Fees and commissions. Fees are charged as above, but the planner also may receive commissions from investment or insurance products sold as the plan is implemented. Some planners may offset all or a portion of their fees against commissions earned. No fee is charged, but the planner is compensated from products sold to the client when the plan is implemented. Planners who work for credit counseling organizations, credit unions, universities, banks or other large corporations may be paid a salary.
Some businesses also compensate employees via a combination of salary and commission.
Whatever your method of payment, however, if you are a CFP licensee, you must fully disclose your method and source of compensation to your clients prior to doing business with them. Other disclosure information mandated by the CFP Board's Code of Ethics and Professional Responsibility includes educational background, experience, material conflicts of interest and philosophy of service. The CFP Board has established a certification process that candidates must complete before being licensed to use its marks. After completing your educational work, you must pass a comprehensive examination administered by the CFP Board. The examination takes 10 hours over two days' time.