFP®.

They recommend asking yourself these questions when considering advice from social media experts:

• Is their professional experience directly related to finance?
• Do they have education or certification in personal finance?
• If they themselves have no financial background, are they partnering with legitimate financial experts?

Unfortunately, many of the viral influencers on social media who share financial information have not undergone any sort of formal financial training. So you should be aware of other red flags from their advice, including:

Touting their solution as the only solution. There is often no one "right" answer to every financial decision, so be alert if the influencer provides only one solution without considering alternatives.

Looking at the small picture. Much of social media content is brief, aimed at short-attention spans. Influencers may not take the time to explain the context behind a tip or recommendation and how it might affect your larger financial planning goals.

Seeking likes and shares. Just because someone has a large following on social media doesn't mean they are experts. Many popular social media "gurus" are working with advertisers to create content that may not be relevant, accurate, or helpful.

Just as you should be wary of medical advice from someone who is not a doctor, be wary of financial advice from someone without expertise in financial planning. Working with a CFP® professional ensures that you are getting the accurate and up-to-date information you need to plan for your financial well-being at any stage of life. Also, a CFP® professional is trained to offer advice tailored to your unique financial needs and goals.

Be discerning when you see financial advice on social media and use it as a starting point for discussions with a financial advisor to make the right decisions for your financial future. Find your CFP® professional today using the "Find a CFP® professional" tool at LetsMakeAPlan.org.

(NewsUSA) -Whether you are just starting out with your first job and apartment, or entering the later stages of your working life, there is no wrong time to plan for retirement.

For Millennials and Generation Z, saving may seem less important, but don't discount its importance.

"Even though retirement is decades away, acting now can lead to better financial security throughout your entire life," says Mark Wernig, CFP®, Lead Advisor and Principal at Dowling & Yahnke Wealth Advisors.

For those who are younger, take some smart steps now, and you can reap the benefits whenever you retire. The following tips can help you to save for the future:

- Make saving automatic. Young adults should invest in a 401(k) plan with their employers, with an automatic contribution. This makes saving easy, you don't have to think about it, and you will reap the rewards later.

- Put money back. Many adults deal with debt from student loans, car loans and mortgages. Set financial goals and know the interest rates on your loans, so you can make a budget and try to pay them off as soon as possible.

If you are a Baby Boomer farther along in your career and retirement is fast approaching, don't despair. It's never too late to maximize your savings with these smart strategies:

- Play catch-up. The "catch up" provision for individuals ages 50 years and older lets you add extra money to many corporate retirement plans, such as 401(k)s, traditional Individual Retirement Accounts (IRAs) and Roth IRAs.

"Workers age 50 and older can make an extra $1,000 catch-up contribution to an IRA in 2021, for a maximum possible IRA contribution of $7,000 in 2021," says Spencer Betts, CFP®, Chief Compliance Officer and financial consultant at Bickling Financial Services.

- Postpone Social Security. Age matters. The full retirement age for Social Security is 67 for anyone born after 1960. For every year you delay taking your Social Security (age 68 to 70), you increase your benefit by 8%.

- Revisit your health care plan. Health expenses are one of the top sources of spending in retirement. Make sure your health insurance plan meets your needs and do some research to switch plans if necessary. In addition, be aware of health care savings accounts (HSAs), which are pre-tax savings accounts that allow tax-free withdrawals for health expenses. HSAs also have a catch-up option for those over the age of 55.

Regardless of your age, a CERTIFIED FINANCIAL PLANNERTM professional can provide guidance and advice as you consider these points in retirement planning:

• What do you want?
• When do you want it?
• How much will it cost?

Visit LetsMakeAPlan.org for more advice on smart money management, and tips on building wealth for retirement during every stage of life.

(NewsUSA) -Many of today's students are tuning in to the possibilities of a career in financial planning.

According to the Bureau of Labor Statistics, the demand for personal financial advisors is expected to grow at a rate of 4% through 2029, in part because of the increasing numbers of baby boomers who are retiring and are more likely to seek planning advice from personal financial advisors. Additionally, the replacement of traditional pension plans with individual retirement accounts is expected to continue, meaning individuals must save and invest for their own retirement, further increasing the demand for personal financial advisors.

A CERTIFIED FINANCIAL PLANNER™ professional works one-on-one with their clients to develop strategies for meeting both short-term and long-term financial goals. These goals might include paying off student debt, saving for a house or planning for an adventure-filled retirement. This level of personal financial planning service is in high demand. So that is why, according to the April 2020 Pulse Survey: The Impact of Covid-19 On CFP® Professionals and Their Clients, 78% of CFP® professionals surveyed reported an increase in client inquiries during the beginning of the pandemic.

CFP® professionals find not only job security, but also personal satisfaction in their chosen profession. For example, a 2019 CFP Board study conducted by Fondulas Research found that 93% of CFP® professionals reported they were satisfied with financial planning as a career choice and 92% were satisfied with their decision to pursue CFP® certification.

"Being a financial planner allows you to build the work-life balance that you want," says Dorsainvil, CFP®. For example, the CFP Board Center for Financial Planning's Career Paths Guide lists work-life balance as one of the top five attributes that makes financial planning an attractive career.

Dorsainvil decided to combine her CFP® certification skills with the virtual platforms of today's professional world. She is the Co-Founder and Co-CEO of 2050 Wealth Partners, which focuses on empowering entrepreneurs and first-generation wealth builders to own their money story and pursue their biggest dreams. "I decided to become a CFP® professional because I liked putting my clients' interests first and helping them make smart decisions as they pursue their financial goals," she adds.

Benefits of a career in financial planning include:

• Helping people. CFP® professionals commit to a Code of Ethics and Standards of Conduct that gives their clients the highest level of confidence. Competent and ethical CFP® professionals can make a difference in people's lives by providing honest and effective guidance and strategies to help them achieve their financial goals at key moments in their lives.
• Setting your own schedule. CERTIFIED FINANCIAL PLANNER™ professionals have many career options, so you can find the flexibility that suits your lifestyle. Some financial advisors work for banks or credit unions, others work for independent firms, and some work as solo consultants.
• Staying in Demand. Earning the CFP® certification is a solid investment in your future, as it is trusted and sought after by firms and clients alike. . The Bureau of Labor Statistics estimates roughly 11,600 job openings for personal financial advisors in this decade, with the number of openings only increasing as older financial planners retire.

More information about financial planning as a career choice can be found at CFP.net.

(NewsUSA) They may be one of the best-kept secrets out there. In fact, even as college costs keep rising as surely as we're all getting kind of sick of Zoom meetings, a new Morning Consult survey done with financial firm Edward Jones found that only 36 percent of adults even knew what a 529 Education Savings Plan is - and even less (21 percent) knew it can be used to fund more than just higher education.

Time to let the proverbial cat out of the bag.

1.They're a tax-advantaged way to help save and potentially grow your money.

You know how when you file your taxes and you have to report the interest you received on your regular personal savings accounts? Well, with these state-sponsored 529 plans, your account earnings aren't subject to any federal income taxes - that's right, nada - or even, in many cases, state income taxes so long as the money is used for qualified education expenses.

"They're an attractive and practical way to save for education," said Steve Rueschhoff, a principal at Edward Jones. "But only 20 percent of parents surveyed reported that they were using, or planning to use, them for their own or their children's education - even as a complement to other strategies like personal savings accounts, scholarships and financial aid."

And history tells us you'll need all the help you can get. The average annual cost of attending a private four-year college, which now stands at $37,650 including fees, rose 17 percent from 2012 to 2021, according to the College Board. Which helps explain why the Federal Reserve estimates total student debt ballooned 70 percent over that same period to $1.7 billion.

Ouch.

2.Tuition and expenses at colleges and universities aren't all they cover.

Did the way some schools responded to the coronavirus pandemic make you start to think about alternative education settings for your young child? The plans also allow for up to $10,000 per year, per beneficiary, to be applied towards K-12 tuition.

Plus, per the Setting Every Community Up for Retirement (SECURE) Act, signed into law in late December 2019, the definition of "qualified higher education expenses" was expanded to include student loan repayments and certain apprenticeship costs.

3.Some reasons survey respondents gave for not using a 529 plan just don't match the facts.

Ten percent of parents with kids under 13 thought they'd be penalized on unused funds if their kid wound up not going to college. (Only if the money is used for non-qualified education expenses; however, as the account owner, you have the flexibility to name a qualified family member - or even yourself - as the beneficiary without triggering income taxes and a 10 percent penalty on the earnings.)

And 7 percent of parents with kids under 13 thought they'd somehow lose all they'd saved if their child qualified for a full-ride scholarship. (Absolutely false, and the penalty is waived in that case.)

4.Maybe it was the coronavirus, but more people now think they're not saving enough.

Every state's 529 plan allows for maximum contributions of at least $235,000 per beneficiary, but it's more than double that in places like California and New York. (Your accountant can discuss the tax implications with you.) Whether they knew that or not, 45 percent of those surveyed felt they weren't socking enough cash away to reach their own goal. That's up 5 percent from the 40 percent who said the same in July 2020.

Not sure how much you'll need for college? Edward Jones has a free online tool to help you figure it out. And if you're like 24 percent of those who thought they'd benefit from professional advice because they were worried they weren't saving enough, the firm's local financial advisors have the perspective, experience and empathy to guide you through it all.

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States don't guarantee against investment losses. The investments within education savings plans are subject to market risk and fluctuation, and investors may lose money. Details about investment options, share classes, fees, expenses, risks and other important information can be found in each plan's program description of offering statement. Read it carefully before investing

(NewsUSA) - Female financial planners, (specifically, CFP® professionals) are in need, and provide a pivotal role to wealth management firms in serving diverse client bases and delivering holistic financial planning services to clients.

Those are the two main findings from an independent study from Aite Group, titled "Building a Diverse Practice: The Value of CFP® Certification to Female Advisors."

In an industry that is majority male (80%), wealth management firms should take note of the unique value that female financial planners offer to clients, when making client-facing hiring decisions.

Meanwhile, women who are exploring a possible career in financial planning, or who already work in the profession but have not yet earned their certification, should consider how CFP® certification can help unlock professional growth and fulfillment.

Holistic Financial Planning

Research has found that female financial planners offer a distinctively valuable approach to clients' financial planning process. According to the survey, female CFP® professionals:

• Provide comprehensive, formal and written financial plans to more of their clients compared to male CFP® professionals and other female financial advisors.
• Feel they've built client trust (74%) vs. just 53% of their male counterparts.
• Are more likely to provide retirement planning, estate planning, and tax and budgeting advice to their clients.

"Women are natural nurturers and working on someone's financial plan can help people with some of the most important and vulnerable parts of their life, which makes that strength in women so key," says Erin Voisin, CFP®, the managing director for wealth management services at EP Wealth Advisors in California. "We need more women in this profession to help put together those comprehensive plans to equip more people with financial security and encourage a more financially literate society."

More Female Financial Planners = Better for Business

A focus on holistic financial planning does not detract from female CFP® professionals' responsibilities to their firms. According to Aite Group, female CFP® professionals are as likely as male CFP® professionals to derive a majority of their practice revenue from assets under management and financial planning service fees.

Leaders in the financial planning profession say these unique strengths and distinctive characteristics underscore the need and opportunity for firms to bolster their client services by recruiting more female advisors.

"We already knew that there has been a business case to have more women in the financial services industry, and now we know that having female CFP® professionals adds even more value to their firm and the clients they serve," says Angela Ribuffo, CFP®, president of Raion Financial Strategies LLC in Alaska. "Female financial planners are invested in holistic planning, and to effectively achieve this, they excel in building strong relationships with their clients."

Initiatives To Get Behind

The CFP Board Center for Financial Planning is one organization seeking to foster greater diversity within the financial planning profession, including by growing the number of female CFP® professionals.

"We are seeing an increasing trend that prospective clients --both men and women -- specifically request to work with a female advisor. The work the Center for Financial Planning is doing to promote and cultivate diversity within the profession is imperative to serving a broader array of clients that so deeply need holistic financial planning," says Sabrina Lowell, CFP®, Advisor and Managing Partner at Private Ocean in San Francisco.

The Center's Women's Initiative (WIN) -- which is guided by the WIN Council on which Voisin, Ribuffo and Lowell sit -- is specifically focused on addressing the issue of women's under-representation in the financial planner workforce. WIN programs strive to attract more women into the profession and make the profession itself more attractive to women.

For more information about the Center for Financial Planning and its diversity-focused programs, such as the 2021 Virtual Diversity Summit and Career Fair, visit cfp.net/the-center-for-financial-planning.

(NewsUSA)

(NewsUSA)

This past year, back-to-back hurricanes in Central America, the COVID-19 pandemic, and ongoing conflicts in Syria, Yemen, and Ethiopia have increased the need for international aid as well as people's desire to help. Although many people want to support global disaster relief efforts, most people don't know the most effective way to contribute, according to the U.S. Agency for International Development's Center for International Disaster Information (CIDI). 

When it comes to supporting international disaster relief efforts, monetary donations are the best way to help. Every disaster response is unique and cash contributions are fast and flexible, allowing relief organizations to purchase exactly what is needed, when it's needed and support local economies. Donating material goods such as food, water, and clothing, incurs additional costs, including transportation and storage, and may be culturally inappropriate or otherwise hinder relief efforts.

To promote the message that cash is best, USAID sponsors an annual Public Service Announcements for International Disasters contest (PSAid) for college students, recruiting them to create PSAs in three formats: print, video, or digital. The contest entries this year included nearly 90 submissions from 11 universities. All 2021 winners hail from Arizona State University, making this the first clean sweep in the PSAid contest's 15 year history. Entries were judged by a panel of five experts from the humanitarian and communications fields.

Additionally, three entries were selected as the winners of the People's Choice competition, an opportunity for the general public to vote on their favorite contest entry in each category on the PSAid website.

"I learned that donating physical items to overseas disasters often does more harm than good," says Molly Gaffey, People's Choice winner in the video category and University of Michigan student. "Although these items are provided in good intention, they come with barriers that can be avoided with monetary donations."

Some winning PSAs will be featured in prominent magazines or aired during popular television programs, and will be also used in CIDI's 'Cash is Best' education efforts.

Some common myths about donating cash to help international disasters include:

MYTH: I cannot donate enough money to make a difference.

FACT: Even a small donation can help international disaster victims. In Haiti, $5 will buy a life-saving course of antibiotics. In Zimbabwe, a $10 donation can provide regular healthcare to 90 people for a year. In Java, $50 provides a one-month food supply to volunteers rebuilding homes for earthquake victims. (Source: www.globalgiving.org).

MYTH: If I donate cash, most of it will go to administrative costs and not directly to help the victims.

FACT: There are numerous reputable international disaster response agencies which dedicate monetary contributions directly to relief programs in the field. It is important that contributors feel comfortable with their charity of choice and research their methods as appropriate. Cash donations have far greater impact than donated goods.

Visit PSAid.org for more information and to view the winning PSA entries.

(NewsUSA)

(NewsUSA) - Financial planning can be complex, so when you seek guidance in planning your financial future, it's essential to work with someone you can trust.

A CERTIFIED FINANCIAL PLANNER™ professional makes a commitment to CFP Board to act as a fiduciary, which means acting in their clients' best interests at all times when providing financial advice. You should want a financial adviser who makes this commitment directly to you. Therefore, whomever you choose as your financial professional, including a CFP® professional, you should consider getting a written engagement that requires them to have a fiduciary obligation to you.

Professional standards are important to protect consumers. CFP Board's Code and Standards sets forth the commitment that all CFP® professionals make to CFP Board. This includes duties to maintain the confidentiality and protect the privacy of client information.

In addition, CFP® professionals commit to CFP Board to disclose any conflicts of interest that might affect the professional relationship and compromise the CFP® professional's ability to act in their clients' best interests.

Approximately one year ago, CFP Board updated its Code and Standards to mandate that all CFP® professionals commit to CFP Board to act as fiduciaries for their clients when providing financial advice.

"Simply put, someone acting as a fiduciary should deliver financial advice that is clear, specific, objective and thorough," says Dan Candura, a CFP Board Emeritus® member and Founder of Candura Group, LLC.

Professionals who follow CFP Board's Code and Standards commit to fulfilling three key duties as part of their fiduciary duty:

- Duty of Loyalty. This means putting their clients' interests first.

"Your interests should be placed above the interest of the CFP® professional and the CFP® professional's firm," according to CFP Board's website.

- Duty of Care. This means being careful, acting with prudence and diligence in making recommendations to clients.

For example, if you receive a sudden windfall of money that you want to delay investing, a CFP® professional who abides by a commitment to CFP Board will review the reasonable options and consider factors such as risks and interest rates in making the best recommendation.

- Duty to Follow Client Instructions. This means complying with all objectives, policies, restrictions, and other terms on which you have agreed, and "all reasonable and lawful directions of you, the client," according to CFP Board.

"Meeting these three duties enables CFP® professionals to honor their commitment to CFP Board to act as a fiduciary, in the client's best interest. Certainly, that is what every client deserves," Candura says.

To learn more about how CFP Board's Code and Standards for CFP® professionals help protect consumers, visit LetsMakeAPlan.org.