Cfp

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Apr 8, 2010 6:39 pm

I start my CFP coursework in 2 weeks. Jones gave me an exception to go ahead with the CFP instead of the AAMS. Pretty excited....

Apr 9, 2010 1:37 am

I'm also in the process of taking courses through American College.  I'm disappointed I can't take in person because no one near me offers it.  Having recently graduated from college, I like the amount of overlap i've had.  While time consuming, I think it will pay off when I can put some sweet letters after my name.  Plus its all paid for by BofA with love.

Apr 9, 2010 10:35 am

What a waste of time.

Apr 9, 2010 11:48 am

I obtained my CFP 11 years ago and did not really think it did much for me at the time.  In hindsight it made me think differently than other advisors and that was priceless.  Also, in light of the changes in the industry I have to say that out of all the licenses and designations I have that is the one that is the one helping me out the most right now.  On that note, to all who are going for it or thinking about it, GO FOR IT!!

As long as you do not use it as an excuse to not sell it cannot hurt you to have it.

Apr 9, 2010 1:48 pm

It's funny how those who don't have it think it's such a waste.

I've had mine for about five years and while I can't say it's made me a boatload of money directly, it has (1) helped with credibility, (2) got me a few larger accounts, and (3) helped me do a better job for my clients.  It's not going to sell for you, but it's a myth that CFPs are just small producers.  I've met plenty who are million$+.  I'm not a big producers by wirehouse standards, but my April gross is just over $39K thus far...and I get to keep 90% of it.

Apr 9, 2010 2:29 pm

There are 6 CFP's in my office and I outproduce each of them (inlcuding Mr flag waving indy above).  They are analytical and can't produce to save their lives.  Your experience may vary of course.  I spent the time gathering assets instead of studying for a test.  For me, it worked.

Apr 9, 2010 3:04 pm

I''m already doing my fair share of "producing", i'm just taking it a step farther.

Apr 9, 2010 3:43 pm

I never pretended to be the big man on the hill, but if I were guessing, I would say that the average poster on this forum is not at $40K for April, especially not less than a third into the month.  Getting a CFP doesn't have to compete with getting assets as I doubt too many assets are gathered after 9pm at night.  Study then if you're a workaholic.

If you don't want an advanced designation, that's fine too.  I'm just not buying that getting a CFP hurts your ability to produce.  I think you have some people that get it because they can't produce and are hoping it will help them in that regard.  In this business, if you can't sell, the CFP will not cure that.

Apr 9, 2010 7:29 pm

[quote=Ronnie Dobbs]

I start my CFP coursework in 2 weeks. Jones gave me an exception to go ahead with the CFP instead of the AAMS. Pretty excited....

[/quote]

I was under the impression one of the requirements for your CFP was 3 years experience. You are just a little over a year aren't you windy?

Apr 9, 2010 9:06 pm

A close friend of mine is a CFP who does in the neighborhood of $4,000,000 gross per year. He is a founding member of a large team. 3 of them are CFP's. The $4MM gross is only his. The team has a planning focus and as a unit they do about $13MM t-12. i am definately not saying that they put out these numbers because or even partly because, of their designation. But there has always been an undertone on this board that CFP's are generally pikers who don't know how to build a business, and thats bullshit. I know plenty of CFP's who are pikers and I know plenty who are Million plus producers.

I'm a CFP, not a million dollar producer. (i dont have to be, because I'm indie so at $500k i make more than a million gross does at a wire.). But there is no doubt in my mind that a lot of my clients (not all)  look at me differently because of it. I'm sure there are plenty of non CFP folks on the boards who are as good or even better planners than me (well, not better). But guess what - in our business, perception is reality.

One more thing - anyone who doesnt think a CPA places no value on a CFP designation when considering where to refer, is a fool.

Apr 9, 2010 10:47 pm

I get a kick out of guys who never took the CFP who say it is worthless.  How would they know?  If you never sat in a meeting and talked to a client about the value of the CFP and seen their reaction you have no idea the value.  I believe the CFP helps me close business because I am a sales person first with the CFP, and I know how to sell the CFP to clients and prospects.  I agree 100% if a guy is analytical with no sales skills the CFP will not help close a whole lot of business, but if you are a producer the CFP will help.

Besides, how can getting any education be a waste of time when you’re professional is all about knowledge and being able to articulate it to clients?  Take the test then tell me it’s a waste of time, some people do and I respect that opinion but not from someone who has not done it.  If PremierAdvisor had ever picked up a book before he would also realize a sample size of six small time advisors in his office is not exactly a compelling argument. 

Apr 9, 2010 11:29 pm

What the CFP did for me was to be trained to see what clients need in  a unbiased way, versus being trained to sell products!

Apr 10, 2010 10:55 am

[quote=Sportsfreakbob]

A close friend of mine is a CFP who does in the neighborhood of $4,000,000 gross per year. He is a founding member of a large team. 3 of them are CFP's. The $4MM gross is only his. The team has a planning focus and as a unit they do about $13MM t-12. i am definately not saying that they put out these numbers because or even partly because, of their designation. But there has always been an undertone on this board that CFP's are generally pikers who don't know how to build a business, and thats bullshit. I know plenty of CFP's who are pikers and I know plenty who are Million plus producers.

I'm a CFP, not a million dollar producer. (i dont have to be, because I'm indie so at $500k i make more than a million gross does at a wire.). But there is no doubt in my mind that a lot of my clients (not all)  look at me differently because of it. I'm sure there are plenty of non CFP folks on the boards who are as good or even better planners than me (well, not better). But guess what - in our business, perception is reality.

One more thing - anyone who doesnt think a CPA places no value on a CFP designation when considering where to refer, is a fool.

[/quote]

I just started an RIA practice in conjunction with a regional CPA firm.  When I made my pitch the first thing out of their collective mouths was whether I was a CFP designate.  I was able to get the deal done (money talks), but I think if I was just asking for referrals, I would definitely have hit a stone wall.

Apr 10, 2010 11:34 am

[quote=Ronnie Dobbs]

I start my CFP coursework in 2 weeks. Jones gave me an exception to go ahead with the CFP instead of the AAMS. Pretty excited....

[/quote]

I call BEE ESS!

Experience

Because CFP®
certification indicates to the public your ability
to provide financial planning without supervision,
CFP Board
requires you to have experience in the financial
planning
process. Three years of full-time relevant personal
financial
planning experience is required.

Apr 11, 2010 3:47 pm

The CFP board allowes for people to sit for the exam, you just can't use the designation until you have the 3 years experience.  I know several people I took the classes with that passed the exam but had to wait unitl they earned more work experience.

Windy, is Jones paying for the whole thing or just allowing you to work on the CFP instead of the AAMS out of your own pocket?

Apr 11, 2010 10:35 pm

What about the CLU and ChFC?  I've heard the combination is more in depth and valuable with regards to production as the CFP --

Apr 12, 2010 12:39 am

[quote=LA Broker]

Windy, is Jones paying for the whole thing or just allowing you to work on the CFP instead of the AAMS out of your own pocket?

[/quote]

Jones is paying for it. The AAMS is required to move to Segment 4. I was in the middle of the AAMS, called home office because I had a question. When I called, i was told that because of my production, that I was wasting my time with the AAMS and they wanted me to start the CFP course and drop the AAMS. They called my regional leader and someone else, and gave me special permission.

To Everyone Else - I'll have been working for Jones for 2 years in a few months. By the time I'm done with the course and sit for the exam, i'll have the 3 years.

Apr 12, 2010 8:32 am

The CFFP does not state that you need to have three years experience to sit for the CFP exam.  ANYONE can sit for the exam (if they have taken an approved study course).  3 years experience is a requirement to earn your certification.  Just like a Bachelors degree and the education requirements.

It's similar to how the CPA works.  You can take the exam, but are not a licensed CPA until you fulfill your 3 years (which actually varies by state).

Apr 12, 2010 4:04 pm

[quote=gettingstarted]

What about the CLU and ChFC?  I've heard the combination is more in depth and valuable with regards to production as the CFP --

[/quote]

I think someone lied to you. The CLU/ChFC requires two more American College classes which anyone with an IQ above room temp can knock out in short order. What makes the CFP unique is the requirement to pass the 2 day, 10 hour capstone exam, an exam with a 50% pass rate. It proves that, at least during the period of the exam, you've mastered the material and can apply it,  that you haven't just "spec and dumped" the info as you can with the prereq classes.

Apr 21, 2010 9:44 am

I can tell you from 10+ yrs experience in the industry, the CFP makes a HUGE difference for clients. As a CFP, you approach the client's total situation, find gaps in their plan, and then advise on intial steps, continuing to deepen the client relationship and expand the products and services through the relationship.If you aren't an AAMS at a minimum, you a just a broker. To clients, you are sales, sales, sales. Keep smiling and dialing for the next transaction.

As an AAMS or CFP, you demonstrating competence beyond brokering, and clients experience a difference in your approach. Invest in yourself and your skills, clients will invest in you.

Bottom line: CPAs or Attorneys do not refer to series 7 brokers, they refer to competent, experienced advisors. Client invest with advisors, transact with brokers. Build a balanced biz doing both, and I promise your biz will grow.