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Aug 25, 2005 8:29 pm

Did anyone take the CFP in July?  A few people in our office just found out they passed!

Aug 26, 2005 9:30 am

I took the exam in July and passed. 

Aug 28, 2005 9:41 am

CFP. Waste of time. Go get a real degree if you don't have one. I have only had two individuals in 3 1/2 years ask me if I had a CFP. I told them no; I have real degree a masters in business. One of them still came on board.

Aug 28, 2005 9:50 am
ezmoney:

CFP. Waste of time. Go get a real degree if you don't
have one. I have only had two individuals in 3 1/2 years ask me if I
had a CFP. I told them no; I have real degree a masters in
business. One of them still came on board.





You are in front of bank monkeys that are not real investors.  Get
in front of real clients and get back to us.  But then again...I
am sure you use the Laffer curve info that your learned in Grad School
everyday.



There is no reason to discredit the CFP.




Aug 28, 2005 3:38 pm



You are in front of bank monkeys that are not real investors.  Get in front of real clients and get back to us.  But then again...I am sure you use the Laffer curve info that your learned in Grad School everyday.

There is no reason to discredit the CFP.


EZ, I beleive Rightway just put you in your proper place.. The CFP is an invaluable designation to have. It helps equip you with the knowledge to tackle more sophisticated clients- the ones with the real money and those who understand the commitment it takes to not only want to obtain the CFP, but to actually succeed at completing it.. Do you think that only because you have only had 2 people ask you about it in your whopping 3 plus years of experience, that it will not become more commmon as your progress in your career?? My goal is to have the CFP by 30 ( have completed 2 and am studying fdor the third right now).. In this day of trying to differentiate oneself from everyone else with a S7, the CFP can ONLY help your cause... There, I'm done- off to the beach..

Sep 2, 2005 2:46 am

CFP,  IS WELL WORTH THE TIME..............There are things about  our business you can not learn in college, WITH A BA or BS, or even a Masters in Business.................there is no comparison to the real thing...........C F P 


However, checkout some of the new degree programs like, CSA or CRFA, they have studies that are not in the CFP!  Check out what the NASD says about each?  


I feel that any and all education is helpful when you are investing other peoples money................... 

Sep 8, 2005 12:43 pm

I sat for the CFP 5 years ago and passed but never paid the dues to
join.  Why should I pay them to advertise for a group that doesn't
want me as a member.  If you charge a commission - they really
don't care to have you as a member.  In the 5 years I've had
roughly a dozen people ask if I'm a CFP.  Every one of them I
explain why I'm not and they can respect it.  The CFP in general
is important to have but the CFP organization is full of
$&!^.  Dislike them very much. 



Have you ever noticed all the kickbacks they get on CE?  And when
was the last time they advertised to the general public? 

Sep 8, 2005 1:03 pm

Beagle,


I think your mistaken.  I get all of my CFP credits through magazine tests and local seminars.  My B/D also chips in CE credits when we have certain events.


The CFP Board is NOT against you working on commission.  It clearly states they have not taken a position on compensation.  The FPA which is the main association for CFP's but separate tend to favor fee based money management (thats how I see it), but are not like the NAPFA (anal) about earning commissions, the FPA just relaesed it's annual compensation survey and a very high number of practitioners receive some of there comp from commissions.


I work on commission and fees and clearly respect there position it is easier and you have more flexibility I am sick and tired of ABC shares and all the BS surrounding that business.  I am just not at a point were I make a living opening 1% fee based accounts all month nor does my B/D care to support that type of business.  They like bigger margins our wrap program starts at 1.75%. 

Sep 9, 2005 7:40 pm
Beagle:

I sat for the CFP 5 years ago and passed but never paid the dues to join.  Why should I pay them to advertise for a group that doesn't want me as a member. 


BULL SH$T!!!!!!!  IF YOU ACTUALLY SAT THROUGH ALL OF THE CLASSES/SELF STUDY, SAT FOR THE EXAM, AND THEN DECIDED AT THE 9TH HOUR TO "NOT JOIN" DUE TO SOME CONVICTION THEN YOU ARE LIEING OR A MORON. 


Sep 9, 2005 8:55 pm

I've only been asked twice in six years. I told them that a CFP is what you get when you don't go to college. That was all I had to say.

Sep 10, 2005 9:39 am
ESABATM:

I've only been asked twice in six years. I told them
that a CFP is what you get when you don't go to college. That was all I
had to say.





The typical response of someone who does not have the committment to go get it.

Sep 10, 2005 10:16 am

To get what? The CFP? You're right. I will never be a CFP. I don't need a crutch like that. Any monkey can drop some numbers into a software program and press the "generate report" button.

Sep 10, 2005 11:22 am

My question is this:


Why does an accountant get a CPA designation?  Do your clients feel more comfortable going to a CPA or an H&R Block accountant.  I know how my clients feel.  I am not a CFP, but I definitely plan on getting it in the future.  I have gone back and forth between CFP or Masters.  To me the additional knowledge I will gain from the CFP will definitely be more beneficial for my clients then a masters degree in business, unless I want to move from planning into a corporate office environment.  I would challenge your clients to talk to a CFP and then go back and talk to those without one and see who they feel is more equipped to handle their finances.  Just a thought.


Sep 10, 2005 11:43 am
Uptick1:

My question is this:


Why does an accountant get a CPA designation?  Do your clients feel more comfortable going to a CPA or an H&R Block accountant.  I know how my clients feel.  I am not a CFP, but I definitely plan on getting it in the future.  I have gone back and forth between CFP or Masters.  To me the additional knowledge I will gain from the CFP will definitely be more beneficial for my clients then a masters degree in business, unless I want to move from planning into a corporate office environment.  I would challenge your clients to talk to a CFP and then go back and talk to those without one and see who they feel is more equipped to handle their finances.  Just a thought.




I AM a CPA. I AM better equipped to handle their finances, but not because I'm an accountant. It is because of what I've learned in this industry. I've seen accountants try to handle investments for people. They suck at it. I've seen the same thing from CFP's. If I have someone who needs estate planning, I send them to an estate attorney, not some chump who thinks he has to have letters after his name. If I have a prospect that's been working with a CFP, it's a lay up. I can do the same thing a CFP can do and I don't charge them for it. It's hard for a CFP to compete with that!

Sep 10, 2005 3:28 pm

"I AM a CPA. I AM better equipped to handle their finances, but not because I'm an accountant. It is because of what I've learned in this industry. I've seen accountants try to handle investments for people. They suck at it. I've seen the same thing from CFP's. If I have someone who needs estate planning, I send them to an estate attorney, not some chump who thinks he has to have letters after his name. If I have a prospect that's been working with a CFP, it's a lay up. I can do the same thing a CFP can do and I don't charge them for it. It's hard for a CFP to compete with that!"


Not to question your abilities, or that fact that you are successful, but you made a lot of generalities that just don't play out in my world. I AM a CPA AND I AM a CFP, and I DO find it to be a beneficial combination.  I doubt if you are any better equipped to handle client finances than I am, but I'll grant that it's possible.  What I am confident of is that you would benefit from having a CFP.  Having the CPA allows you to challenge the test and show that you already have what it takes without doing all the coursework.  I did some of it where I felt I was weaker, then I challenged the test and passed.  Clients DO appreciate the designation.  Not all of them, but certainly more and more of them.


I don't charge for estate planning either.  It is the job of the CFP to understand when to refer the work to an attorney.  I can discuss general estate planning concepts, but I do not draft legal documents.  That would be malpractice unless I had a law license.


Yes, many CPAs and CFPs do not do well at investment management, but many do.  It is a natural strength of mine and I routinely beat the indexes for clients.  Occasionally, I don't but most of the time I do.  Again, to make a universal statement that implies that these professionals are not good at investement management, is a stretch.


...and if you had a prospect that had been working with me, it would only be because I had died or retired.

Sep 10, 2005 3:39 pm
Indyone:

"I AM a CPA. I AM better equipped to handle their finances, but not because I'm an accountant. It is because of what I've learned in this industry. I've seen accountants try to handle investments for people. They suck at it. I've seen the same thing from CFP's. If I have someone who needs estate planning, I send them to an estate attorney, not some chump who thinks he has to have letters after his name. If I have a prospect that's been working with a CFP, it's a lay up. I can do the same thing a CFP can do and I don't charge them for it. It's hard for a CFP to compete with that!"


Not to question your abilities, or that fact that you are successful, but you made a lot of generalities that just don't play out in my world. I AM a CPA AND I AM a CFP, and I DO find it to be a beneficial combination.  I doubt if you are any better equipped to handle client finances than I am, but I'll grant that it's possible.  What I am confident of is that you would benefit from having a CFP.  Having the CPA allows you to challenge the test and show that you already have what it takes without doing all the coursework.  I did some of it where I felt I was weaker, then I challenged the test and passed.  Clients DO appreciate the designation.  Not all of them, but certainly more and more of them.


I don't charge for estate planning either.  It is the job of the CFP to understand when to refer the work to an attorney.  I can discuss general estate planning concepts, but I do not draft legal documents.  That would be malpractice unless I had a law license.


Yes, many CPAs and CFPs do not do well at investment management, but many do.  It is a natural strength of mine and I routinely beat the indexes for clients.  Occasionally, I don't but most of the time I do.  Again, to make a universal statement that implies that these professionals are not good at investement management, is a stretch.


...and if you had a prospect that had been working with me, it would only be because I had died or retired.




If you're beating the indices, I would tell the prospect to call you, thank you for the great job you've done, and send you a buttload of referrals. I've done it before. I only go after people who have problems and need to have them fixed.

Sep 10, 2005 4:22 pm

If you're beating the indices, I would tell the prospect to call you, thank you for the great job you've done, and send you a buttload of referrals. I've done it before. I only go after people who have problems and need to have them fixed.


[/quote]



If being a financial advisor was just about beating indices then just selling good quality mutual funds would be all we had to do.  Hell who needs the CFP or even a Series 7 for that matter, lets just all get a Series 6 and maybe an insurance license.  Spoken like a true bank broker.  Most of them that I know think of only one thing "the investments" there is a lot more to being a financial advisor then just picking the best performing investments.  Yes clients want to beat the indices, but I believe they want a lot more advice then just that.  You may want to rethink that CFP decision afterall.

Sep 10, 2005 4:37 pm
Uptick1:

If you're beating the indices, I would tell the prospect to call you, thank you for the great job you've done, and send you a buttload of referrals. I've done it before. I only go after people who have problems and need to have them fixed.




If being a financial advisor was just about beating indices then just selling good quality mutual funds would be all we had to do.  Hell who needs the CFP or even a Series 7 for that matter, lets just all get a Series 6 and maybe an insurance license.  Spoken like a true bank broker.  Most of them that I know think of only one thing "the investments" there is a lot more to being a financial advisor then just picking the best performing investments.  Yes clients want to beat the indices, but I believe they want a lot more advice then just that.  You may want to rethink that CFP decision afterall.


[/quote]


People want to make money. They care very little about pie charts and cash flow projections.


If I were a bank broker, I'd kill myself.


In a typical month, I make $275 to $300 per hour. Why would I spend one second preparing for the CFP exam? I get paid to sell, not prepare plans.

Sep 12, 2005 10:02 am
ESABATM:

I've only been asked twice in six years. I told them that a CFP is what you get when you don't go to college. That was all I had to say.



I've never met a CFP that wasn't a college grad....

Sep 12, 2005 2:23 pm

ESABATM


assuming you work 40 hours a week your full of **it, If were counting the two hours of work you actually do doa month then I do beleive you make 300 an hour.