Cfp
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How quickly can one reasonably get through the coursework? If you did the self-paced studying, is 6-9 months too quick? I have typically heard 18 months.
depends on your area...someplaces have online or classroom courses which take 18months, which I did..
others offer executive certificates that can be doen in 9 months..but those usually require you go 4 hours a night, once a week, for 9 months straight..
Florida State offers a good online program, self paced, reasonably priced (5-6k)..I did in in 24 months, passed the exam the first time.
go to cfp.net, search for approved course providers
[quote=careerFA]
depends on your area...someplaces have online or classroom courses which take 18months, which I did..
others offer executive certificates that can be doen in 9 months..but those usually require you go 4 hours a night, once a week, for 9 months straight..
Florida State offers a good online program, self paced, reasonably priced (5-6k)..I did in in 24 months, passed the exam the first time.
go to cfp.net, search for approved course providers
[/quote]
I am familiar witht he providors, process, etc. I am just curious though, for the ones that offer self-paced learning (versus the online classroom style), would 6-9 months be enough time? I have a very busy life (kids, work, , etc.), and I would rather bust a nut for 7 or 8 months, rather than stretch the thing over 2 years.
I realize the AAMS does not really compare too well, but I passed that with virtually no studying at all. I would need to look at the materials and see how new some of the concepts would be for me.
4 hours a week for nine months really isn't all that bad when you really think about it.
Right, 4 hours a week would be cake. But my point is, would that be enough study time to pass the tests? I have heard they estimate 100 hours of study time per course (6 courses), so that would be 600 hours of study time, 8-10 hours per week, that's where the 12-18 months comes from. I'm just curious if anyone has squeezed it into 6-9 months.
you can pass the AAMS based on industry experience, that won't cut it on the CFP....The material is deep, the topics tested are broad, you can complete the 9 mo program, and study like a bandit for 3 months and get done in a year. High rate of failure there, that's why only 40% pass the first time through.
Take your time, absord the material, it will serve you well in your career. Its the gold standard for sales and financial planning..the CHfc and CLU are more insurance focused...
when's the last time a Chfc explained alpha or helped you put-call collar a concentrated equity position? They didn't, they tried to sell you a VUL
A CFP should be the bare minimum in this industry. i love it when I position a letter of engagement with a client and they looked puzzled. "Why are you asking me all these questions when my broker doesn't"
[quote=Mr.Blonde]
A CFP should be the bare minimum in this industry. i love it when I position a letter of engagement with a client and they looked puzzled. "Why are you asking me all these questions when my broker doesn't"
[/quote]
I've gotten that response a ton and I don't have, nor ever plan on, sitting for the CFP. Why should I be forced to study for something I don't need and my clients don't care about?
[quote=Mr.Blonde]
Oh, and before anyone says anything, yes, CFP's can sell!
[/quote]
But generally, they don't.
[quote=deekay]
[quote=Mr.Blonde]
Oh, and before anyone says anything, yes, CFP's can sell!
[/quote]
But generally, they don't.
[/quote]
No they don't have too the client understands the need.
That is the difference between a sales clerk and a professional.
Only 60,000 people in the United States have a CFP. Every client i have that walks in my door, knows what it is and has respect for it. If it does anything, it separates you from every other broker/advisor who is trying to sell them something. They honestly believe you aren't just trying to sell any old investment to them....Thats my experience...
By the way....Almost Seg 4 ladies.....
Your can sell was Dec 15th 2008. That puts you at LOS = 16 months. I think seg 4 is 27k-ish for 4 month rolling. Not sure if there is an LOS requirement. If all this is true and you acquire your CFP, which you will not "technically" be able to use for 20 months, you should seriously think of going out on your own. I think Jones may hold you back. Have they decided to offer you LP yet?
p.s. congrats
I got shot down when asked about the ChFC... the ChFC requires the exact same courses as the CFP plus 3 more electives. Why is it not more complete designation - the test? Seems the CFP has just been branded better to the consumer...
[quote=N.D.]
Your can sell was Dec 15th 2008. That puts you at LOS = 16 months. I think seg 4 is 27k-ish for 4 month rolling. Not sure if there is an LOS requirement. If all this is true and you acquire your CFP, which you will not "technically" be able to use for 20 months, you should seriously think of going out on your own. I think Jones may hold you back. Have they decided to offer you LP yet?
p.s. congrats
[/quote]If that's all true, it's impressive as hell and yes, you'll probably outgrow Jones sooner than later.
Of course, we all know you can say anything on the internet...;-)
[quote=N.D.]
Your can sell was Dec 15th 2008. That puts you at LOS = 16 months. I think seg 4 is 27k-ish for 4 month rolling. Not sure if there is an LOS requirement. If all this is true and you acquire your CFP, which you will not "technically" be able to use for 20 months, you should seriously think of going out on your own. I think Jones may hold you back. Have they decided to offer you LP yet?
p.s. congrats
[/quote]
Thanks. Yes it is all true. I have about a year until i can actually test for the CFP and use the designation. Thats why they wanted me to go ahead with the studying, because the CFP coursework takes roughly a year to complete. Once i'm done with the coursework and take a few weeks to review I should be sitting at 3 years exactly.
As far as LP, I have not been offered any. I've been volunteering alot with things such as College Recruiting and doing interviews, etc...Not sure if I will get LP or not. Probably not, but oh well.
Does Jones do financial planning? What do you see as the greatest benefit of the CFP? Does Jones let their IRs charge for planning fees? I was under the impression you guys could charged commish for products sold and recently added some fee based accounts, what about any other sources of income? Can you charge planning fees, hourly, retainers? What about away accounts such as a 401k or discount brokerage account that allows option trading since Jones does not?
The greatest benefit of the CFP is the marketing aspect. Clients and COI's generally view it is the standard in the industry in terms of designations (regardless of that as a fact).
Unfortunately, the whole CFP process is very self-serving to the CFP community. It started as a "good ole boys" designation. It used to be easy to get - you just took the courses - no exam. Well, the good ole boys decided that in order to keep their "club" exclusive, they would implement the exam to keep people out.
On top of that, much of the content REQUIRES you to take the courses. You literally CAN'T pass the exams, regardless of how good you are or how much you know, because some of the content is CFP Board "opinion". In other words, it's "their" accepted methodologies. Personally, I don't agree with all of their methodologies.
I think you can become a "GREAT" planner/advisor through self-education. There are so many resources out there to teach you the best way to do things, and as we all know, there are literally a thousand different ways to come to the same answer (i.e. solving your client's financial needs/objectives). You don't need to spend $4000 on courses and exams in order to implement the financial planning "wheel".
Full disclosure, I plan on getting my CFP, as it is the industry standard. It is purely for marketing purposes. I just don't think it will really help me do a better job with my clients.