NEW YORK ( MainStreet) -- Consumers in need of a little professional financial advice have more choices than they may realize. Choice, though, can be a source of confusion."There are over 2,000 financial designations," says Joel Redmond, a certified financial planner based in Syracuse, N.Y.
|There are more than 2,000 financial designations, but fortunately, only three primary financial adviser fields consumers needs to know.|
CFPs specialize in assessing whether a person can meet life goals through careful planning. They're generally sought out by consumers interested in making sure that they have enough money for retirement, are adequately insured and/or have their assets protected. "They're generalists, but with a very high level of expertise," says Toby Johnston, a CFP and a CPA with accounting firm Mohler, Nixon & Williams. He adds that those in the midst of a serious search for a financial adviser look for the CFP acronym since it's a good indicator that person is top tier. Redmond notes, though, that while financial planners do know a thing or two about investments, they're more apt to let you know whether you can afford to take risk rather than outline which specific investment risks you should take.