Final answer:
Certified Financial Planners usually help individuals with personal financial planning, not managing institutional portfolios, which is a task typically performed by institutional investment managers.
Step-by-step explanation:
Certified Financial Planners (CFPs) are professionals who help individuals manage their personal financial planning, which includes offering advice on investments, insurance, estate planning, and retirement savings. The statement that CFPs typically manage institutional portfolios is false. Institutional portfolio management is usually performed by institutional investment managers or asset managers who specialize in managing the investments for entities like pension funds, endowments, and corporations, rather than individual clients.