Certified Financial Planner (CFP)
A CFP is someone who has gone through rigorous rounds of financial planning trainings and examinations. They are well verse on topics like investment, insurance, estate planning, retirement and taxes. If you are looking for the best generalist advisor who has a sound knowledge in all aspects of finance, they are definitely your go to. In order to get certified, advisors have to be equipped with real-world experience in the financial planning industry. So you can be rest assured your adviser knows what they are talking about.
Chartered Public Accountant (CPA)
A CPA will be the ideal advisor if accounting of your own finances is the issue. Though they may not have the broader financial knowledge, they are able to help with taxes — organising of investments and saving for the future in such a way that you pay the least tax possible. These advisors are more useful for those who run a business or have inflow and outflow of cash from a wide variety of sources.
Chartered Financial Analyst (CFA)
A CFA will have the broadest knowledge about finance and investment. To be fully qualified, it takes them almost 7 years — 3 years of coursework and over 4 years of work experience. Although CFAs are experts in investing, they may not be as knowledgeable in the insurance, budgeting or estate planning sectors. Generally, CFAs are recommended to people who want a deeper understanding of possible investment opportunities.