[quote=B24]

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.

[/quote]

I think it would depend on the individual.  I coasted through my Series 7 study program, logged half the recommended study time and scored a 96.  Then again, I had a BBA in Finance and 15 years in financial industry experience going for me.  While I am in no way implying that these two tests are comparable, I would think that the same concept applies.

Also, if you are going to do it, do it now!  They are about to tack an additonal 40 hours to the study requirements starting in 2012.

[quote=joelv72]

Also, if you are going to do it, do it now!  They are about to tack an additonal 40 hours to the study requirements starting in 2012.

[/quote]

So, you're basically admitting the CFP is for marketing purposes and NOT for the knowledge one will gain.  Yet more confirmation why the CFP should NOT be a required designation.

Joel,

I agree, I know that they are increasing the requirements in 2 years.  One of the reasons I want to do it now.

So I will repeat the question...

Does Jones do financial planning? What do you see as the greatest benefit of the CFP to a Jones IR? 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?

[quote=deekay]

[quote=joelv72]

Also, if you are going to do it, do it now!  They are about to tack an additonal 40 hours to the study requirements starting in 2012.

[/quote]

So, you're basically admitting the CFP is for marketing purposes and NOT for the knowledge one will gain.  Yet more confirmation why the CFP should NOT be a required designation.

[/quote]

The 40 extra hours are not really educational in nature.  From what I have read, it is this industry's version of clinicals.  If you have been doing this for a while, WTF do you need that for?

[quote=N.D.]

So I will repeat the question...

Does Jones do financial planning? What do you see as the greatest benefit of the CFP to a Jones IR? 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?

[/quote]

We use Sungard Fianncial Planning Suite.  So yes, we offer financial planning, but cannot charge for it like a fee-only planner.  It is basically used in conjunction with implementing the plan for either fees or commissions, like most wirehouses.

Ok so how many ways can Jones produce income? I assume it only comes with a transaction or advice fee on AUM. What are all the various ways a Jones guy can produce income?

ND, not sure what you don't understand.  We are just like all the wirehouses...commissions and/or fees for investments, insurance & annuities, CD's, etc., banking products, mortgages, etc. 

The only thing we can't do is charge a "planning fee".  Wish we could, but we can't.  But I don't think most of the wires or major B/D's (other than Ameriprise) do that anyway.

I have no idea what the wires do so I cannot compare them to you guys.

Can you all do 401k plans? Do you count that as AUM in the office or out? One of the advantages we have at Ameriprise is the fact we can charge for planning, therefore we can pretty much charge for advice with practically anything as a goal. Several of our clients have away accounts that cannot be transferred in nor can we become broker of record. For these clients we have a planning relationship letting us provide advice on away accounts.

At the end of the day, I am trying to get an idea of all the ways an FA can generate revenue and which firms will let them run a business using a majority if not all of these ways. I think Ameriprise may have a broader range of possibilities but I do not know every business model. If you know of a list I would appreciate you pointing me in that direction. But for know I am just asking.

Windy,
17 months is the fastest POSSIBLE to hit seg 4
5 in new
4 in 1
4 in 2
4 in 3
and then to hit seg 4 your gross for the last 4 months would have had to have been over 108k.
You are 16 months in yet you said 2 years. Unlicensed training doesn’t count. You are either full of it, or I expect to see a bronze statue of you next time I’m in StL

The question is:  what are you looking to accomplish with this "financial plan"?

[quote=skljkajdsj]Windy, 17 months is the fastest POSSIBLE to hit seg 4 5 in new 4 in 1 4 in 2 4 in 3 and then to hit seg 4 your gross for the last 4 months would have had to have been over 108k. You are 16 months in yet you said 2 years. Unlicensed training doesn't count. You are either full of it, or I expect to see a bronze statue of you next time I'm in StL[/quote]

Who cares?  He's doing well, and half the time I don't know exactly how many months I've been in business, I just blurt something out.  So 14, 16, 24, who cares.  Maybe he's already hitting seg 4 numbers and is just waiting for the month that he qualifies.

[quote=Ronnie Dobbs] 

By the way....Almost Seg 4 ladies.....

[/quote]

Maybe Jones does hire people who can't read.....Thats ok though. I reposted it for you..I said ALMOST Seg 4.....Regardless...I'll be there

The CFP board has won the marketing war in many ways.  The American College is doing better, but the CFP is way ahead right now.

Here's the rub:

 - Do you want to VOLUNTARILY submit to another SRO?

 - The new requirements require that you submit a financial plan prior to certification as a CFP.  Now, do you think that you do planning that will pass the smell test of the CFP board?  Do you think they're SMART enough to recognize a good plan when they see one?

The CFP has been marketed as an INVESTMENT designation.  But the investment module is the same between CFP and ChFC.  There is NO difference in the investment module between the two.  But the CFP is marketed to the investment firms while ChFC is marketed to insurance firms.  This is why the "ChFC will recommend a VUL" comment has some validity.

Neither will help you sell more as they don't have a marketing component.  They will BOTH help you to recognizeadditional opportunities to work with your prospects and clients.

Here's what a CFP is:  http://www.americanfenceassociation.com/Members/CertifiedFenceProfessional/tabid/99/Default.aspx

If you want a designation that will actually help you with sales skills and marketing, you'll want to check out the FSS from The American College.  The letters don't mean jack.  But the designation content will help you in a great deal.

duplicate post

I disagree that a CFP won't help you serve your clients. It helps you to take a step back, evaluate their total situation, and then propose solutions across a range of needs. Prior to having the CFP, I was transactional and feature-benefit dumping when making recommendations. Now, I develop a comprehesnive strategy that enables me to touch that client across investments, insurance, and education planning, enabling me to strengthen the relationship and make that client sticky.

If you go for the quick commish or transaction, you are leaving too much on the table. Clients value a CFP's approach. My practice took off when I started applying the CFP principles and my value proposition discussed the comprehesnive approach.

Get the CFP or get out of the industry, because the coming industry regulation will force your hand.

[quote=careerFA]

I disagree that a CFP won't help you serve your clients. It helps you to take a step back, evaluate their total situation, and then propose solutions across a range of needs. Prior to having the CFP, I was transactional and feature-benefit dumping when making recommendations. Now, I develop a comprehesnive strategy that enables me to touch that client across investments, insurance, and education planning, enabling me to strengthen the relationship and make that client sticky.

If you go for the quick commish or transaction, you are leaving too much on the table. Clients value a CFP's approach. My practice took off when I started applying the CFP principles and my value proposition discussed the comprehesnive approach.

Get the CFP or get out of the industry, because the coming industry regulation will force your hand.

[/quote]

I do all this and don't (and won't) get my CFP.  I run circles around the plans that many CFPs have dumped on my clients.  Does that make me less of a professional?  

I agree with Deekay.  I already do this.  The C FP financial planning process is nothing unique or mysterious.  Most firms preach the process anyway. 

I do agree with you that if you were previously just a transactional "broker", and want to learn how to become more of a "holistic" planner, their process and education gives you a great track to run on.  But many of us already adopt this process.

You may be right, though.  The industry is evolving, and eventually credentials may be required to some degree.

[quote=deekay]

[quote=careerFA]

I disagree that a CFP won't help you serve your clients. It helps you to take a step back, evaluate their total situation, and then propose solutions across a range of needs. Prior to having the CFP, I was transactional and feature-benefit dumping when making recommendations. Now, I develop a comprehesnive strategy that enables me to touch that client across investments, insurance, and education planning, enabling me to strengthen the relationship and make that client sticky.

If you go for the quick commish or transaction, you are leaving too much on the table. Clients value a CFP's approach. My practice took off when I started applying the CFP principles and my value proposition discussed the comprehesnive approach.

Get the CFP or get out of the industry, because the coming industry regulation will force your hand.

[/quote]

I do all this and don't (and won't) get my CFP.  I run circles around the plans that many CFPs have dumped on my clients.  Does that make me less of a professional?  

[/quote]

YES. Professionals have degrees and designations, doctors, lawyers, dentists. Get with it and adjust. Since you run circles aroud CFP's, passing the exam should be a cinch.