Cfp?

or Register to post new content in the forum

27 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jan 8, 2010 4:51 pm

Another question for the peanut gallery - given that my experience is all on the institutional side of the business, I'm very comfortable with the stock and bond aspect of the job. However, I think a CFP designation would fill in those areas that are currently complete blanks for me. I found a Kaplan course on line (Jan-Apri) and could take the test in July, 2010. What do you guys think of the informational content of the CFP? Useful?

 


I've got my MSSB interview on Tuesday with the Complex Manager, Resident Manager and Complex Business Dev. Officer.
Jan 8, 2010 5:04 pm

CFP = Can't find production.

Jan 8, 2010 5:04 pm
Shark:

Another question for the peanut gallery - given that my experience is all on the institutional side of the business, I'm very comfortable with the stock and bond aspect of the job. However, I think a CFP designation would fill in those areas that are currently complete blanks for me. I found a Kaplan course on line (Jan-Apri) and could take the test in July, 2010. What do you guys think of the informational content of the CFP? Useful?

 


I've got my MSSB interview on Tuesday with the Complex Manager, Resident Manager and Complex Business Dev. Officer.

I think that you are focusing on the wrong things. Did you see how many of your connections are true prospects? That's what I would focus on. Next I would focus on my selling skills since you are applying for a sales position. Why get a CFP when you don't even know if you will be successsful as an FA. I have been in this business for 17 years and don't have a CFP. My point is customers don't care what you know until they know that you care.



"You say..."I've got my MSSB interview on Tuesday with the Complex Manager, Resident Manager and Complex Business Dev. Officer"...Your being too Harvard MBAish...Just say you have an interview at MSSB.
Jan 8, 2010 5:07 pm

I took that exact course and the information is extremely useful. I haven't sat for the test yet because I didn't have 3 years of relevant experience when I took the classes. If you are chasing down some HNW prospects from your previous connections I think the CFP will help give you some credibility. It isn't going to make or break you because it won't matter what is after your name if you have nobody to give your business card to.

Jan 8, 2010 5:08 pm

Your CFP would be worthless at MSSB. 

 
They would not let you use it. They tell you what to do and sell!  
Jan 8, 2010 5:17 pm

Shark-

I hope that you are getting the point...your thinking credentials, credentials, credentials.
You should be thinking sell, sell, sell.
Example when I was at SB 15 years ago my manager would say..."pick up that black b***h (phone) and dial.
Did I mention it's a sales job...
Just giving you tough love because on your interview on Tues they will tell you what you want to hear.
 
Jan 8, 2010 6:02 pm

I think you guys have misread my question. In order to sell, sell, sell, don't I have to know what I'm selling. On this very website you trashed the training program as useless, so how am I going to learn to some of this planning crap if they won't teach it to me. Or can I just sling stocks around like I did at Goldman.

Jan 8, 2010 6:08 pm
Greenbacks:

Your CFP would be worthless at MSSB. 

 
They would not let you use it. They tell you what to do and sell!  
This is crap
I took the CFP exam, when i was at SB, and they not only let me use the designation, they reimbursed me for the cost.
 
With that said, i would advise Shark not to go for the designation yet. Wait until you have a base of a book. Studying for the exam is a big time commitment (even if you are a Harvard MBA), and you are going to need that time to find clients and assets. In the training program, you have numbers to hit, and you definately need to hit them. If you dont the manager wont really care that you are busy studying.
Jan 8, 2010 6:15 pm
Shark:

I think you guys have misread my question. In order to sell, sell, sell, don't I have to know what I'm selling. On this very website you trashed the training program as useless, so how am I going to learn to some of this planning crap if they won't teach it to me. Or can I just sling stocks around like I did at Goldman.

 
"Sling stocks around"? "planning crap"? That's how you would describe it? So you're a Harvard MBA that 'advised' institutions at Goldman and you're hoping to learn about how to run a portfolio at home office rookie broker training?
 
"you trashed the training program as useless" said the Harvard MBA, LOL. Who's you?
 
 Hmmmmm something stinks lady.
Jan 8, 2010 6:52 pm
Shark:

I think you guys have misread my question. In order to sell, sell, sell, don't I have to know what I'm selling. On this very website you trashed the training program as useless, so how am I going to learn to some of this planning crap if they won't teach it to me. Or can I just sling stocks around like I did at Goldman.

I did not miss understand you. Let me be very clear...You will be paid to gather assets and put into packaged products. Example mutual funds, VA's, SMA's. You will not be managing money.
You said in a previous post "I know financial markets cold" and"I've got a lot of wealthy friends who know I know my stuff". If that is true then you don't need a CFP.
 
I have mentored and trained many individuals in this business. "Planning Crap and slinging stocks"...I can tell you don't have the right temperment for the business. If you are getting upset by these posts then you'll get real upset when prospects don't tell you what you don't want to hear. Save yourself the time and don't take the "leap".
 
"You want the truth...You can't handle the truth."
Jan 8, 2010 7:44 pm

Don't bother with the CFP designation--2 big reasons:  1. You already have enough credibility with your background.  2.  You CAN'T be a CFP without 3 years of experience.  Doesn't matter if you pass the test, etc.--you need to meet the 3 yr experience requirement before you can use the designation.

Jan 8, 2010 9:57 pm

Shark-

 Sorry if I have sounded harsh.
 
Everything I say is the truth.
 
If you really want to know what being a financial advisor is like and go to Barnes and Noble over the weekend and buy/read "The Million Dollar Financial Practice" by David Mullen Jr before Tuesday. He has 2 books. You want to read the first one he wrote. It has a blue cover. Read the first section about "Building the Foundation". He trained FA's at Merrill Lynch for 26 years. He says that it has nothing to do with credentials but with the mental aspect that will decide if you succeed of fail. He calls it "low percentage/high payoff dynamic."
A high number of rejections (low percentage) is required to reach the reward (high payoff).
You have to have the mental fortitude to make it past the high number of rejections. He also states the for the first 2 years you should work 12 hour days where 80% of you time is on marketing. I think the the statistic he gives is less than 5% of all people hired make it past the first 2 years because most individuals do not have the motivation and mental fortitude to face the rejection that one must face day in day out.
 
I have made it in this business. What was the cost...I missed the first 11 years of my kids life, was an absentee husband, and gave myself high blood pressure. I worked probably 70 hours week. That was the cost for my success.
 
The benefit besides all the materialist things (which I was never home to enjoy) was I kept my wife home for the past 11 years. The other benefit I was able to save enough money to go independent and have a high end boutique where it is tangible and I do have flexibility to only work 40 hours week now. After 17 years I finally have my own business and I love it again.
My education...High school dropout...NO GED...I did go to college and graduated with a 2.01 GPA. (That's a story for another time).
 
MSSB will tell you what you want to hear and will probably hire you.
 
I'm just trying to tell you like it is and most on this board will agree with me.
 
Bottom line... for the first 2-3 years you will work 12 hour days and will be a glorified telemarketer. Credentials and education do not matter. I did it and so has everyone else on this board. Read GetHardGetRaw's posts. For the first 2-3 years it is a grind. The odds are against you. Remember only 5% make it. If it was easy everyone would do it and succeed.
 
I wish you all the best.
 
Jan 8, 2010 10:06 pm
mlgone:

your the smartest IDIOT I know that will fail!   You have NO idea what this side of the business is about. Another TOOL with a GREAT degree that doesn't mean SH*T.   Move on Idiot and pick my stocks.





what does a janitor know about a CFP?

Jan 8, 2010 10:13 pm
mlgone:
DD:
mlgone:

your the smartest IDIOT I know that will fail!   You have NO idea what this side of the business is about. Another TOOL with a GREAT degree that doesn't mean SH*T.   Move on Idiot and pick my stocks.





what does a janitor know about a CFP?





Ask your Mom.....





Son





I'm asking you, you got her the job on your old crew after your wife kicked you out for having 2 small of a tool.

Jan 8, 2010 10:23 pm
mlgone:
DD:
mlgone:
DD:
mlgone:

your the smartest IDIOT I know that will fail!   You have NO idea what this side of the business is about. Another TOOL with a GREAT degree that doesn't mean SH*T.   Move on Idiot and pick my stocks.





what does a janitor know about a CFP?





Ask your Mom.....





Son





I'm asking you, you got her the job on your old crew after your wife kicked you out for having 2 small of a tool.





you gotta do better boy. Hi Spiff



It's mel, not Spiff.

Jan 11, 2010 4:54 pm

So what happened to Suzy Cream Cheese?

 
Mrs. Harvard MBA you still there?
Jan 12, 2010 9:09 am

G-

Suzy Cream Cheese is still here. Takes a lot more to scare me. I read much of the marketing thread yesterday. A lot of really good ideas.

Jan 12, 2010 7:13 pm

I wonder how the interview went.

Jan 12, 2010 9:31 pm

Thanks for asking. It went very, very well. By the time I got home, I had gotten a note to write a business plan. Thanks to all of you. I certainly got an education reading many of the posts on this website. You made me a lot more realistic and street smart about what the job entails.



Suzy Cream Cheese

Jan 13, 2010 5:58 pm

Suzy Creamcheese, Oh, baby, now
What's got into ya?


Is your business plan going to be based around that 'planning crap' or 'slinging stocks around'??


Suzy Creamcheese, Oh, mama, now
What's got into ya?