CFA (Chartered Financial Analyst)
This is the professional designation for people with a deep knowledge of investments and portfolio management. It requires passing three tough exams and significant work experience in the investments industry. See www.cfainstitute.org

CFP® (Certified Financial Planner)
A credential granted by the Certified Financial Planner Board of Standards, Inc. to individuals who complete a comprehensive curriculum in financial planning and ethics, pass a rigorous exam and complete certain work requirements. In order to maintain the certification, the planner must take a minimum amount of continuing education credits each year. As a CFP® and member of the Financial Planning Association, Dan subscribes to the CFP Board's Standards of Professional Conduct. Incorporated within those Standards, is a very important philosophy - the Standard of Care - that underscores how Olson Tax & Financial Planning does business with its clients.

• Put the client’s best interests first;
• Act with due care and in utmost good faith;
• Do not mislead clients;
• Provide full and fair disclosure of all material facts; and
• Disclose and fairly manage all material conflicts of interest.

RIA (Registered Investment Advisor)
The RIA is licensed through the states to provide investment and financial advice for a fee (no commissions). The recommendation of an RIA must meet a "fiduciary" standard, which is a more substantial obligation than the suitability standard that stockbrokers must meet.

Fiduciary:
Providers of financial products and advice are subject to two possible standards that define their client relationship. The “fiduciary” standard is the higher of the two and is founded on law and legal history. The law forbids the fiduciary from acting in any manner adverse to the interests of the client. Instead, the fiduciary must give best efforts to act on behalf of the client and exercise all of the skill, care and diligence at his disposal. The fiduciary owes the client a duty of good faith, trust, confidence and candor. Lawyers and trustees are fiduciaries as part of their professional obligations. The SEC also considers as fiduciaries registered investment advisors (RIA), and the holders of CFP and CFA designations.

Suitability standard:
This is NOT a legal responsibility and the standard is limited and fuzzy compared to that of a fiduciary. Moreover, financial industry arbitration panels are often the venue where suitability gets decided. “Suitability” limits the responsibility of the financial intermediary to making sure an investment is appropriate for the client’s goals, age, circumstances and risk profile (this is the primary reason you fill out that simple risk questionaire). While this sounds good, in practice the intermediary has no obligation to give you the best price, lowest commission or even the most appropriate product; and too frequently, the dealer puts itself ahead of small retail customers (e.g. opaque bond pricing, limited selection of mutual funds). The suitability standard is the basis of your relationship with most stock brokers and insurance agents. Do not assume these providers of financial services have an obligation to act in your best interests.

Fee-only planner
Fee-only financial advisors, as defined by the National Association of Personal Financial Advisors, are compensated solely by the client, typically achieved through a combination of hourly fees (including retainers), financial planning fees, and asset management fees. Neither advisors nor affiliates may receive commissions, rebates, awards, finder’s fees, bonuses or other forms of compensation from others as a result of a client’s implementation of the individual’s planning recommendations.

MBA (Masters of Business Administration)
Many planners have their MBA, which is a graduate school course of study in a variety of business topics. MBAs with concentrations in finance have more training in financial areas such as investments and taxation.

More
There are thousands of terms used in finance, insurance and related fields. Bloomberg provides a comprehensive glossary, which is a good place to start. Still confused? Give Dan Olson a call.