CFP, CLU, LUTC or ChFC Are They Worth Getting

[djs]

I think the world went title hungry a while back, diluted the value of most titles.

Put PHd on the end of your name, nobody cares. Put Dr. in front, it makes a difference, even though they are the same thing. It's perception, people think Dr. is a medical doctor, which isn't necessarily true.

Most titles help you relate to peers, more than they help you relate to clients. On the other hand, ask 100 workers on an assembly line if a college degree makes their manager smarter than they are, everyone will probably say no way. Ask the manager if he makes more money.... decide for yourself.

I do think titles like CFP mean something to individuals. Ironically, ChFC means little, though it's the same classes.

To each is own. I don't think it hurts to have the title. I think if you look at the numbers, for the real titles (not the 1/2 hour lecture, here is your title), the ROI is there over the long haul. It's hard to know if its the title or the dedication of the agent though.

Dan

 

[Rebel-without-a-clue]

If a person post's strong opinions about college degrees, consider not talking about it (until you have many post's)

Problem is these are NOT college degrees, they are designations. No matter who says they are the same as having your Bachelors, masters, etc... its just not true. If it is an M.B.A./J.D. that your going for, then yes the title matters.. But these titles were INVENTED so that Kaplan and Co. could walk away with your money...

Or at least that's my take.... again.....

 

[Newby]

Problem is these are NOT college degrees, they are designations. No matter who says they are the same as having your Bachelors, masters, etc... its just not true. If it is an M.B.A./J.D. that your going for, then yes the title matters.. But these titles were INVENTED so that Kaplan and Co. could walk away with your money...

Or at least that's my take.... again.....

Definitely not the same but you're not comparing apples to apples.

My wife is an MBA and a CPA. Has been for many years and has actively worked in the accounting field as a controler for 15-years. She has even taught business accounting at the local college.

BUT when she decided to get her life & health license 2-years ago, it was ALL NEW to her. She had to study hard.

Now she is taking the ChFC courses and they are as difficult for her as they are for any of us.

Bottom line is; having an MBA and a CPA designation doesn't mean you know beans about insurance. In the real world, a CLU or ChFC trumps MBA and CPA if you are discussing insurance knowledge. In the public's perception it, of course, does not.

It just depends if you want reality or perceived reality.

 

[xrac]

What Rebel said.

In a word, no, not worth the time and money assuming you have done the research on your own and are well acquainted with and knowledgeable about the products you are selling.

However, if it makes you feel "warm and fuzzy" and boosts your confidence with talking to prospects it may be worth it to you.

I would venture to say that the majority of insurance agents don't even know what all those letters stand for. Just like most people don't know the real meaning of BS, MS or PHD.

BS - BullShit;
MS - More of the Same;
PHD - Piled High and Dry.

I have to correct Frank on one thing. I think PhD stands for Piled Higher and Deeper!

 

[Frank Stastny]

I have to correct Frank on one thing. I think PhD stands for Piled Higher and Deeper!

How right you are. I couldn't think of what the "D" was when I typed that.

It's nice to have someone covering my 6. Thanks
That's why you are making the "big money".

 

[Rebel-without-a-clue]

Definitely not the same but you're not comparing apples to apples.

My wife is an MBA and a CPA. Has been for many years and has actively worked in the accounting field as a controler for 15-years. She has even taught business accounting at the local college.

BUT when she decided to get her life & health license 2-years ago, it was ALL NEW to her. She had to study hard.

Now she is taking the ChFC courses and they are as difficult for her as they are for any of us.

Bottom line is; having an MBA and a CPA designation doesn't mean you know beans about insurance. In the real world, a CLU or ChFC trumps MBA and CPA if you are discussing insurance knowledge. In the public's perception it, of course, does not.

It just depends if you want reality or perceived reality.

The reality is that M.B.A.'s are the C.E.O.s that run the insurance companies.... not L.U.T.C.'s so it must carry some weight somewhere.

 

[insuranceexec]

The reality is that M.B.A.'s are the C.E.O.s that run the insurance companies.... not L.U.T.C.'s so it must carry some weight somewhere.

As an individual that has earned a Masters degree (economics) and who is currently in law school; I will add this:

I personally am not impressed with anyone with a college degree or a designation. I have met intelligent people with and without a degree or designation. What it tells me is that person is eager to learn.

As insurehound said "I just want to learn all I can"; in my opinion that is why it is helpful. I have several designations relating to the field of insurance and investments; and I do not put them on my business card. I do not put that I have a bachelors degree, masters degree or that I am currently working on my juris doctorate. I don't think it matters; I am doing this for me.

The people who do get all caught up in the "look what I have" mantra are really saying " I am insecure;" and "I need to feel validated"..............At least that is what one of my Psych teachers told me........................LOL......

I would encourage any and everybody to become STUDENTS OF THEIR TRADE. The more one learns; the more opportunity they will see.....I hope this helps......

 

[LGilmore]

"It just depends if you want reality or perceived reality."

It has nothing to do with what "you" want, it is how your client "views" you that matters. Again, I go back simply to what is your natural market. A CHFC, CFP, MOU SE isn't going to matter, if it doesn't matter to your market.

Your market is who signs your commission check.

So, make your decisions based on what market you want to play in.

 

[arnguy]

How right you are. I couldn't think of what the "D" was when I typed that.

It's nice to have someone covering my 6. Thanks
That's why you are making the "big money".

Geez, Frank, I was going to correct you (I agree with the definition as stated by xrac), but I hesitated. I thought that maybe that your definition of Ph.D. was a "Missouri thing."

BTW, Newby, I always thought that CPA meant "Cleaning, Pressing, and Alterations!"

 

[Guest]

I personally am not impressed with anyone with a college degree ...


The people who do get all caught up in the "look what I have" mantra are really saying " I am insecure;" and "I need to feel validated"..............At least that is what one of my Psych teachers told me........................LOL......

I think it depends on what market you serve. In my area I deal with mostly "upscale" clients who are all formally well-educated. I personally can't think of any of them who would purchase (even discuss) financial products with an advisor who did not have the discipline or ability to get at least a four year degree from a college or university that had high standards.

We all know that clients don't buy insurance... they buy YOU. And the corollary to that is the more like THEM you are, the more likely they will feel comfortable with you. Can you write a large annuity or a buy-sell policy with a woman who owns a successful art gallary and who is on the board of the local museum if your sum of cultural knowledge is NASCAR? I rather doubt it, but as I say, there are always exceptions.

In my circles, one of the early questions I get asked is where did I attend college. Why? It's important to these people. I don't make the rules there... I'm just reporting what I know to be true in my case and my area. Perhaps it is a lot different in Arkansas.

While it is, of course, possible to become an educated, eclectic person who has a wide knowledgebase (art, music, literature, economics, government, sociology, technology, etc.) without formal education, it is much easier to attain this via an eclectic selection of classes in a four-year state or private accredited college program.

The best salespeople I've ever met were men and women who majored in art, literature, history, political science, music, and economics... because in those you learn about "life and times" as opposed to what you get in a typical MBA program (charts and spreads.)

I think a college education is a great help to anyone who wants to go into sales. I find that sales requires one to be a "Renaissance man" so to speak... one needs to be a Jeffersonian as opposed to a Hamiltonian (sort of.)

It's fine if you are "not impressed" with those who have attained the "distinction" of graduating from a rigorous program of study, but I would suggest that you not denigrate the value of such study for most people.

A degree from a good school shows me that you probably have what it takes to be successful in a competitive world and that you have the ability to learn new and complex subjects easily... and well. That's whom I want to hire... or do biz with.

Of course, each to their own. There is no "right" answer here.

Al
(BA University of Virginia, 1969, MA College of William and Mary 1974)