When choosing a qualified finanical advisor for your family I advise you find a finanical advisor that has their CFP® (Certified Financial PlannerTM) designation. In order to use this designation, professionals must meet the CFP® Board's education and experience requirements, and agree to their code of ethics.
You can learn more about the CFP® designation from the CFP® Board of Standards.
The other designation that I admire and respect is the PFS designation which is a finanical advisor designation that Certified Public Accountants(CPA) may achieve. If you are not a CPA you may not acquire the PFS designation.
If you are hiring an investment advisor, look for someone who has their CFA®(Chartered Financial AnalystTM) designation. This designation means they had to study for several years and demonstrate in-depth knowledge of the securities industry by passing three different exam levels.
There are many, many other designations that a financial advisor may acquire; unfortunately, in my opinion many of them do not require rigorous standards and are just designed to help someone add letters behind their name. You can learn more about other designations by going to Understanding Financial Designations, a site sponsored by one of the financial services regulatory agencies.
In addition, always check your advisor’s credentials and complaint record before you hire them.
