CFP Experience Question

[DHK]

When you say you want to add "financial planning" to what you offer... what specifically are you talking about?

Gathering assets under management and charging a fee... is NOT "financial planning".

Be A True Financial Planner - Insurance Pro Shop

There is no licensed or credential required to do "financial planning" (unless your state requires some kind of license - such as the series 65). Financial planning is a PROCESS... not a product.

To implement the plan, you'll need the appropriate licenses in order to make the final recommendations with securities & insurance products.

One nice thing about having gone through the rigorous process... is you are EXPOSED to lots of details, so that if something comes up later, you can go back and look it up. This makes you a better planner and a better compliance risk.

However, don't put the cart before the horse. Getting a series 65 isn't that hard and it's much cheaper and faster than studying for the CFP or ChFC. Remember, you have to pass every single module's exams first BEFORE you can take the comprehensive exam.

By doing this before offering your services... is engaging in avoidance behavior. Sometimes it's hard to recognize our avoidance behavior tendencies... but that's what this is in this thread. (And the fact that it's morning, and I'm at home typing this instead of doing what I need to do is further evidence of this in my own life.)

----------

Oh... and I have the ChFC designation, so I have a little knowledge about what I'm talking about.

 

[adamsagency]

I get what you are saying. Makes sense now. Going for the Series 65 first and will work towards the CFP designation.

 

[sman]

I would like the ability to offer financial planning to my clients. I believe I need either the CFP or ChFP designation in order to do so.

That is an incorrect assumption. Not to say you can't learn something from the coursework. But the coursework doesn't give you real world experience.

I was in a meeting one time and this guy who worked for a 403b provider asked how he could go about getting knowledge on how to know what investments to recommend for his clients. The problem is that the guy has a CFP designation and is already advising people. That's just scary to me and spoke volumes of how the CFP designation doesn't prepare a person to advise people on investments.

 

[adamsagency]

That is an incorrect assumption. Not to say you can't learn something from the coursework. But the coursework doesn't give you real world experience.

I was in a meeting one time and this guy who worked for a 403b provider asked how he could go about getting knowledge on how to know what investments to recommend for his clients. The problem is that the guy has a CFP designation and is already advising people. That's just scary to me and spoke volumes of how the CFP designation doesn't prepare a person to advise people on investments.

True, but I've already have financial planning experience, just not the designation. LOL. Guess it's reverse for me. LOL.

----------

Anyone know a good course online to take to prepare for the series 65?

 

[DHK]

I get what you are saying. Makes sense now. Going for the Series 65 first and will work towards the CFP designation.

You're a victim of CFP brainwashing... but your eyes are starting to open.

You see, there are various consumer articles that tell clients to look for an advisor with the CFP. However, ALL these articles are written by:
- The CFP board itself
- Those who hold the CFP
- Those who are paid to have a bias towards the CFP (think Wall Street Journal, etc.)
- Trade associations, such as FPA and NAPFA, that espouse "one profession, one designation" philosophy.

They make it sound like the only way to be considered a "good advisor" is to have a CFP designation... and that's simply not true.

That's a marketing angle... and little more.


Now, having such education IS invaluable. I won't tell you not to study for and obtain credible designations, such as CFP, ChFC, CLU, etc. However, it's far faster and cheaper to just get your licenses and get started.

One reason I went for my ChFC was because I was getting tired of the broker/dealer business model and FINRA. I wanted the option of doing AUM as an RIA/IAR, but I didn't want to have to study for another license again later. With my ChFC, I can become an RIA/IAR later if I choose. (I haven't done so currently.)

----------

Anyone know a good course online to take to prepare for the series 65?

First American National Investment Advisors is an RIA I've been looking at. Here's their link on how to get a series 65 license:

How to Obtain a Series 65/66 License CLICK HERE - First American National

If you reference their company code in the course registration process, the recommended study materials would only be $99 (self-study) and then you pay the exam fee of $155.

And no, you don't have to promise to be with this RIA in order to take advantage of the discount.

 

[Stephen]

True, but I've already have financial planning experience, just not the designation. LOL. Guess it's reverse for me. LOL.

----------

Anyone know a good course online to take to prepare for the series 65?

Testteachers is really good for the 65, and also a forum sponsor. If you can go to an actual class that is also a big help.

Don't look at the test outline and think that because of your knowledge and experience it will be an easy go. There are so many questions that you will never use a day in your life after the test,

i.e. Bob lives in Arkansas, has an office in Oklahoma, and a prospect in Texas. Must he be federally or state registered?

I missed my 66 exam by 1 question the first time because I was feeling cocky after doing very well on the series 7 exam. I spent $1000 in tuition and travel for a live class, buckled down and studied for another month, and ended up passing by 1 point on my second try. There is a warm place in hell for the lawyers that make that test .

 

[DHK]

I took the 66 back in 2004... and I also failed by 1 point... took it again and failed by more points.

If you don't pass the 3rd time, you have to wait 6 months before you can take it again.

I finally passed with a 73, when a 71 or better was the minimum acceptable score.


By contrast, I passed the series 7 with an 80%... taking 1 hour for the first part, and 1 hour for the second part. I was almost laughing my way through it.

 

[briko3]

Just concerned about the experience issue.

Well, two of us answered your question on that. What's still holding you back? By the time you take all of the required classes and pass them and then sit for the test, you're a year out MINIMUM for your CFP. Series 65 can be done by the end of the month if you have a test center near you.

Edited to add: I just realized when I submitted this that you already made your decision. BTW, I have my CFP and not one client gives a crap.

 

[jbage007]

why in the world would anyone want to get a CFP?

 

[Bishop Don Shizzle]

why in the world would anyone want to get a CFP?

Why wouldn't they? Industry certifications exist for a reason.