Cfp
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[quote=Mr.Blonde]
[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.
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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?
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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.
[/quote]
As Gordon Ramsey has already stated, I don't want to become a member of another SRO. It certainly isn't about passing a damn test. If/when I so choose, I will go the CLU/ChFC route. More comprehensive course load, more focused on what I enjoy (risk management), and limited politics.
By the way, did you know the life insurance industry invented the concept of financial planning, and not the stock brokers of the world? Seems to me I would be better off sticking with the original rather than a knock-off.
A professional is someone who possesses expert knowledge on a topic, adheres to annual contiuning education and a code of conduct, and handles their clients with a fiduciary approach.
You are not less a professional, but your clients may not be viewing you as a professional. Perception is reality, no matter what circles you may be running.
The suitability standard is under tremendous pressure. Why would you not want your value proposition communicate the fiduciary approach to planning, or do you want to continue to be a Fabulous Fab and hunt widows and orphans?
Wait.....wasn't Bernie Madoff a fiduciary? I fail to see how imposing the fiduciary standard will turn a crook in to a noble professional. Either you have ethics or you don't. It's that simple.
CFA, you are right, perception is reality. That was my earlier point - the CFP is needed for many of us as a marketing tool, not a planning tool.
Madoff claimed his advisory business was incidental to his primary business as a market maker. A agree, ethics are everything, I'm just arguing that being a trsuted advisor with your clients requires an approach different than a suitability standard approach.
The CFP is not a marketing tool only. Its an established brand, known to clients. When you meet a prospect, they don't know you. Would you rather too the horn of the CFP or the horn of I'm FINRA RR....
I'm telling you, my business took off when I became a CFP. My approach was different, client perceptions changed.
CFA, I agree with you. Perception goes a LONG way with clients. My point was that having the LETTERS after your name made a bigger difference than the knowledge it gave you.
Little off topic, but since this thread is active I figured I would ask a related question. I am planning to sit for the CFP this summer and have yet to order my study guides. I will be doing the online and guides themselves (no time to dedicate to a week long crash course) and wondered which study guides are recommended. Dalton, Kier, American College, others?
You're going to study for 2 months for the July sitting? Pretty aggressive. Good luck.
[quote=gettingstarted]
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]
The American College prerequisites are easy. A reasonably smart chimp could pass them one by one and in the end, take away very little. Adding three more classes to that list means little. That's not the challenge.
The challenge is the comprehensive exam at the end of the CFP process that only has a 50% pass rate. (doesn’t say much about the prereqs, does it, if only 50% of the people that pass them can then pass the exam) THAT’S the big difference, you have to prove you’ve mastered the material and can apply it.
The whole “it’s a marketing designation” really sounds like the rallying cy of someone who knows they wouldn’t end up on the right side of that 50% pass rate.
[quote=deekay]
[quote=Mr.Blonde]
Oh, and before anyone says anything, yes, CFP's can sell!
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But generally, they don't.
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That's just the sort of thing people who know they couldn't pass the exam say. Check the "Top 100 Independent" and "Top 100 Wirehouse" advisors lists, you'll see plenty of people with genuine professional designations after their names, like CFP.
[quote=Conrad Dobler]
[quote=deekay]
[quote=Mr.Blonde]
Oh, and before anyone says anything, yes, CFP's can sell!
[/quote]
But generally, they don't.
[/quote]
That's just the sort of thing people who know they couldn't pass the exam say. Check the "Top 100 Independent" and "Top 100 Wirehouse" advisors lists, you'll see plenty of people with genuine professional designations after their names, like CFP.
[/quote]
And I know of plenty professionals that make waaaaaaaaaaay more than folks like Ron Carson and Ira Walker and don't have the CFP. What's your point?
My POV is the CFP do not help you sell. You can either sell or you cannot sell the CFP has nothing to do with it. What the CFP does do is give you credibility. This is not to say that you cannot be credible with out the CFP. I have my CFP, it has not made me a better sales man, but I do think that it has made me a better Financial Planner.
[quote=JackBlack]
My POV is the CFP do not help you sell. You can either sell or you cannot sell the CFP has nothing to do with it. What the CFP does do is give you credibility. This is not to say that you cannot be credible with out the CFP. I have my CFP, it has not made me a better sales man, but I do think that it has made me a better Financial Planner.
[/quote]
Nobody, myself included, is arguing against the education the CFP (or CLU/ChFC) offers. What I am against is the CFP BoG lobbying to make the mark the entry level in this profession. In my opinion, they want to become another SRO in the same vein as the SEC and FINRA. And my opinion is that the CFP BoG has completely lost sight of their original values - as a center of knowledge.
Hell, I may sit for the actual exam once I've finished my studies. But as it stands, I will not use the mark. I will gladly use (for now) the CLU/ChFC marks. Although, I wouldn't be surprised if they tried to move in on the territory the CFP BoG has already marked off.
[quote=deekay]
Hell, I may sit for the actual exam once I've finished my studies. But as it stands, I will not use the mark. I will gladly use (for now) the CLU/ChFC marks. [/quote]
It couldn't be clearer, you realize you couldn't pass the exam.
[quote=Conrad Dobler]
[quote=deekay]
Hell, I may sit for the actual exam once I've finished my studies. But as it stands, I will not use the mark. I will gladly use (for now) the CLU/ChFC marks. [/quote]
It couldn't be clearer, you realize you couldn't pass the exam.
[/quote]
At this point, no. I haven't finished the material. Which is to say I need to revisit it. When prepared, would I pass the exam? Abso-fecking-lutely.
By the way, congrats on your CFP. You're qualified to do the same exact sh1t I do. Toast yourself, Corky. You must be very proud.
[ To the admin - it seems when you post then edit, the original post stays on the board as a double post. Which this was before i edited
[quote=careerFA]
Madoff claimed his advisory business was incidental to his primary business as a market maker. A agree, ethics are everything, I'm just arguing that being a trsuted advisor with your clients requires an approach different than a suitability standard approach.
The CFP is not a marketing tool only. Its an established brand, known to clients. When you meet a prospect, they don't know you. Would you rather too the horn of the CFP or the horn of I'm FINRA RR....
I'm telling you, my business took off when I became a CFP. My approach was different, client perceptions changed[/quote]
What you are saying is that the CFP IS a marketing tool. "Thats what creating an established brand, known to clients", is - its marketing.
My opinion is that it is both. I think there is a lot in the CFP curriculum that you have to learn, that most RR's will never use. Unless i am a fee only planner, i am not talking to any of my clients about 1260 properties, or other such bullshit. But it does give you a pretty deep knowledge about tax concepts, estate planning, investing (MPT) and how they all meld together and are all related.
At the same time, its a marketing tool, because as was said already, perception is reality.
I have the CFP, i am glad i got it, but i know what it is and what it isnt.
Question for CareerFA - what did you do, in terms of marketing AND creating a process, to leverage your CFP Designation that helped you get growth that you might otherwise not have gotten.
[quote=deekay]
[quote=Conrad Dobler]
[quote=deekay]
Hell, I may sit for the actual exam once I've finished my studies. But as it stands, I will not use the mark. I will gladly use (for now) the CLU/ChFC marks. [/quote]
It couldn't be clearer, you realize you couldn't pass the exam.
[/quote]
At this point, no. I haven't finished the material. Which is to say I need to revisit it. When prepared, would I pass the exam? Abso-fecking-lutely.
By the way, congrats on your CFP. You're qualified to do the same exact sh1t I do. Toast yourself, Corky. You must be very proud.
[/quote]
Wow, the lack of confidence thing is going to do you in.
Pass the exam, then you can tell me what you're qualified or not to do.