Are you worried about your finances? You aren’t alone. The 2004 Certified Financial Planner Board of Standards Inc. (CFP Board) Consumer Survey reveals that the recent economic uncertainty has left consumers worried about their finances and looking for ethics and competency standards in their financial advisers.

Thirty-nine percent of upper income consumers are worried about their own lack of control over their finances, going into debt, their families’ financial future and not having enough money for retirement.

“Economically, it has been a challenging four years,” said David Diesslin, CFP Board’s chairman of the Board of Governors. “People have gone from the tech-boom and living the good life to the tech-bust and postponing retirement because of major shifts in the economic environment. Many Americans have put their financial advisers under a microscope and are looking for professional standards and advisers that live up to a code of ethics.”

Consumers are more cautious about their financial advisers, placing increased importance on the standards they expect their advisers to meet. The percentage of consumers that believe “adherence to a code of ethics” is extremely important has increased from 70 percent in 1999 to 75 percent in the current survey. Those rating “subject to disciplinary action by a peer review board” as very important increased from 45 percent in 1999 to 51 percent in the current survey.

“CFP Board has always believed that high standards, including an enforceable code of ethics, are key to the consumer’s interest,” said Diesslin. “After emerging from an economic period defined by scandals that have shaken consumer confidence, it’s clear the public is now placing a premium on ethics.”

The economic turmoil has also resulted in consumers’ adjusting current financial goals, the survey showed. Smaller percentages than in past surveys list “building a retirement fund” as a current goal while an increased percentage wants to “build an emergency fund,” “manage or reduce current debt” and “purchase or renovate a home.”

CFP Board’s 2004 Consumer Survey was conducted in November and December of 2003 via written questionnaire and includes responses from 1,122 households whose income placed them in the top quartile for the age group of the person completing the survey. The qualifying income level varied depending on the age group; the average household income of respondents is $115,000.

CFP Board is a nonprofit regulatory organization that fosters professional standards in personal financial planning. A summary of the survey results can be downloaded at www.CFP.net/2004survey.

Source: Certified Financial Planner Board of Standards Inc., www.CFP.net