CFP, CLU, LUTC or ChFC Are They Worth Getting

[Charpress]

Kind of agree with everything so far. One further thought.

It may depend on whether you are trying impress fellow insurance people or impress the people who are potentially going to by your stuff.

Other insurance people will probably be impressed by CLU. I think most people out there in prospect land understand that "CLU" has something to do with meaning you sell insurance. For that reason, I think tacking CLU on your name is actually a minus. At least that was the way I always looked at it before I was in this business myself.

Anytime anyone dropped of a card at my office wanting to speak to me, if the card talked about financial planning but I spied CLU anywhere, I immediately thought "Oh crap, an insurance salesman."

 

[insuranceexec]

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)

I thank you for taking the time to post and express your view; and would add that it's a valid view point.

"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"

The point that I was trying to make is that a college education is not a pre-requisite for success in the insurance business. It is always important to "invest" in ones self education; but this can be done with/or without any designations or degree's.

I hope you still do not think that I was trying to deny the importance of an education. I hope this helps.........

 

[djs]

Education is not a prerequisite in this industry at all. Heck, the sad thing is, education about the product you sell isn't even really a prerequisite.

That said, it helps. It can definitely help offset lack of experience, it helps clients feel you are more committed, it helps you with a feeling of self-confidence. All of these can easily be overcome in other ways.

Heck, I attended (and graduated) from the 4th toughest school in the nation (early 80's may have changed). Nobody would care. Yes, I went through the Navy Nuclear Power Program, which ranked behind MIT, Harvard Law School, and one other (don't remember) in terms of the difficulty of the curriculum.

Not a single one of my clients care. I don't even care at this point, it was lifetime ago. If I met Al's clients, I'd talk to them about my Business degree. Turns out, they don't seem to care either (some do).

People do want relevancy. I think the more 'financial' you are, the more clients look at this. I'm selling auto insurance to someone at the car dealer, they could care less, they just want to drive their new car. I'm working on an investment plan, the client wants to know more about me, and rightfully so.

Somebody said it earlier, it's all about your target market.

Dan

 

[wrighj03]

I have a B.S. from an accredited college. I got it because I thought growing up I was supposed to and I did not want to limit my options. But, now I have a firm belief that it is not the designation that matters it is the process of getting it.
In short, a way to keep score.

 

[Newby]

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)

Al, no offense but you and your "Renaissance man" buds are exactly who I would have figured would put more value in the snob appeal of a college education than the actual knowledge you might get from it. You're overly brand conscious too.

I'm going to tell you a true story that kind of explains the way many of us think which may or may not be right but it is the opposite of yours.

Soichiro Honda, the founder of Honda Motor Corp. was a high school drop out that failed miserably at business (making piston rings) because he didn't know what he was doing.

He went back to school to learn what he needed. He was obviously a very attentive student and was doing well in class but he always skipped on days when they were testing.

When the instructors questioned him about this and informed him that he would never earn his college degree because he never showed for tests, he told them "I'm not here to earn a degree. I'm here to learn what I need to know."

Al, the rest is history. The guy founded and built the Honda Motor Company and that trumps any degree from any college in my book.

Just a different way of thinking.

 

[Guest]

Al, no offense but you and your "Renaissance man" buds are exactly who I would have figured would put more value in the snob appeal of a college education than the actual knowledge you might get from it. You're overly brand conscious too.

It is a good story and I have no reason to doubt it, but that was then and this is 60 years later. Not everyone is a Bill Gates... brilliant. Most of us tend to need to be taught... at least to learn the tools so that we can teach ourselves.

And not to labor the point, but you must have SOME reverence for education and the value of getting a degree because your wife (who is a babe... what's she doin' with you????!!!!) has some major educational credentials.

Al

 

[moonlightandmargaritas]

When you take the time and trouble to earn a professional designation, it shows that you are serious about learning your craft.

 

[arnguy]

A good friend of mine went to Vaseline College----he slipped in and slipped out!

 

[Paradigm]

These designations are a very inexpensive way to continue your education and improve your value to your clients.

The average agent does 15 hours of credit each year in continuing education if that. If you want to master your career, notice I didnt say job it is essential you continue to learn more about the business you are in.

 

[djn1970]

Soichiro Honda, the founder of Honda Motor Corp. was a high school drop out that failed miserably at business (making piston rings) because he didn't know what he was doing.

He went back to school to learn what he needed. He was obviously a very attentive student and was doing well in class but he always skipped on days when they were testing.

When the instructors questioned him about this and informed him that he would never earn his college degree because he never showed for tests, he told them "I'm not here to earn a degree. I'm here to learn what I need to know."

Al, the rest is history. The guy founded and built the Honda Motor Company and that trumps any degree from any college in my book.

Just a different way of thinking.[/quote]

Yes !