Can't pass the CFP-advice?

Surprisingly the pass rate is highest for first time test takers.  Statistically your odds of passing it on a second or third pass are much lower.  With that said, I used Kaplan for studing and it worked out well.  10 weeks before the exam you should plan on studying 40 hours a week and work question after question after question.  Do not spend more than 10% of your time working time value of money problems, it is a planning exam, not a math exam.  Work the test sections in the the following order: stand alone questions, then item set questions, then case study, and finally the 2-3 hardcore TVM questions you will get in each section.  That way you will not get frustrated and end up spending 15 mins calcuating a duration change on a portfolio of bonds.

Ugh.  You have my sympathy....  I am a brilliant test taker and needed to sit for this one twice.  The first time, knew that it wasn't going to happen and took it to see what would need to be done for the second time.  (Yes, my SO pans on me for not having belief.) After the first time went back to each book, all six and read them cover to cover to read and understand. 

Ken Zahn

I have taken this test twice and failed. I would say that I am not a good test taker in general, but dang it, I have spent the money and want to pass it. Although, gauging from the test scores, I was close both times.

Any advice from others? I tried both Kaplan for both.

Try another career?

I suspect your problem might be related to trying to memorize the material as opposed to really knowing/understanding the material.  I thought the test was pretty straightforward, but it’s not like the 66 or 24 where you do a lot of memorization to pass.

[quote=Iocaine]

Surprisingly the pass rate is highest for first time test takers.  Statistically your odds of passing it on a second or third pass are much lower 

I have taken this test twice and failed. I would say that I am not a good test taker in general, but dang it, I have spent the money and want to pass it. Although, gauging from the test scores, I was close both times.

Any advice from others? I tried both Kaplan for both.

[quote=lady_trader]I have taken this test twice and failed. I would say that I am not a good test taker in general, but dang it, I have spent the money and want to pass it. Although, gauging from the test scores, I was close both times.

Any advice from others? I tried both Kaplan for both.
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You are a trader. That means you actually do something for people. CFP’s don’t do anything for people. Thus, you shouldn’t pass the cfp quiz.

Bio- I am a trader, who might some day want to transition to more of a broker role. This is why I am taking the CFP now.

Another poster is correct. They do not tell you by what percentage that you failed, however Kaplan did provide a guide to gauge what your score was if you failed.

I suspect that Indyone is probably correct. Most of the Series tests are memorization based, not true understanding like the CFP. I have a feeling that is mostly responsible for the failure.

I am almost thinking of doing Zahn. I met a guy who passed with Zahn who failed the Series 63 a bunch of times. That really spoke volumes to me.

Thanks for all of the comments. If any re-testers have good advice, I am all ears.

The difference with the CFP vs the 7 and most other tests is you actually have to know something to pass it. It isnt just memorizing…being a good test taker does not mean you understand or have knowledge, hence a fail on the CFP…study up and take it when you truly understand and know the material

take the CFA - the CFP will feel a lot easier.

[quote=lady_trader] I have taken this test twice and failed. I would say that I am not a good test taker in general, but dang it, I have spent the money and want to pass it. Although, gauging from the test scores, I was close both times.Any advice from others? I tried both Kaplan for both.

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Drop your expectations to pass it.



Give the material another chance with a totally different mindset.



Work to try to ENJOY learning with a goal of a REAL understanding of big picture concepts.



change your thinking from:



“what do I need to get from this to get the answers right”.



to:



How do i feel about this concept?    Where did it come from?   Why is it important?    How would i do it? etc etc





Like Luke.



relax. let the force be with you.    

trust yourself



enjoy the journey.   

FWIW - Lady - i passed the first time, I am admittedly not all that smart, but i am a good test taker.

I highly recommend KenZahn.com for you at this point in your studies. His approach is highly unique and his instruction is particularly good for people who learn best with material that is highly visual in nature such as diagrams/charts/graphs, etc. His material is laser focused and he really helps you to understand both the concepts as well as how to analyze the questions to make sure you are really understanding what they are asking (and not get sidetracked by all the surrounding information in the questions). I originally used other material as well but his program put it all together for me. I only purchased the class notes/material and that alone helped tremendously to pass. I think going to the actual live review course would be even better. You will get a whole new sense of motivation and inspiration that you can pass the test. You can do it! I wish you great success.

I would say forget the CFP unless your practice involves true planning i.e., you’re an indy or a fee-planning firm. If you work for a national wirehouse or even a regional firm…it’s a waste. At the wires, you’re paid to bring ng assets and either wrap them in a fee or get a commission and that takes SALES & CLOSING ability.



I work for a major wire and have 25 CFPs in my office…I out produce all but 1 of them. They’re all great guys (and girls), but they over-think the process and can’t close.

True! Staring at a computer screen or books does nothing to bring in new assets or teach you how to convince someone to move all of their life savings to you. CFA is the same thing… waste of time.

I would say forget the CFP unless your practice involves true planning i.e., you’re an indy or a fee-planning firm. If you work for a national wirehouse or even a regional firm…it’s a waste. At the wires, you’re paid to bring ng assets and either wrap them in a fee or get a commission and that takes SALES & CLOSING ability.

I work for a major wire and have 25 CFPs in my office…I out produce all but 1 of them. They’re all great guys (and girls), but they over-think the process and can’t close.

[quote=lady_trader] I have taken this test twice and failed. I would say that I am not a good test taker in general, but dang it, I have spent the money and want to pass it. Although, gauging from the test scores, I was close both times.Any advice from others? I tried both Kaplan for both.

[/quote]

Tell the CFP board you can’t read and ask for an oral exam.

No question.  Ken Zahn.

[quote=thenewbull]I would say forget the CFP unless your practice involves true planning i.e., you’re an indy or a fee-planning firm. If you work for a national wirehouse or even a regional firm…it’s a waste. At the wires, you’re paid to bring ng assets and either wrap them in a fee or get a commission and that takes SALES & CLOSING ability.



I work for a major wire and have 25 CFPs in my office…I out produce all but 1 of them. They’re all great guys (and girls), but they over-think the process and can’t close.

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I hear ya - Have heard CFP actually stands for — Can’t Fu%$in Produce 

[quote=lady_trader] I have taken this test twice and failed. I would say that I am not a good test taker in general, but dang it, I have spent the money and want to pass it. Although, gauging from the test scores, I was close both times.Any advice from others? I tried both Kaplan for both.

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You failed because you BELIEVE you are not a good test taker.



I recommend AnthonyRobbins.com

[quote=thenewbull]I would say forget the CFP unless your practice involves true planning i.e., you’re an indy or a fee-planning firm. If you work for a national wirehouse or even a regional firm…it’s a waste. At the wires, you’re paid to bring ng assets and either wrap them in a fee or get a commission and that takes SALES & CLOSING ability.



I work for a major wire and have 25 CFPs in my office…I out produce all but 1 of them. They’re all great guys (and girls), but they over-think the process and can’t close.

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This might be true. being a CFP is more about taking into account every aspect of someones finances, not just gathering assets and charging a fee. CFPs have a moral standard to actually help people, thats why our firm which is all CFPs take the majority of our clients from wirehouses, probably just like yours. So please dont get your CFP, you would give us a bad name

PB Finance man.

Clearly you need to retake the test. It is a FIDUCIARY standard, not a moral standard. I might add it is issued by a private non profit organization, not governed by any regulatory body. There are no teeth, investigators, regulators involved. There is no oversight. No one watching the CFP watchers. The self appointed watchers.

The CFP board is a private non profit - not subject to governmental oversight or public input. They OPPOSE government oversight and being put under the auspices of the SEC or FINRA; and are selling the CFP standard to the public as a “should have” and to advisors because of courses and fees that generates revenues. 6 classes and a test + ongoing CE won’t give you a moral standard.

Non CFP advisors more often than not do help people. Taking the moral high ground on something like this puts you in a great spot to be pushed down. The CFP organizations says that they set and enforce the standards for financial planners. Really? Wow. They do, eh? No. Only for the ones that they have issued the certification to. The ones they created. They spank their own baby. I believe Registered Rep magazine had an article about a year and a half ago that more CFPs are in bankruptcy as a percentage than the general population. Cannot find it though.

The CFP board only this year included publishing bankruptcies - yet FINRA and the SEC have been doing so for years.

Here is an example of the fiduciary standard in practice. In the Northeast this summer, a CFP was issued a cease and desist… http://www.sos.nh.gov/securities/Press_Releases/PRESSR_2012-08-30.pdf

Wire house and other advisory firms have layers and layers of oversight and routine regulatory audits. CFPs don’t have that. The CFP organization doesn’t issue the certificate to advisors who do not have experience (3 years worth). They don’t have the authority to regulate or legislate.

The non profit organization behind it generates more than 17 million in revenues a year, the CEO made $412,000.00 in 2010 AND another $176,000 in other compensation from the organization (research this folks - read the 990 document you can get a copy on Guidestar.org) You have to create a user name and password to do this.

I agree with takingnames. I took the CFP classes and I really don’t see a need to get the three letters. I already have the fiduciary resposibility with my Advisory licenses and series 7 etc… I have CFP’s in my area that I take busines from all day - they think they can charge more for the same service because they have the CFP letters.

I took the Dalton CFP online courses through Northwestern and the 4 days of 10 hours cram session. I did no other studying for the CFP, just the 40 hr cram session. I found the CFP, Series 7/66 all easy (7 was 93). I found it easy because most of it applied directly to my practice and my clients. I do believe I provide better advice having learned the 6 subject areas in depth. Few new prospects have any idea what CFP is or the value. AUM is $130mil and trailing 12 is $1.2 mil inside a bank program, commission and fee. Self built book, 1/2 banker referrals. My conclusion, some CFPs can close business.

The Certified Financial Planner designation has come to be widely considered as the definitive mark of competence by investors and financial professionals. Many educational pieces available to the public encourage novice investors and clients to seek professionals who have earned this credential. Not only will the material learned from the CFP course curriculum increase a student’s professional competence, but the prestige of holding the designation will likely increase his or her business as well. One of the main advantages that the CFP designation offers is the ability for a financial professional in any given field to better understand how what he or she does fits into a client’s overall financial situation.

Hi…strong suggestion. Ken Zahn is supposedly great, Brett Danko (who I believe studied or worked for or works for) Ken Zahn is excellent. Not judging Brett vs Ken, I’ve just had a lot of experience with Brett. I took his class and sent something like 8 of my staff to his program pre-exam. Its awesome.

Good luck!

[quote=thenewbull]I would say forget the CFP unless your practice involves true planning i.e., you’re an indy or a fee-planning firm. If you work for a national wirehouse or even a regional firm…it’s a waste. At the wires, you’re paid to bring ng assets and either wrap them in a fee or get a commission and that takes SALES & CLOSING ability.



I work for a major wire and have 25 CFPs in my office…I out produce all but 1 of them. They’re all great guys (and girls), but they over-think the process and can’t close.

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I honestly can’t wait until the industry gets rid of commission turds like this.

I just took the practice tests that the CFP board sells on their website and the second practice has a ton of mistakes. For example, in the explanation of the answer it says that in profit sharing plans up to 100% of a employees salary can be deferred, but profit sharing plans don’t allow employee contributions without a 401k provision, in which case it would be called a 401k. If this is how the test is written you can’t pass it if you know what your talking about.

Someone is going to say “but a 401k is a profit sharing plan”. Slap yourself. a profit sharing plan that allows employee contributions is called a 401k, not a profit sharing plan.

I’ve have plenty more examples of outright mistakes or intentionally misleading answers.