Domains
The CFMP advisory board has determined that a competent bank marketing professional's expertise includes the following domains:
- Data, Research, and Measurement
- Strategy
- Revenue Generation
- Communication and Brand
- Risk Management
Please review the CFMP Examination Outline and Informational Webinar for additional details.
Study Resources
While ABA recommends these resources as appropriate examination preparation, ABA does not guarantee that you will pass the exam by studying these materials alone. The CFMP exam assesses not only your knowledge of the Topics on the exam outline, but also your application of that knowledge. You should refer frequently to the CFMP Examination Outline when preparing for the exam.
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Certificate
Foundational Certificate in Bank Marketing
Signifies knowledge of marketing’s role in a financial institution and within the banking industry as a whole. This is achieved through learning to develop comprehensive strategic marketing plans, leveraging social media for bank branding and more.
School
Bank Marketing School
Designed to help students think more strategically in their marketing endeavors, and better align their campaigns with corporate goals. School alumni will become invaluable leaders in their banks.
Exam Prep
CFMP exam Online Prep
An interactive, user-friendly online course that allows students to study at their own pace, with access to resources and practice tests modeled after an real exam.
Exam Application
Exam Application
When you're ready to apply, double check the eligibility requirements, select your exam date, and submit your application.
Conference
ABA Bank Marketing Conference
Everything you need to fine-tune your marketing and leadership skills – powerful content, smart strategies, expert guidance and more – all while earning valuable CFMP CE credits.
Why Earn Your CFMP?
Hear from John Oxford about the benefits of earning the CFMP designation.
View VideoExam Format, Scoring and Reporting
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- Official score reports delivered via email within 6 weeks after the close of the exam window
- For full details, read the Certification exam FAQs
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Almost seven in ten of the 2,926 candidates who took the CFP Certification exam in July passed.
The CFP Board stats show that the 67% pass rate was the highest since July 2015 (70%), although the exam blueprint has been updated twice since, in March 2016 and March 2022.
Ten states accounted for more than half (1,562) of those taking the exam last month – California, Texas, Pennsylvania, Florida, Illinois, New York, North Carolina, Colorado, Ohio and Massachusetts – although the individual states’ pass rates is not reported.
Asked after the exam why they wanted to gain CFP Certification, 41% said to demonstrate experience on the job (41%), and 25% said to distinguish themselves as a fiduciary.
Firms showed strong support for their candidates with 77% of exam takers saying they had received some financial support from their employer during the examination process.
“As CFP Board continues to foster growth in the financial planning profession, we are committed to providing access to the tools CFP® certification candidates need to prepare for the exam,” said CFP Board CEO Kevin R. Keller, CAE. “Congratulations to candidates from across the country for passing this rigorous exam.”
Prepping for the exam
Exam takers from last month’s round were asked how they prepared for the examination.
The top answers included:
- CFP Board Practice exam 1
- the exam Candidate Handbook
- the Candidate Preparation Toolkit.
Other resources used included CFP Board supplementary resources and guidance documents, the CFP Board Candidate Forum and webinars.
What Is a Certified Financial Planner (CFP)?
Certified Financial Planner (CFP) is a formal recognition of expertise in the areas of financial planning, taxes, insurance, estate planning, and retirement saving.
Owned and awarded by the Certified Financial Planner Board of Standards, Inc., the designation is awarded to individuals who successfully complete the CFP Board's initial exams, then continue ongoing annual education programs to sustain their skills and certification.
Key Takeaways
- A certified financial planner (CFP) has received a formal designation from the Certified Financial Planner Board of Standards, Inc.
- CFPs help individuals in a variety of areas in managing their finances, such as retirement, investing, education, insurance, and taxes.
- Becoming a CFP is a difficult and stringent process. It requires years of experience, successful completion of standardized exams, a demonstration of ethics, and a formal education.
- The most important aspect quality of a CFP is that they have a fiduciary duty, meaning they must make decisions with their client's best interests in mind.
Understanding a Certified Financial Planner (CFP)
CFPs are there to help individuals manage their finances. This can include a variety of needs, such as investment planning, retirement planning, insurance, and education planning. The most important aspect of a CFP is to be a fiduciary of your assets, meaning that they will make decisions with your best interests in mind.
CFPs are all-encompassing, particularly when compared to investment advisors. CFPs will usually start the process by evaluating your current finances, including any cash, assets, investments, or properties, to come up with an estimate of your income and net worth. They also take a look at your liabilities, such as mortgages and student debt.
From this point on they work with you to come up with an individualized financial plan. For example, say you are nearing retirement, the CFP will create a financial plan that can see you through your retirement years. Or perhaps you have a child that will be starting college. The CFP can help create a financial plan to manage that cost.
A CFP is a financial adviser who has earned a certification that indicates in-depth knowledge of financial planning. The requirements to become a CFP are some of the most difficult and stringent in the financial industry.
CFP and Fiduciary Duty
All CFPs are held to the standard of fiduciary duty. That means they must always put your interests as a client ahead of their own. For example, if they would more money selling one product over another, but the product that made them less money was better for you, that is the product they must recommend.
A CFP's fiduciary duty is clearly laid out by the CFP Board and states "At all times when providing financial advice to a client, a CFP professional must act as a fiduciary, and therefore, act in the best interest of the client."
The board goes on to state that three duties must be met by an adviser with a fiduciary duty. These are (1) duty of loyalty, (2) duty of care, and (3) duty to follow client instructions.
How to Become a Certified Financial Planner (CFP)
Earning the CFP designation involves meeting requirements in four areas: formal education, performance on the CFP exam, relevant work experience, and demonstrated professional ethics.
The education requirements comprise two major components. The candidate must hold a bachelor's or higher degree from an accredited university or college. Second, the candidate must complete a list of specific courses in financial planning, as specified by the CFP Board.
Much of this second requirement is typically waived if the candidate holds certain accepted financial designations, such as a chartered financial analyst (CFA) or certified public accountant (CPA) designation, or has a higher degree in business, such as a master of business administration (MBA).
As for professional experience, candidates must prove they have at least three years (or 6,000 hours) of full-time professional experience in the industry, or two years (4,000 hours) in an apprenticeship role.
Lastly, candidates and CFP holders must adhere to the CFP Board's standards of professional conduct. They must also regularly disclose information about any involvement in criminal activity, inquiries by government agencies, bankruptcies, customer complaints, or terminations by employers. The CFP Board conducts an extensive background check on all candidates before granting the certification.
Even successful completion of the above steps doesn't guarantee receipt of the CFP designation. The CFP Board has final discretion on whether to award the designation to an individual.
The Certified Financial Planner (CFP) Exam
The CFP exam includes 170 multiple-choice on more than 100 Topics related to financial planning. The scope includes professional conduct and regulations, financial planning principles, education planning, risk management, insurance, investments, tax planning, retirement planning, and estate planning.
The various Topic areas are weighted, and the most recent weighting is available on the CFP Board website. Further questions test the candidate's expertise in establishing client-planner relationships and gathering relevant information, and their ability to analyze, develop, communicate, implement, and monitor the recommendations they make to their clients.
Here's some additional information on the administration, costs, and scoring of the CFP exam:
- Timing: Candidates sit for two three-hour sessions on a single day; a 40-minute break period separates the sessions. Exams are typically offered in three eight-day windows: March, July, and November.
- Cost: $925 for an exam administered at a U.S. test site, with a discount for early applications and a surcharge for late ones.
- Passing Score: This is criterion-referenced, which means performance is measured according to a set level of required competency, rather than against the scores of other individuals who have written the same exam. This prevents any advantages or disadvantages that can occur when past exams were of lower or higher difficulty.
- Retaking the test: If you fail, you may retake the test up to four additional times.
CFP vs. CFA
Though a certified financial planner (CPA) and a chartered financial analyst (CFA) may sound similar, they are different certifications with different job functions and clients. A CFP works with individuals, often retail clients, helping them achieve their financial goals. This includes help in investing and retirement planning.
A CFA works with corporations performing investment analysis. CFAs focus on financial reporting, analysis, and portfolio management. They can trade financial products, such as derivatives, and help in mergers and acquisitions. CFA's usually work for investment banks and hedge funds.
Frequently Asked Questions
When Do You Need a CFP?
If you are just looking to invest money in stocks and bonds, a CFP probably isn't needed.
If you are looking to manage your finances, investment choices, estate planning, and retirement planning, a CFP can help you with all of those needs.
A CFP is a step above a non-designated financial advisor and has demonstrated expertise in financial planning.
How Much Does a CFP Cost?
How much a CFP costs will depend on your specific needs.
On average, a CFP charges between $1,800 and $2,500 for preparing a full financial plan. You also should expect $4,000 for a flat-fee retainer or $250 per hour for hourly services.
Is CFP the Same as CFA?
No, CFP and CFA are not the same.
A CFP is a certified financial planner who provides financial planning advice to individuals. This includes help with investing, retirement planning, estate planning, and tax law.
A CFA is a chartered financial analyst who may work for an investment bank or hedge fund and performs financial analysis, modeling, trading, and portfolio management services.
Is CFP Equivalent to MBA?
No, a CFP is not equivalent to an MBA.
A certified financial planner (CFP) is qualified to advise individuals on financial planning.
The holder of a master of business degree has studied the way businesses operate.
The career paths differ. A CFP works in financial consulting or wealth management. An MBA may be a business manager, portfolio manager, financial analyst, financial strategist, or even an entrepreneur.
Is the CFP exam Hard?
The CFP exam requires a lot of preparation and covers a wide range of Topics in depth. The best way to ensure you pass the CFP exam is by preparing for it well in advance and sticking to a study schedule.
The Bottom Line
Becoming a CFP takes education and experience, as well as a strong grasp of financial ethics. The test to gain this distinction is comprised of 170 questions and is split into two three-hour sessions.
Even if candidates pass the test and meet all the requirements, the CFP Board still has the final say about whether to award this distinction. Given the stringent requirements, CFPs can be assumed to have an in-depth understanding of financial planning.
Project management is one of the fastest-growing professions, with an estimated 25 million jobs expected to be created around the world by 2030. To fill these roles, businesses across industries are seeking new project managers with the qualifications and expertise necessary to make a positive impact in their organizations.
The Certified Associate in Project Management (CAPM)® and Project Management Professional (PMP)® are both specialized credentials offered through the Project Management Institute (PMI)® that Boost credibility and offer professionals opportunities to increase their skills, lead larger projects and advance their careers.
In order to choose the certification that best aligns with your intended career goals, it is critical to understand the differences between CAPM and PMP certification. These differences include prerequisites, cost, level of difficulty and industry-wide perception of the credentials.
Because those planning to earn CAPM certification are not required to have project management experience or a four-year degree, the CAPM is ideal for recent community college graduates or current undergraduates who want to bolster their resume with a credential that demonstrates a commitment to a career in project management.
While the CAPM is ideal for people beginning their careers, there are some additional prerequisites, including that candidates must complete 23 contact hours before taking the exam. Contact hours are hours spent in project management education or training. These hours can be completed on site or online, enabling candidates to fulfill this requirement without putting their professional, educational or personal obligations on hold. Some universities may also offer project management education at this level as a part of a degree program.
OR
- A four-year degree
- 36 months of leading and directing projects within the past eight years
- 35 hours of project management education/training or CAPM certification
- While the PMP certification does not require a bachelor’s degree, job candidates who hold a four-year degree have a significant advantage. PMP candidates with a secondary degree must have 60 months of experience in leading and directing projects to qualify, while those with a four-year degree are only required to have 36 months of experience.
- In addition, the PMP certification requires 35 hours of project management education, compared to the CAPM’s 23-hour minimum requirement. Purdue’s flexible online Project Management Essentials course fulfills the hourly requirement of both certifications.
CAPM vs. PMP Certification exam Cost
Professionals who pursue project management certification are making a valuable, long-term investment in their careers. Part of that investment does include exam fees.
The PMI requires a fee for both exams, with the cost of the CAPM exam at $225 for PMI members and $300 for non-members. The cost of the PMP exam is $405 for PMI members and $575 for non-members. See the table below for a quick comparison.
| PMI members | Non-members | |
|---|---|---|
| CAPM exam cost | $225 | $300 |
| PMP exam cost | $405 | $575 |
A one-year membership to the PMI is $139 and comes with many tools and templates for your professional use, including a downloadable copy of the Project Management Body of Knowledge (PMBOK® Guide).
Many companies offer professional development benefits that may cover employee education and professional credentialing costs. According to a 2022 survey by the Society for Human Resources, 78% of employers cover opportunities for professional skill development.
How Difficult Are the CAPM and PMP Certification Exams?
Because the CAPM is geared toward entry-level project managers or those who are considering a project management career, the CAPM exam is widely considered to be less rigorous than the PMP exam.
The CAPM exam questions are derived from the PMBOK® Guide, PMI’s global standards for project management, as well as other sources, which are listed (with the relevant chapters) in the CAPM exam reference list.
The PMP certification exam, on the other hand, is appropriate for individuals of varying experience levels — from those early in their career to established professionals with more significant project management experience — and is therefore more challenging to achieve.
Like the CAPM, the PMP exam also covers the PMBOK® Guide, but it also includes questions designed to test whether the candidate knows how to handle real-world project management scenarios.
To pass the PMP Exam, PMI not only recommends studying the PMBOK® Guide, the PMP Examination Content Outline and the PMP handbook, but also enrolling in a formal course of study offered by a PMI Authorized Training Partner (ATP), such as Purdue University.
CAPM exam Details
The CAPM exam consists of 150 questions that call for multiple-choice, hot spot and drag-and-drop responses, in addition to animations and comic strips. The exam questions cover four domains to integrate different project delivery approaches, with a specific proportion of questions in each.
| CAPM Domain | Proportion of exam Questions |
|---|---|
| Project Management Fundamentals and Core Concepts | 36% |
| Predictive, Plan-Based Methodologies | 17% |
| Agile Frameworks/Methodologies | 20% |
| Business Analysis Frameworks | 27% |
Candidates have three hours to complete the test, with a 10-minute break in the middle.
PMP exam Details
The PMP exam consists of 180 questions that fall under three domains in predetermined proportions. About half of the questions represent predictive project management approaches, while the other half represent agile or hybrid approaches. Questions regarding these different approaches are spread throughout the domains.
| PMP Domain | Proportion of exam Questions |
|---|---|
| People: includes managing conflict; building and leading a team; supporting team members and stakeholders; and collaboration | 42% |
| Process: includes communication, risk management, scope and schedule planning/management and project methodology selection | 50% |
| Business Environment: includes managing project compliance, assessing project value and integrating organizational change | 8% |
Candidates have 230 minutes to complete the exam, with two 10-minute breaks.
CAPM vs. PMP Certification: Industry-Wide Benefits
Considering that the CAPM certification is more affordable and requires less experience than PMP certification, project managers may ask themselves, “Why would I pursue PMP certification?” The answer is simple: The PMP is the most significant, industry-recognized certification for project managers worldwide.
PMPs work in a wide range of industries in almost every country. Many employers require PMP certification when hiring project managers because PMPs have demonstrated the knowledge and skills necessary to lead complex projects and direct project teams.
PMPs bring value to their organizations while advancing their own careers. Project managers with a PMP certification earn a 22% higher median salary than those without a PMP certification, according to PMI’s Earning Power Salary Survey.
While CAPM certification isn’t as widely recognized as PMP certification, it demonstrates knowledge of PMI’s project management framework and project management processes, which can certainly benefit candidates when applying for jobs. In addition, CAPM-certified employees have a working knowledge of the PMBOK® Guide, which can serve as an excellent first step to eventually pursue PMP certification.
Frequently Asked Questions
Is it possible to convert a CAPM to a PMP?
Converting to PMP certification is not an option. However, CAPM certification meets the PMP exam requirement for 35 hours of project management education/training, so you can achieve PMP certification faster.
How much experience do you need for CAPM certification?
CAPM certification does not require any professional experience, making it an attractive credential for recent graduates as well as anyone seeking to begin a career in project management. However, it does require a minimum of 23 contact hours of project management education.
How much experience do you need for PMP certification?
The experience needed to qualify for the PMP exam and go on to earn PMP certification is based on previous education:
- Professionals with a four-year degree must have a minimum of three years (36 months) of non-overlapping project management experience, during which at least 4,500 hours were spent leading and directing project tasks and activities.
- Professionals without a four-year degree must have a minimum of five years (60 months) of non-overlapping project management experience, during which at least 7,500 hours were spent leading and directing project tasks and activities.
The experience requirements must have been accumulated within the past eight years.
Do I have to be a PMI member to earn CAPM certification?
PMI membership is not required to take the CAPM exam or earn certification, but members do receive a discount on the exam fee ($60 for PMI members, down from $150 for non-members), as well as other benefits.
Do I have to be a PMI member to earn PMP certification?
No, it is not necessary to become a PMI member to earn PMP certification, though members do have a reduced exam fee ($60 for PMI members, down from $150 for non-members) among other benefits.
How long does it take to process the CAPM application? How long does it take to process the PMP application?
According to the PMI, applications take about five to ten days to process.
Do I need to renew my CAPM certification or my PMP certification?
Yes, both the CAPM certification and the PMP certification require a renewal every three years.
- Professionals with CAPM certification need to pay a renewal fee ($60 for PMI members, $150 for non-members) plus earn 15 professional development units (PDUs) over the three-year cycle in order to maintain their status. These PDUs are broken down into nine PMI Talent Triangle PDUs and six Giving Back PDUs.
- Those who have a PMP certification will need to pay a renewal fee ($60 for PMI members, $150 for non-members) plus earn 60 PDUs over the three-year cycle to maintain their status. PMP professionals have some choice in how they distribute their required PDUs; visit the PMI’s requirements page for more information.
Purdue University’s Online Project Management Courses
Professionals who participate in Purdue University’s online project management courses can gain a wealth of field knowledge, solid foundational skills, and exceedingly effective preparation for the PMP exam in order to obtain a project management certificate. Course materials and activities align closely with A Guide to the Project Management Body of Knowledge (PMBOK® Guide) to help learners retain project management knowledge and apply it to their current projects.
Project Management Essentials
This 100% online, instructor-led course runs for eight weeks and allows working professionals to gain familiarity with basic project management concepts and terms.
Participants are empowered to begin effectively applying their newly acquired knowledge and skills to current projects and earn project management hours that can help qualify them to take the PMP exam.
Experienced PME instructors engage participants in a range of learning activities, including directed study of the PMBOK® Guide; online discussions; recorded lectures; quizzes and self-tests; and written assignments. The instructors also welcome the opportunity to coach interested learners on an individual basis via email or scheduled phone appointment.
PMP exam Preparation
PMP exam Preparation is a live, virtual course based on the PMBOK® Guide. Enrollment includes 90-day access to all course material, which is 100% aligned to the Project Management Institute’s PMP® exam Prep content.
Participants get an in-depth review of some of the most challenging learning material on the exam and learn how to build a personal study plan.
This course is for project managers who have a minimum of three years’ experience and prior knowledge of the PMBOK® Guide.
Project Management Professional, PMP, CAPM, and PMBOK are registered marks of the Project Management Institute, Inc.
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Sources
Project Management Institute. 2020. “PMI® Certifications.” Accessed June 5, 2023. https://www.pmi.org/-/media/pmi/documents/public/pdf/certifications/generic-certification-handbook-sixteen-translations.pdf
Project Management Institute. 2023. “PMI® Certified Associate in Project Management (CAPM®) Examination Content Outline.” Accessed June 5, 2023. https://www.pmi.org/-/media/pmi/documents/public/pdf/certifications/capm20ecofinal.pdf
Project Management Institute. 2021. “Project Management Professional (PMP®) Examination Content Outline.” Accessed June 5, 2023. https://www.pmi.org/-/media/pmi/documents/public/pdf/certifications/pmp-examination-content-outline.pdf
Project Management Institute. 2021. “Talent Gap: Ten-Year Employment Trends, Costs, and Global Implications.” Accessed June 5, 2023. https://www.pmi.org/-/media/pmi/documents/public/pdf/learning/career-central/talent-gap-report-2021-finalfinal.pdf
Society for Human Resources. 2022. “Employee Benefits Survey: Executive Summary.” Accessed June 5, 2023. https://shrm-res.cloudinary.com/image/upload/v1654193525/Membership%202022/Employee_Benefits_Survey_-_Executive_Summary_-_FINAL.pdf
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What is a CFP?
A CFP is a certified financial planner, a type of financial advisor who possesses one of the most rigorous certifications for financial planning knowledge. They must have several years of experience related to financial planning, pass the CFP exam and adhere to a strict ethical standard as set by the CFP Board of Standards.
Unlike some other types of financial advisors, certified financial planners are held to a fiduciary standard, meaning they are obligated to act in their client's best interests.
What does a certified financial planner do?
Financial planners who earn a CFP certification must demonstrate proficiency in risk management, investment, tax, retirement, income and estate planning.
This means that they can work with clients to provide comprehensive services across a broad spectrum of financial planning concerns.CFPs who provide holistic planning can help you to create and maintain a financial plan by determining your financial goals and discussing your current financial situation and appetite for risk. They can also advise on retirement planning, saving for short- and long-term goals, choosing investments and tackling debt.
Some CFPs specialize in a certain area, such as divorce or retirement planning, while others tend to work with specific clients, like small-business owners or retirees. Because of this, it’s helpful to have an idea of the services you need before you choose a CFP.
How to become a CFP
It’s not easy to become a certified financial planner, and for good reason. Helping people navigate their finances is an important job. On average, it takes between 18 and 24 months to become a CFP and can cost a minimum of $925 if you already have an undergraduate degree and can bypass the coursework requirement.
Candidates who don't hold existing financial designations typically also need to fulfill an experience requirement, which can take from 24 to 36 months to complete. Here’s what else you'll need to do:
1. Complete the education requirement
The CFP Board requires completion of specific coursework on financial planning and a bachelor’s degree or higher. Applicants have up to five years from the date they pass the exam to receive their bachelor’s degree. Those who have completed related courses in the past — or who already hold certain types of professional credentials or designations — may be eligible to skip the CFP Board–mandated coursework.
2. Pass the exam
The exam consists of 170 multiple-choice questions to be completed in a total of six hours. According to the CFP Board, an average of 68% of first-time exam-takers passed in 2022.
3. Gain professional experience
To meet the experience requirement, prospective CFPs need to complete either 6,000 hours of professional experience related to financial planning or 4,000 hours of apprenticeship that meets additional requirements. These hours can be completed either within 10 years before taking the exam and/or within five years after passing it.
4. Adhere to the ethical standard
The final steps of becoming a CFP are to sign the Ethics Declaration, in which you commit to acting as a fiduciary for your clients, and pass a background check conducted by the CFP Board.
How much does working with a CFP cost?
Not everyone needs help with their finances, but for those who do, having a CFP in your corner can be invaluable. If you aren't sure how to organize your finances, navigate investing or balance your financial priorities, a CFP can help.
The 2020 Kitces Research survey on financial planning found that CFPs charge, on average, $1,800 or $2,500 for a comprehensive financial plan, $250 for hourly services and $4,000 for flat-fee retainer services.
And while there is no set fee that CFPs charge, it’s usually more than what a non-certified advisor might charge.Online fiduciary financial advisors, some of which offer access to CFPs, typically charge a small percentage of your assets under management, often between 0.3% and 1%. (Read more about how much a financial advisor costs.)
How do I find a certified financial planner near me?
The CFP Board offers a directory of all its certified CFPs, which makes it easy to find an in-person advisor in your area.
This site also allows you to check a CFP’s certification status and check for any instances of disciplinary action. Some online financial planning services offer virtual access to CFPs for less than what an in-person advisor charges.
What is the difference between a CFP and a CFA?
The various designations financial advisors hold can cause some confusion. More often than not, a financial advisor who is a CFP will be able to help you with your financial planning needs, but other advisors may be able to better assist you in certain areas, such as tax planning. Some advisors even have multiple designations, making them more competitive within their field.
Here are a few common designations an advisor can have.
Chartered financial analyst: CFAs specialize in investment analysis and portfolio management. While CFPs typically help individual clients with their financial planning, CFAs often serve as financial advisors for corporations.
Certified public accountant: CPAs are a bit more distinct from some of the other financial advisory certifications. The CPA certification is common among tax preparers and accountants (even though CPA has the word "accountant" in it, not all accountants have CPA certifications). If your financial advisor has a CPA, they may be able to help you optimize your tax situation.
Chartered financial consultant: While ChFCs are less common than CFPs, the two certifications require similar coursework, and recipients of each are likely headed down the same career path: financial advisory and planning services. ChFCs may have more training in modern financial planning topics, such as behavioral finance, planning for same-sex couples and planning after a divorce, but CFPs have more stringent academic and examination requirements.
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What is the difference between a CFP and a financial advisor?
The main difference between a CFP and a financial advisor is that CFPs hold a certification that ensures they have several years of experience and are held to a fiduciary standard. The term financial advisor, on the other hand, does not necessarily denote a specific credential. It's an umbrella term that refers generally to the many different types of financial advisors.
Remember, if you have any doubts about your advisor’s CFP status, you can check their status on the CFP Board website.
It's also important to consider how exactly your advisor is getting paid. This is determined in part by whether they are a fee-only advisor or a fee-based advisor.
Fee-only vs. fee-based financial advisor
Fee-only advisors are solely paid by their clients, creating fewer opportunities for conflicts of interest. Fee-based advisors can receive a commission on products they sell, which can sometimes create those conflicts, such as suggesting a worse product over a better one because they would receive a commission. Bound by their fiduciary duty, CFPs have to put their clients’ needs first regardless of their fee structure (though it’s always a good idea to ask any advisor, CFP or not, what their fee structure is, and to work with a fee-only advisor if possible).
Update: Valve has now officially launched its "certified refurbished" Steam Deck program, offering the handheld devices in 64GB, 256GB, and 512GB variants.
"Each Certified Refurbished Steam Deck has been thoroughly tested to the same high standards as our retail units," the program page states. "Every device goes through a complete factory reset, software update, and an extensive examination involving over 100 tests at one of Valve's facilities. Among the tests are all controller inputs, the audio system, the screen, and internals. Battery health is also assessed to ensure proper functionality and longevity.
"All refurbished units meet or even exceed the performance standards of new retail units. Although they may have minor cosmetic blemishes, they provide a reliable, high-quality gaming experience at a lower cost."
Importantly, refurbished Steam Decks carry a one-year warranty—the same as brand new units—and come with a carrying case and quick start guide. Valve said that stock of refurbished units is limited, but will be replenished as more devices become available.
Original story:
Valve may start selling officially refurbished Steam Decks in the future, according to new data found in the Steam database. Listings marked "Certified Refurbished" have appeared for all three models of Steam Deck—64GB, 256GB, and 512GB—and there are even preliminary prices for an idea of how much you might have to pay to snap one up.
These models were added yesterday, August 7. The store names swiftly changed to the more generic "Unknown App" shortly thereafter, the descriptions were removed, and the store pages redirected to the store front. Yet the entries had already been logged—the cat was well and truly out of the bag.
The three models are as follows, as spotted by Pavel Djundik, creator of SteamDB:
Those discount prices aren't final, though they look pretty familiar: they're the price you could've picked up a Steam Deck during the recent sales. If these are to be the prices of officially refurbished Steam Decks, it might be worth waiting until a major Steam sale event just to see if you can't nab a new one for the same money.
Valve could decide against refurbished Steam Decks even now, but it appears very likely that the company plans to offer rebuilt units of its own.
It's a good idea, at least. Valve has spare parts and can probably make fairly easy work of fixing whatever is broken on any specific Deck. Meanwhile anything that makes the Steam Deck cheaper for us is appreciated. The important thing will be whether there's still the same sort of warranty on these devices as there would be on a brand new unit.
Valve has been pretty good with offering spare parts for large chunks of the Steam Deck via iFixit, and it's not too difficult to pry apart and replace some parts—check out my TikTok videos on how to replace the Steam Deck SSD and how to replace the Steam Deck thumbsticks if you're curious.
The Steam Deck still has regional exclusivities around the glove, and it appears the same will apply to these refurbished models. It appears that these refurbs will only go on sale across most of Europe and North America.
