Professional Financial Advice
When hiring a financial advisor, consider choosing a NAPFA-registered advisor. The National Association of Personal Financial Advisors (NAPFA) is a professional association of fee-only financial advisors, providing support and education for its members. NAPFA-registered financial advisors must meet specific educational standards to be eligible for membership. For instance, they must hold the CFP® designation and complete 60 hours of continuing education every two years. Members must also abide by the NAPFA code of ethics, comply with all federal and state statutes and regulations, and make required regulatory filings. In addition, members must also be fee-only financial advisors. NAPFA defines fee-only compensation as a financial advisor who is compensated solely by the client without receiving compensation that is contingent on the purchase or sale of a financial product.
NAPFA financial advisors in Minneapolis, MN will strive to offer objective, independent advice, free from the conflicts of interest that occur from the sale of commission-based products. NAPFA Registered Financial Advisors act as fiduciaries, working on behalf of the investor’s best interest, not their own interests. NAPFA financial advisors in Minneapolis, MN may not receive commissions, fees, bonuses, rebates, or any other type of compensation derived from the recommendations that are given to the client. They are also prohibited from owning or being employed by a financial industry services firm that receives these commissions or rebates.
Finding Trustworthy and Experienced Financial Advisors
NAPFA financial advisors in Minneapolis, MN live by three important values:
- To be the beacon for independent, objective financial advice.
- To be the champion of financial services delivered in the public interest.
- To be the standard-bearer for the profession of financial planning.
Investors are becoming more educated about financial advisors and understand the benefits of objective financial advice. By joining NAPFA, financial advisors can demonstrate to potential clients that they can offer the fiduciary standard of care.
