So You Don't Need a Sponsor to Become a CFP?

[jboussea]

A friend of mine who is an insurance agent wants to get a CFP. He's talking to NY Life to sponsor him .. he's not willing to lose his freedom.. they won't let him sell IUL's .. for example

We both thought that you need a sponsor to become a CFP and sell investment products but the link below seem to disagree..

can anyone qualify? . also is there a better route to go ?

Which popular professional certification exams do not require sponsorship? | Investopedia

 

[Tahoe Ray]

A friend of mine who is an insurance agent wants to get a CFP. He's talking to NY Life to sponsor him .. he's not willing to lose his freedom.. they won't let him sell IUL's .. for example

We both thought that you need a sponsor to become a CFP and sell investment products but the link below seem to disagree..

can anyone qualify? . also is there a better route to go ?

Which popular professional certification exams do not require sponsorship? | Investopedia

You don't need a sponsor to pursue your CFP designation.

You will need the relevant work experience to actually use the mark though...

http://www.cfp.net/become-a-cfp-professional/cfp-certification-requirements

 

[DHK]

You only need a sponsor for broker/dealer securities licensing, such as a series 6, 7, 63, and 66.

The only securities licensing that does not require a sponsor is the Series 65.

Designations only care that you pay for them, study and pass each individual course. And, as Tahoe Ray said, that you have the relevant work experience before you can use their marks, if they have an experience requirement.

Being an insurance agent generally counts.

 

[scagnt83]

We both thought that you need a sponsor to become a CFP and sell investment products but the link below seem to disagree..

A CFP designation does not allow you to sell Securities.

A Series 6 or Series 7 allows you to sell Securities.

 

[DHK]

True, but the CFP (along with ChFC, CPA/PFS, CFA, and CIC) allow one to be exempt from the Series 65 exam and can either form or join an RIA to offer asset management services for fees. Still gotta pay the fees and register, but you can skip the (relatively easy) Series 65.

 

[scagnt83]

True, but the CFP (along with ChFC, CPA/PFS, CFA, and CIC) allow one to be exempt from the Series 65 exam and can either form or join an RIA to offer asset management services for fees. Still gotta pay the fees and register, but you can skip the (relatively easy) Series 65.

A 65 doesnt sell Securities.

Anything that allows the SELLING of Securities requires a Sponsor.

 

[jboussea]

A 65 doesnt sell Securities.

Anything that allows the SELLING of Securities requires a Sponsor.

Define "selling" ... i'm only asking cause you put it in all CAPS .

 

[Tahoe Ray]

Define "selling" ... i'm only asking cause you put it in all CAPS .

Being paid a commission as opposed to charging a fee.

 

[pfg1]

You also have to have a 4yr degree to be eligible for a CFP. So you can have a degree in music and get a CFP, but a 30yr seasoned advisor that may have every security license can't get one if they don't have the 4yr degree. Total BS if you ask me. They used to waive the degree req't if you had valid experience, I think it was a bad idea to change that.

Fwiw, I don't think the 65 is an easy test.

 

[walthamny]

If the purpose is to just get CFP, you would not join NYL. They will reimburse the courses required to take the CFP as long as you sell some life insurance with them. There are quite of few other carriers that will subsidize your courses. But subsidizing the courses does not mean they are sponsoring you. You can take the courses on your own and pass the exam.