CFP for me?

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May 13, 2007 12:40 am

Here's my situation.  Year 7, 100+M under management, 60% fee based and growing, wirehouse, 12M trail 600+K gross.  I'm buying an 80M book in the next month for cash, so it's reasonable that in a year I'll have 200M under management.


My firm is looking for us to get CFP's.  Most firms are, so that's no surprise.  I frankly don't want to spend the time, I can't imagine that it will either help or hurt me in the future.  I've only been asked once or twice if I have it, and have brought over dozens of accounts  (including one recently over 1M) from CFP's.


I'm not trolling here, but if you were in my situation, would you suck it up and get the thing or not.

May 13, 2007 3:02 am

Damn hard choice. What would the firm do if you didn't get it? Would your clients give you more money?

May 13, 2007 8:24 am

What will happen if you don't get it?

May 13, 2007 8:32 am

It can't hurt you, but I am not sure it can help you enough at this point to

make it worth the effort.



I think you have your "M"s and "mm"s and "K"s confused, but if I calculate

correctly, it seems you either are, or soon will be a million dollar

producer. If that were me, I could not think of a reason (short of a

personal goal) to spend the time getting my CFP.

May 13, 2007 9:39 am

7 yr vet with a 100m in assets? That's hard to believe.

May 13, 2007 9:46 am
Reggin:

Here's my situation.  Year 7, 100+M under management, 60% fee based and growing, wirehouse, 12M trail 600+K gross.  I'm buying an 80M book in the next month for cash, so it's reasonable that in a year I'll have 200M under management.


My firm is looking for us to get CFP's.  Most firms are, so that's no surprise.  I frankly don't want to spend the time, I can't imagine that it will either help or hurt me in the future.  I've only been asked once or twice if I have it, and have brought over dozens of accounts  (including one recently over 1M) from CFP's.


I'm not trolling here, but if you were in my situation, would you suck it up and get the thing or not.



Let's see - you've been in the business 7 years.  Of all your business, 60% of it is fee-based.  You've been asked if you're a CFP a couple of times, and I bet that they STILL brought over their assets to you.


I don't think I'd bother getting it.  How would having the CFP designation position you differently in the eyes of your prospects?  I bet it doesn't mean squat to your prospects - especially if you've only been asked a couple of times if you have the CFP credential.


However, I disagree with broker24.  The TIME away from your practice to study and pass exams for each course, review courses and the actual 2-day exam WILL cause your production to suffer.


I would only do it if it helps you attain goals that you find worthwhile.  Most reps seems to begin studying for their CFP because they "Can't Flippin' Produce" and begin their studies as an avoidance behavior for not contacting prospective clients.


I'm a big fan of quality continuing education.  I've felt my competence increase as I've been taking the ChFC courses (4 down, 4 more to go).  John Savage has said to "get all the education you can, and then keep it to yourself."  Because no one cares how much you know, until they know how much you care.

May 13, 2007 10:31 am

[quote=ezmoney] 7 yr vet with a 100m in assets? That's hard to believe.[/

QUOTE]



why? Because you couldn't do it yourself? Do you have anything constuctive

to contribute to my question or should we just immediately discount

anything you have to say.

May 13, 2007 10:33 am
Broker24:

I think you have your "M"s and "mm"s and "K"s

confused, but if I calculate

correctly, it seems you either are, or soon will be a million dollar

producer. If that were me, I could not think of a reason (short of a

personal goal) to spend the time getting my CFP.





No I don't. M=Million, K=100 Thousand.



Once I purchase the other book, I will no doubt be a million dollar

producer.



The only reason I am thinking about the CFP is so that I can have more

knowledge to help my clients. I wont produce more with one, I wont

gather more assets. If I can help solve a couple problems and bring them

some value, that might be nice.

May 13, 2007 11:10 am

I found the information in the CFP studies invaluable in having a greater overview of financial planning and issues that arise.  Even if you don't do taxes or actual estate planning the knowledge is important in knowing when and where to refer clients to other professionals.  Some Lawyers and CPAs won't refer back to you unless you are also "credentialed".


Plus it makes you look smart

May 13, 2007 11:56 pm

Just out of curiosity how much does a $80million book cost??  And, how do you go about doing that?

May 14, 2007 12:57 am
ezmoney:

7 yr vet with a 100m in assets? That's hard to believe.



Agreed.

May 14, 2007 12:16 pm
joedabrkr:
ezmoney:

7 yr vet with a 100m in assets? That's hard to believe.



Agreed.



Why?  Quoting page 3 of Bill Good's recent survey.  "Million dollar producers who responded to my survey had been in the industry 7.2 years.

May 14, 2007 9:45 pm
joedabrkr:


[quote=ezmoney]7 yr vet with a 100m in assets? That's hard to believe.[/

QUOTE]Agreed.




See that's why you're not a success. It's much easier for you to think it

impossible and justify your own failure.



Contribute something to my original question or go away.

May 15, 2007 3:21 pm

IMO designations are more important to people in the industry than the general public. I took the courses for the CFP and found it helpful. I gained some knowledge that helped me aquire accounts. But that didn't require the CFP on my card. It does take a tremendous amount of time, so your production will drop.

May 15, 2007 5:38 pm

I think that professional designations are better suited for those who are

independent or belong to small practice groups, like Board Certified doctors

or small law firms.



On the other hand, if you are at a big firm like Merrill or UBS, it doesn't seem

to add to the equation, in the client's eyes anyway. Face it, a $2500 home

study course doesn't compare with an army of Ivy League MBAs and PHds at

the home office (again in the client's eyes).



I have decided on the CIMA designation because it's more investment

oriented. Also, I can put the Wharton School of Business on my resume.   

May 15, 2007 6:11 pm
Reggin:
joedabrkr:


[quote=ezmoney]7 yr vet with a 100m in assets? That's hard to believe.[/

QUOTE]Agreed.




See that's why you're not a success. It's much easier for you to think it

impossible and justify your own failure.



Contribute something to my original question or go away.



I think of myself as successful.  There is no "failure" for me to justify.

There is no need to be hostile.  I merely was agreeing that I found it rather hard to believe that you were 7 years in and producing a million.  The fact that you are so defensive about it causes my BS meter to shoot up even more.

May 15, 2007 10:53 pm
skeedaddy2:

I think that professional designations are better suited for those who are
independent or belong to small practice groups, like Board Certified doctors
or small law firms.

On the other hand, if you are at a big firm like Merrill or UBS, it doesn't seem
to add to the equation, in the client's eyes anyway. Face it, a $2500 home
study course doesn't compare with an army of Ivy League MBAs and PHds at
the home office (again in the client's eyes).

I have decided on the CIMA designation because it's more investment
oriented. Also, I can put the Wharton School of Business on my resume.   


When you put Wharton, make sure you list the dates attended as "the third through the 17'th of january."

May 15, 2007 10:56 pm
joedabrkr:
Reggin:
joedabrkr:


[quote=ezmoney]7 yr vet with a 100m in assets? That's hard to believe.[/
QUOTE]Agreed.



See that's why you're not a success. It's much easier for you to think it
impossible and justify your own failure.

Contribute something to my original question or go away.



I think of myself as successful.  There is no "failure" for me to justify.

There is no need to be hostile.  I merely was agreeing that I found it rather hard to believe that you were 7 years in and producing a million.  The fact that you are so defensive about it causes my BS meter to shoot up even more.


HE said he was north of $600,000. YOU are the one that decided that he was doing a million gross.

May 15, 2007 11:16 pm
Bobby Hull:
joedabrkr:
Reggin:
joedabrkr:
ezmoney:

7 yr vet with a 100m in assets? That's hard to believe.

Agreed.



See that's why you're not a success. It's much easier for you to think it
impossible and justify your own failure.

Contribute something to my original question or go away.



I think of myself as successful.  There is no "failure" for me to justify.

There is no need to be hostile.  I merely was agreeing that I found it rather hard to believe that you were 7 years in and producing a million.  The fact that you are so defensive about it causes my BS meter to shoot up even more.


HE said he was north of $600,000. YOU are the one that decided that he was doing a million gross.



+1 for Bobby - The dude can read AND comprehend.


May 15, 2007 11:18 pm
skeedaddy2:

Also, I can put the Wharton School of Business on my resume.   



So can Donald Trump jr.