- 15,041
They changed the email as well, so the company would need to send an alert to the previous email if changed.
They Tried to Steal - From My Life Insurance
- Thread starter DHK
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They changed the email as well, so the company would need to send an alert to the previous email if changed.
- 18,987
Production makes an agent, not their credentials.
But there is a HUGE difference between the CSA designation and others.
It takes just 3 days of coursework to obtain a CSA!! Compared to 1-3 years for a ChFC/CFP/CLU.
Many carriers prohibit the use of the CSA designation, along with many other "senior" focused designations.
You are comparing apples to bananas with that one.
And one of the highest producing agents I know is a CFP. He does around $750k-$1m per year in just life business.
For the record, I have the DGA designation.... (damn good agent)
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Carriers need to set up an email alert whenever info is changed on a cash value policy. If they can do it for password changes on the agent portal they can do it for clients when there are changes to a policy.
But I am not surprised this happened. With most carriers it would not be hard to do if you had the right info.
I wasn't making a comparison. Just another example of how people put letters behind their name to impress themselves.
- 10,325
There are some that do. I just had a change in business email this year and maybe half of the carriers sent an email to my old one notifying of a change in email. A lesser amount sent an email or letter to the old address notifying me of the address change. A few sent a letter to my new address, which obviously would do no good if it had been changed fraudulently.
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I mostly agree. I saw one today in an office park with 3 behind his name... lol. I could understand if they were totally different, like LTCP and ChFC.
But this guy was a CLU/ChFC/CFP... CLU is slightly different but ChFC & CFP are almost the same thing, I think around half of the classes are the same.
Personally, I think DGA is best!!
I'm going to put that on my card.
It'll be a great coversation starter.
" Darn Good Agent"
I love it!
I'm going to put that on my card.
It'll be a great coversation starter.
" Darn Good Agent"
I love it!
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- #16
- 11,275
In my opinion, quality designations show an investment of time and effort to become one of the best in your field. Most of the best agents in our industry have earned the CLU and/or ChFC. Ben Feldman, John Savage, Joe Gandolfo, and many more. The designation of "choice" for MDRT Top of the Table seems to be the LUTCF - a very basic designation, as we know.
Of course, things have changed since then. Today we have the internet with a vast array of resources at our fingertips. It's much easier to find the answers we need in case design. Does that mean that designations don't have a place? I suppose it just depends on your perspective.
I met too many advisors that regretted not finishing their CFP studies... so I made it a goal to just "get it done", so I wouldn't have any regrets myself. Since my firm was paying for it, I took full advantage of it.
True, they are completely academic in nature... and they don't teach you how to sell... but generally, when I see a CFP, ChFC, or CLU... it makes me THINK they have an idea of what they are talking about.
To me, if you want to be serious, and follow the path of some of these greats... then you pay your dues and do as they did.
Of course, things have changed since then. Today we have the internet with a vast array of resources at our fingertips. It's much easier to find the answers we need in case design. Does that mean that designations don't have a place? I suppose it just depends on your perspective.
I met too many advisors that regretted not finishing their CFP studies... so I made it a goal to just "get it done", so I wouldn't have any regrets myself. Since my firm was paying for it, I took full advantage of it.
True, they are completely academic in nature... and they don't teach you how to sell... but generally, when I see a CFP, ChFC, or CLU... it makes me THINK they have an idea of what they are talking about.
To me, if you want to be serious, and follow the path of some of these greats... then you pay your dues and do as they did.
Yeah, much of the material is the same. My understanding is the ChFC is actually more comprehensive. And if you have the ChFC I'm pretty sure there is only 1 other class you have to take to be able to get your CFP. The only problem is, you can't get the CFP unless you have a 4yr college degree. Its kindof a racket really, but its their program - they make the rules. My understanding is the ChFC is more comprehensive of a designation, it just doesn't come with the marketing power or "credibility" behind it that the CFP does.
I think the CFP folks should allow for business experience as a substitute for that. I mean heck, you could be new to the business with a degree in Opera and get your CFP once you pass the course, but a successful advisor with 20,30,40yrs experience w no 4yr degree is SOL.
Most of the folks I know that have designations use them. To us within the industry, we know that just having those behind your name doesn't mean anything other than they did the work... but I wonder what clients/prospects think?
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Agree, good post. I think there is definite value in having the designations, whether perceived by the clients or not. I tend to think a client will be more likely to have a good opinion of someone that HAS a designation than not. Again, we know it doesn't imply the advisor is better or worse than others.
- 10,325
Yeah, much of the material is the same. My understanding is the ChFC is actually more comprehensive. And if you have the ChFC I'm pretty sure there is only 1 other class you have to take to be able to get your CFP. The only problem is, you can't get the CFP unless you have a 4yr college degree. Its kindof a racket really, but its their program - they make the rules. My understanding is the ChFC is more comprehensive of a designation, it just doesn't come with the marketing power or "credibility" behind it that the CFP does.
I think the CFP folks should allow for business experience as a substitute for that. I mean heck, you could be new to the business with a degree in Opera and get your CFP once you pass the course, but a successful advisor with 20,30,40yrs experience w no 4yr degree is SOL.
Most of the folks I know that have designations use them. To us within the industry, we know that just having those behind your name doesn't mean anything other than they did the work... but I wonder what clients/prospects think?
The ChFC actually covers more material and is more "hours" of work. It has a couple of classes the CFP does not. But as you said, the CFP has one or two that the ChFC doesnt.
Your suggestion about business experience will never happen. Mainly because they used to allow that about 7 or 8 years ago. Then due to a large increase in people getting the CFP, they started the 4 year degree requirement to make it more "exclusive".... its all about the marketing for the CFP board... of course that is another main difference; the CFP is a board certified exam, ChFC is not.
Your more affluent clients do care to a small extent about designations. People with advanced degrees or advanced designations in their own field, see the value in it and look for the same in the people they do business with.
Would you rather use a regular accountant a CPA or a Tax Attorney? Most white collar and business folks opt for the latter 2... I know I do.
- 711
Good point. If one is planning on working with doctors, lawyers, partnering with CPAs then the CFP would be a good idea.
A LOT of those people feel like you have to have the credentials in order to be really successful and smart like them. Stupid? Absolutely! But it bugs the hell out of the credentialed class that someone uneducated can be allowed to be more successful than them.
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- #20
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Designations, and their issuing organizations, certify you and hold you accountable to the knowledge that you gained.
That's all they do.
But designations doesn't mean that you are a clear communicator of advanced concepts to make them simple and get people to act on them. That kind of training only comes from training organizations (such as the Insurance Pro Shop), joint work, or "on the job" training at a career agency.
I don't recommend agents to follow the Kevin Lynch career path:
The American College
Daunted by Designations? | Financial Planning
He probably enjoys studying and teaching MORE than doing the actual work of prospecting, presenting, selling, and following up.
However, I believe he has more of an "employee mentality" based on the end of the attached article:
Taken away by whom? In this business, our activities help us to write our own check... so he's probably much better off for being at The American College. (But the fact that he's teaching "techniques for prospecting" does concern me.)
As for me, I do have my eye on a few more designations.
CLU - I want it just to "get it done" and be eligible to join the NAEPC - National Association of Estate Planners and Councils. (The local council doesn't seem to recognize the ChFC by itself - and I'm currently a "life underwriter" only.)
ChSNC - Chartered Special Needs Consultant - to expand and be more well-versed in special needs planning. It's a natural extension of my current target market.
AEP - Accredited Estate Planner - issued by the NAEPC - to go further into depth into business succession planning and estate planning matters.
CIMA - Certified Investment Management Analyst - a high grade investment management credential.
I'm in no rush for these... but they're what I've got on my mind and each one has a (perceived) purpose, either personal, marketing angle, or just the education to better serve my clients.
That's all they do.
But designations doesn't mean that you are a clear communicator of advanced concepts to make them simple and get people to act on them. That kind of training only comes from training organizations (such as the Insurance Pro Shop), joint work, or "on the job" training at a career agency.
I don't recommend agents to follow the Kevin Lynch career path:
The American College
Daunted by Designations? | Financial Planning
He probably enjoys studying and teaching MORE than doing the actual work of prospecting, presenting, selling, and following up.
However, I believe he has more of an "employee mentality" based on the end of the attached article:
Taken away by whom? In this business, our activities help us to write our own check... so he's probably much better off for being at The American College. (But the fact that he's teaching "techniques for prospecting" does concern me.)
As for me, I do have my eye on a few more designations.
CLU - I want it just to "get it done" and be eligible to join the NAEPC - National Association of Estate Planners and Councils. (The local council doesn't seem to recognize the ChFC by itself - and I'm currently a "life underwriter" only.)
ChSNC - Chartered Special Needs Consultant - to expand and be more well-versed in special needs planning. It's a natural extension of my current target market.
AEP - Accredited Estate Planner - issued by the NAEPC - to go further into depth into business succession planning and estate planning matters.
CIMA - Certified Investment Management Analyst - a high grade investment management credential.
I'm in no rush for these... but they're what I've got on my mind and each one has a (perceived) purpose, either personal, marketing angle, or just the education to better serve my clients.
