Personal Finance Retirement

Do need to be a CFP to be a retirement planner/advisor or is there a specific license for retirement advising?

Public Comments

1. There are numerous ways to be involved in the profession. You can be a registered representative (a stock broker), by working for a broker / dealer and passing the an exam such as the Series 7 exam. Many of these guys provide retirement guidance. You can be a licensed insurance agent, and help people using insurance contracts to plan for retirement. If the insurance contracts involve securities, you'll need a license as well. I'm not a huge fan of the limited scope of this job description. You can be a CFP or similar designation and help create financial plans for people for a fee. You can be a Registered Investment Advisor, and advise people on the underlying assets they will use to get to / maintain retirement. You can be any combination of the above (most of us are). Check with your state. There are strict rules about who can operate in these capacities, and harsh penalties for people operating outside of the law. Hope that helps! Ken Clark Certified Financial Planner
2. You do not need to be a CFP to give investment advice. If you charge a fee for your advice you need to be a RIA. (registered investment advisor). If you offer investment products such as mutual funds, stocks and bonds you need to be registered by the NASD and be affiliated with a NASD Broker/Dealer (National Association of Securities Dealers). To answer you question specifically, there is no special license for giving Retirement Advice. If you hold any of the above credentials you can give any kind of investment advice you like. You can advise on retirement, college saving, short term investments, speculating etc. If you are not collecting fees or commissions you don't need a license at all. Just like the folks who answer your questions on this site.
3. Richard J is correct. But, the NASD is now called the Financial Industry Regulatory Authority