The cfp isn’t even relevent for what we do daily. btw i see alot of clients @ the 200k level. it’s just that noone cares about the cfp. thats not to say that won’t change but today even big money doesn’t ask about a cfp. I have been in this biz for almost 4 years with a respectable aum and only two clinets ever asked me about the cfp. they still became clients. one day i’ll sit for the exam. 

[quote=joedabrkr]

[quote=ezmoney]The CFP is a joke. Noone ever asks about it, meaning at this point no cares about it. It's a designation, and that's all it is. If you want a real degree go get a masters in financial planning. Up until now (2006), one could have 3 years experience, be a high school dropout and still sit for the CFP. It's only in 2006 that you have to now have a undergraduate degree and 3 years experience. [/quote]

Do YOU have that 'real degree'?

[/quote]

hmmmm.....I sense a little backing and filling here....

First it's not a "real degree" and if we want a "real degree" we should get a masters in financial planning.

So when asked if you have that "real degree", much less the "joke certificaton", you change your tune and start talking about how it isn't really relevant any way.

hmmmmm.....

That combined with your other post today complaining about how boring it gets to have endless meetings with one prospect after another referred to you by the tellers(and I'm sure endless hours filling out annuity paperwork too), and I'm starting to get the picture...

[quote=ezmoney]The cfp isn't even relevent for what we do daily. btw i see alot of clients @ the 200k level. it's just that noone cares about the cfp. thats not to say that won't change but today even big money doesn't ask about a cfp. I have been in this biz for almost 4 years with a respectable aum and only two clinets ever asked me about the cfp. they still became clients. one day i'll sit for the exam. [/quote]

Possibly the reason you've only had two clients ask is that most of those who care, have already sought out an advisor with a CFP credential.  For example, anyone can go to www.cfp.net , key in their zip code and find a local CFP.  They might see a local CFP advertising in the yellow pages or the newspaper and contact them that way.  They might be referred by another satisfied client who is sold on the idea of having a CFP for an advisor.

It is unlikely that you will ever see these folks, but don't assume they don't exist.

[quote=ezmoney]The cfp isn't even relevent for what we do daily. btw i see alot of clients @ the 200k level. it's just that noone cares about the cfp. thats not to say that won't change but today even big money doesn't ask about a cfp. I have been in this biz for almost 4 years with a respectable aum and only two clinets ever asked me about the cfp. they still became clients. one day i'll sit for the exam. [/quote]

I have a feeling you'll change your mind about how relevant it is  if you ever look into it closer. BTW, you don't appear to be quailifed to "sit" for it, you'll have to do the prereqs.

I am very well qualified to sit for it, thank you. I have a bit more education than a high school diploma. I just don't feel it is relevent at this point. btw who the hell knows cfp.net? not your average investor that's for sure.

Yes I do have a real degree. Three of them, and I can sell in case you were wondering.

[quote=ezmoney]

I am very well qualified to sit for it, thank you. I have a bit more education than a high school diploma. I just don't feel it is relevent at this point. btw who the hell knows cfp.net? not your average investor that's for sure.

Yes I do have a real degree. Three of them, and I can sell in case you were wondering.

[/quote]

I never doubted that you have a degree. The point is you simply don't have one that would allow you to "sit" (assuming you mean take the exam via a challenge). Again, read the link I gave you about how you earn a CFP designation. You‘d have to go through the academic prerequisites.

You seem to be all caught up in the oversight the CFP board allowed in letting people not holding a degree take the exam after they’ve met all the other criteria. That obsession has blinded you to the fact that there’s substantial course work required (in most cases two years), in addition to three years experience and then there’s the 2 day, 10 hour exam with a 50% first time pass rate.

It is only relevant if you take the time to inquire about a clients total situation.  It probably isn't relevant if your just pushing fixed annuitties.  I use alot of what I learned on a daily basis.

has anyone used or heard about the effectiveness of the CFP prep products from the Boston University Online CFP Program ? These guys are prolific spammers, but they're relatively cheap, CD/online based and self-paced, which suits my schedule better-

reviews??

[quote=TexasRep]

has anyone used or heard about the effectiveness of the CFP prep products from the Boston University Online CFP Program ? These guys are prolific spammers, but they're relatively cheap, CD/online based and self-paced, which suits my schedule better-

reviews??

I dont know about that particular program. I took a review course just before the exam. The review course was the most helpful program I took. 

[quote=joedabrkr] [quote=TexasRep]

has anyone used or heard about the effectiveness of the CFP prep products from the Boston University Online CFP Program ? These guys are prolific spammers, but they're relatively cheap, CD/online based and self-paced, which suits my schedule better-

reviews??

[/quote]

I am using the program and have completed two modules so far.  All together I'm happy with it.  Although, as I've gotten busy the last few months I've fallen behind in my studies.  I suppose that's an occupational hazard.


[/quote]

joe- is that your only gripe?
how long did you need for each of the first 2 modules?

some falling behind is probably normal- when are you planning on taking the exam, did you allocate about 12-18 mos?

Did Sailor fall off his horse?

[quote=Dirk Diggler]The CPA exam is the hardest exam I've ever taken. It's harder than the bar exam and is way harder than the little cfp quiz. [/quote]

How come a CPA flunked the Series 7 from our office?

That’s hard to believe.  If that happened, it’s most likely because the CPA did not take the seven seriously.  There is no way the seven is even remotely as difficult as the CPA exam.  It’s been awhile since I took the CPA exam, but it was damned hard…19.5 hours over two and a half days.  When I finished Friday afternoon, I was drained.

He was probably arrogant and thought because he had the CPA he didn't need to study.  The topics covered on the 7 have nothing to do with the CPA exam, if you don't study you won't pass no matter what you did before you entered this business.

The 7 is not hard if you study, but it is not a common sense test.

When completing the education portions of the 4 E’s, who can tell which route is better, an in-class program or self-study? I am aware that one person probably can not give reasons for both, but hopefully people on both boats can tell their stories. Any, tips of reviews exams would be helpful as well. I know some of my questions might be explained in the search engine, but I wanted to ask anyways. Thank you registered rep vets.

I’m waiting to do the CFP until after CFA.  Someone mentioned they are all hard in different ways.  That’s true, but CFA is the hardest.  With the CFA you are exempt from taking all of CFP ‘pre-exams’ and the depth of finance is significantly greater with CFA.  I know at least 50 advisors who have both CFA and CPA.  All of them said CFA was harder.  CPA has the highest barrier to entry with college coursework requirement.  Having said that, CFP is the gold standard for retail portfolio management.  I think if you are able to obtain any of the designations then why not do it?  What is the downside besides time?  You gain credibility and your clients might actually benefit. I commend the advisor who strives to learn more.  A series 7 just doesn’t cut it anymore. 

[quote=bankrep1]

little quiz, dirk your obviously not a CFP.  The CPA is very difficult, the CFP is no joke.  I know several people who have passed the bar cpa cfp and cfa.  They say they are all different but all respectfully difficult.

By the way Dirk your an asf.  If I met you in real life I would probably punch you just for fun.

[/quote]

I have NEVER heard anyone who had both describe the CFA and CFP tests as being in the same level. The CFA is 3 tests, not one, and the pass rates are FAR LOWER for each level. I have my CFA, and I have done a review class for the CFP (you can test out of the CFP if you have the CFA) and my experience supports that conclusion.

Exactly as SF broker said.  Its not even close between CFA and CFP

Ok, I'm an old time participant in this site. Mostly, I've been sitting on the sidelines watching.  This is something I'm in the middle of right now.

The CFP is not a joke. Its an incredible amount of information. I've been taking the accelerated Kaplan class and plan to sit for the Nov exam.  The reason the pass rate is 50% is that the Board doesn't let you sit unless you have passed rigorous educational requirements (Six units in Kaplans' course : Fundementals, Income Tax, Investments, Insurance, Retirement Planning and Estate Tax. I've heard other companies use 5 units.)  Regardless of the number of modules, there are (I believe) 108 different areas that the Board tests on.  The test is not easy, but by the time someone is ok'd to sit for it, they've already been through the ringer pretty thoroughly in terms of learning. That is why the pass rate is 57%, not because the test is easy. If you can find statistics from the people that begin the class to those that pass, I'm certain the pass rates are much, much lower.

I took my Series 7 after 2 weeks of study (although I was employed for 60 days). I took the 65 after one weekend of study. I studied maybe a week for the Insurance exams.

I've been studying for this exam since January and I don't know if I'm going to pass.  I've been studying 30-40 hours per week and still can't get my hands completely around it.

If you really think the CFP is easy, quit posturing. Its not. If you're a CPA, you get a pass on the educational requirements. Go take it...but don't throw darts at those trying to pass.