We have a CFP who specializes in independent financial advice, and I, with my CEBS, handle the benefits end. Stiner is convinced that it's very important for a benefits specialist to know where to find the answers to financial planning questions. As the shift from defined benefit to defined contribution plans continues and becomes ever more pronounced, the need for financial planning expertise in the pension area increases dramatically, Stiner observed. As employees have more control over the allocation of their pension fund assets, they want lots of options, but they may not be sophisticated enough about investments to understand the ramifications of their choices. All of this means there is an increased need for financial expertise and financial planning education for employees.
Someone has to do it.
The employer may not be qualified. The assignment is likely to fall to the benefits specialist, preferably to a benefits specialist with financial planning expertise. CEBS graduates can use the courses to meet the educational prerequisites to sit for the CFP Certification Examination. Stiner suggests that a similar arrangement in Canada would benefit both CEBSs and CFPs. There's a definite advantage to having the CEBS designation, with the depth of knowledge the program provides.