[quote=Geophyrd]

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.

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It's a joke in the sense that the joke is on the CFP's because clients don't care about it. I've NEVER been asked if I'm a CFP. People care about trust, likeability, and ability to make them money.

I have been asked several times and the profile of the designation(given the advent of the new IAR rules) is likely going to be higher in coming days.

For those that have recently passed the CFP and used the American College study program - I would appreciate some guidance.  I'm finishing the 5th module in Sept, and plan on taking the exam next March.  Is it better to start reviewing the 5 modules provided by A/C, or should I jump into a Zahn-like study program immediately?

Thanks in advance for your thoughts.

 "I have been asked several times and the profile of the designation(given the advent of the new IAR rules) is likely going to be higher in coming days."

Please explain how this is going to change the profile of the designation. 

Like it or not, the public doesn't care and they certainly don't know the difference between quality designations like CFP or CLU/ChFC and the designations that can be purchased for $200 and a day of learning to sell a product. 

People look for the CFP, they don’t look and say you don’t have it, I won’t do business with you. They never sit down with you in the first place.



I have several clients who specifically cited that was important to them and they tend to be well paid executive types with lots of friends.

The CFP is relevant as others have mentioned.  Remember, the series 7 is the minimum requirement to do business in this industry.  For those who are content with the minimum requirement, good luck. 

I don't see how one can possibly at a disadvantage by having the CFP.  You might actually learn a little bit about portfolio management which kinda helps when managing your clients' $$. 

bankrep1, your post makes no sense.  Until they sit down with you, they have no idea whether you are a CFP or an ABC.  My clients are mainly small business owners, but when I worked with corporate types, everything was based upon the quality of the referral and credentials was a subject that never came up.  Even now, the subject comes up once a month at the most.

bankrep1, your post makes no sense. Until they sit down with you, they have no idea whether you are a CFP or an ABC. My clients are mainly small business owners, but when I worked with corporate types, everything was based upon the quality of the referral and credentials was a subject that never came up. Even now, the subject comes up once a month at the most.

bankrep1, I will give you the benefit that it may make a slight difference in your advertising.  It does not make a difference when it comes to referrals.

hubbabubba, the knowledge is certainly useful.  The real issue that many advisors have is the control that the CFP BOG wants to take over how people run their practice.  Regardless, the fact still remains that most people don't know nor do they care about a CFP.

Hubba



The CFP BOG really just wants to make sure your acting like a professional, their requiremnts are voted on by their membership. They have never influenced my business and I am in complete compliance.



If you’re really that good why would you not want the keystone credential to go along with being that good, then you could rise to the top 1%

bankrep1, if you believe your post, then the CFP BOG is going to end up greatly disappointing you.

I'd be willing to bet that a relatively small % of the top 1% of brokers have this "keystone credential".  

Do you have any clue as to how many CFPs can't cut it in the industry?

“Keystone credential”…that’s a good one.

Very few, most run their own show. It takes 3 years minimum experience, most people wash out before then or cannot afford the cost of becoming a CFP. The top 1% of advisors today will look very different then the top 1% in 10 years.

I had someone referred to me asking questions about their pension, they told me they had a financial advisor in a nearby city who couldn’t answer his questions. I explained they are not an advisor just a broker and explained the differences, he transferred his accounts to me without hesitation, I do this every day, the knowledge a CFP has about the broad range of things that affect clients truly has value and it is quickly recognized by prospects.

bankrep, I was actually in agreement with you about the CFP being a relevent designation.  I do think that anon also makes sense about the CLU/ChFC designations as well.  Really, my whole point is that it makes sense to continue to improve your skill set (finance/insurance and not just honing your sales abilities).  You are going to need to do both very well as the business becomes more competitive.  For example, I feel sorry for the series 7 reps who think they can put together a portfolio better than the RIAs who hold the CFA (that is the keystone credential in finance). 

I agree, the CFA is more technical and it prepares you to manage money. The CFP is more broad based and teaches you the important things that affect clients lives.

Bankrep, just curious, did you have an advisory agreement with those clients?  I ask because, obviously, if you don't you are also just a broker and not an advisor in that situation.

We have to keep in mind that the vast majority of CFPs are not advisors. 

I work in both capacities as a rr and as an RIA. Almost all CFP’s are advisors, an advisor is not determined by their pay structure, an advisor is determined by their method of business (this is according to the CFP BOG).



Are you pushing product or helping people set and acheive goals while providing advice on every financial decision that affects them? That is how I determine the difference.

[quote=bankrep1]I work in both capacities as a rr and as an RIA. Almost all CFP's are advisors, an advisor is not determined by their pay structure, an advisor is determined by their method of business (this is according to the CFP BOG).

Are you pushing product or helping people set and acheive goals while providing advice on every financial decision that affects them? That is how I determine the difference.[/quote]

Yes, I do. Their goals are always the same...make as much as possible for their risk tolerance and protect them from losing money.

[quote=bankrep1]I work in both capacities as a rr and as an RIA. Almost all CFP's are advisors, an advisor is not determined by their pay structure, an advisor is determined by their method of business (this is according to the CFP BOG).

Are you pushing product or helping people set and acheive goals while providing advice on every financial decision that affects them? That is how I determine the difference.[/quote]

I suggest that you are an Investment Advisor's Representative rather than an Registered Investment Advisor.

bankrep1, I hope for your sake that your post is just trying to test my knowledge and is not serious.

What the CFP BOG has to say is meaningless.  They have no oversight over registered reps and they have no oversight over RIAs.  When you are earning commissions, you are not acting as an advisor.   It does not matter that you are giving them great advice and you have CFP after your name.  You are a registered rep and the standard that you must meet is "suitability".  Without an advisory agreement, you are not an advisor, thus you don't have fiduciary responsibility. 

"Are you pushing product or helping people set and acheive goals while providing advice on every financial decision that affects them? That is how I determine the difference."

The SEC disagrees with you.  Unfortunately, our opinions don't count.  You can't hold yourself out as an advisor to a client if you don't have an advisory agreement.