LearnLux Member Blog

What is a financial planner?

Written by Mamie Wheaton, CFP® | Oct 1, 2021 5:00:20 PM

What does it mean to be a financial planner or a CFP®? What does “fiduciary” mean? And what you can expect on your first call with a LearnLux planner? Let’s dive right in.

 

 

Have you ever found yourself looking at your bank account or budget and wishing you could tap an expert to get some guidance on what you should do next? After all, Google can only get you so far.

At LearnLux, we understand that everyone, regardless of job title or pay grade, has financial goals they are working toward.

Whether you need help managing your cash flow, exercising stock options, or preparing for retirement, we can help!

 

Is LearnLux your typical financial planning company?

Many people think that financial planners are only useful to people who are earning a high salary or have six figures in investments. But at LearnLux, we believe that everyone can benefit from a financial plan — and a financial planner.

Our LearnLux planners give unbiased, empathetic, jargon-free guidance regardless of how much you have in the bank. 

Traditional planning firms often charge around $4,000 to set up your financial plan the first year, plus an annual retainer fee after that. In these situations, the planner is usually in the driver’s seat — developing the plan and creating reports for you to review.

Your employer offers LearnLux’s services as a benefit to you, free of charge. When you work with a LearnLux planner, they help empower you with the knowledge you need to make great financial decisions independently.

 

Planning with LearnLux gives you access to:

  • High-tech, personalized financial wellbeing tools
  • A step-by-step plan you can follow at your own pace to make progress toward your goals
  • Ongoing support from Certified Financial Planner™
    professionals 

 

What is a CFP® professional?

A Certified Financial Planner™ professional is a financial advisor who has met all requirements set by the Certified Financial Planner Board of Standards. The CFP® is one of the most rigorous certifications for financial planning knowledge out there.

 

In order to earn the right to the title, CFP® professionals must:

  1. Graduate from a four-year degree program at an accredited college
  2. Complete a CFP Board-registered program or an equivalent, which typically takes at least one year
  3. Pass the challenging, six-hour CFP® exam
  4. Work for three years as a financial professional
  5. Undergo a thorough background check to verify a history of ethical behavior
  6. Meet continuing education requirements for both ethics and financial planning topics

 

What is the fiduciary duty?

The most important thing you need to know about CFP® professionals is that they are fiduciaries. That means they will always act in your best interest, so you can trust the guidance they give you.

There are many different types of financial planners, with different certifications and ways of being compensated. For example, some financial planners earn a commission each time they sell you a particular financial product or investment.

Our CFP® professionals, however, are salaried employees of LearnLux. They don’t sell investments, manage assets, or receive referral payments as LearnLux employees. Their sole focus is guiding you in making the best financial decisions for your situation.

 

How can I work with a financial planner?

If your employer offers you a financial wellbeing benefit through LearnLux, you now have full access to trusted Certified Financial Planner™ professionals, and online tools.

Unlike with most traditional financial planners, you can schedule a meeting with a LearnLux planner any time between 7 a.m. and 10 p.m. ET on weekdays and 8 a.m. and 5 p.m. ET on Saturdays.

Head to the LearnLux digital app to book your planner call. After that, you can schedule follow-ups with your planner directly.

 

What’s will my first planner call be like?

Your first planner call is an opportunity to ask and share anything about your financial life! 

Every situation is unique, so your LearnLux planner will take the time to understand your specific needs. 

Depending on how deep you choose to go, they can answer your questions about money or create a strategic roadmap to help you reach life goals such as retirement, improved credit, or buying a home.

Following your call, your planner will send you a summary of what you discussed and recommended next steps.

 

 

If your employer offers LearnLux membership as a benefit, this gives you access to our digital tools and CFP® professionals. 

That means that the financial guidance others pay thousands for is at your fingertips — at no cost to you!

So what are you waiting for? If you’re ready to start your journey toward financial wellbeing, book a call with a LearnLux planner today.