Wed, September 10, 2008
Fee-Only Financial Planning Nerdvana
I'm happy, but tardy, to announce that I have been accepted as a member of the National Association of Professional Financial Advisors, a.k.a. NAPFA. I put so much effort into applying that after I was admitted, I forgot to announce it.
NAPFA is the premier membership organization for fee-only planners in the US. While I was still studying the Certified Financial Planner™ curriculum, I was admitted to NAPFA as a student member, but student members aren’t allowed to call themselves members of NAPFA – you’re a member, but it’s a secret. After completing the coursework, I was allowed to apply for real membership by submitting a comprehensive financial plan for peer review. Once that was approved, my regulatory disclosure documents were reviewed by an independent third party and I signed NAPFA’s Fiduciary Oath (a commitment to working solely in the client’s interest at all times). Going forward, I’ll need to meet continuing education requirements in various subject areas. I’m considered a “provisional” member until I have a few more months of work experience, but I’m now a real member.
NAPFA membership provides me with a lot of resources for professional development, as well as access to an even wider community of fee-only planners than I already had as a member of the Garrett Planning Network. I’ve really been impressed by the organization and the level of collegiality that exists among fee-only planners, and I’m thankful to be admitted to an organization with a deep commitment to professional competency and fiduciary standards in the financial planning profession.