Passed the CFP!
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To all of you who passed, what did you find to be the best use of your study time? In regards to the practice exams, live review, notecards, etc? Thanks!
The answer to this has to be - do as many practice questions and practice exams as possible. Do the review, read the review books, but get that done quickly so you can have as much time to do practice questions and case studies as possible.To all of you who passed, what did you find to be the best use of your study time? In regards to the practice exams, live review, notecards, etc? Thanks!
Ditto, I skipped the actual study classes due to having a CPA and all I did was practice questions and exams from Kaplan. I didn’t read the review books or take a review course. Just question after question.
If you can pass Bar exam, you can pass CFP.
Focus on Real Estate, Trust. and Textbooks in law school.I was quite relieved as well when I received my letter that I passed last week.
For those that didn't, this was time number 2 for me. Being 27 and only advising for about 2 years, I thought taking my time going through the review material the second time proved to be more helpful for me. I focused too much on questions the first time and realized I was just trying to memorize (ala Series 6,7,63,65,24) instead of understanding the questions. I think unfortunately the magic potion is different for everyone. Best advice I could pass along is take your time on the exam and trust your instincts. There is no place for doubt once you are in the test room taking it.For those that passed the CFP this time around, will the next step being earning the CFA designation?
I understand this can be a very powerful credential to have. Any thoughts?That depends upon your chosen profession. It’s probably very powerful in the investment manager/investment banker/investment analyst professions, but IMO, it’s almost worthless to an investment advisor and from what I can tell, it’s a pain in the ass to get. At least some people know what a CFP is. OTOH, Joe Public is likely to think you’re an accountant if you use CFA as a designation.
Thanks, Indy.
There seems to be some debate as to the actual difficulty of obtaining the CFP designation. Does anyone have any thoughts on this?[quote=Choochitchit]Thanks, Indy.
There seems to be some debate as to the actual difficulty of obtaining the CFP designation. Does anyone have any thoughts on this?[/quote]I have a thought. I think if you use the "search" button in the upper right hand corner of the page you will find MANY posts on this very topic.
I think the general concensus is that from easiest to hardest, it’s series 7/66, ChFC, CFP, CPA, CFA. There are some other junk designations that you shouldn’t bother with, such as CSA. An insurance specialist should probably get a CLU (although that’s actually kind of funny, now that I think about it).
Most folks spend a couple of years getting their CFP, although due to proscrastination, I spent an eternity getting mine.[quote=Choochitchit]How long did it take you to get your CFP, joe?[/quote]
About 2 1/2 years from beginning to end. Why?
[quote=pratoman]
First thing I did was send out a letter announcing to all of my clients that I went thru an intensive 2 year course of study, blahblahblah, and passed the 2 day exam. The letter came from and was signed by, my BOM. I got a ton of calls, congratulating me, in some cases, for the "promotion" Some understood it, obviously others didnt, but all were impressed. Whenever I talk to them, I point out that I can do a lot more for them than Stocks and Bonds. In my networking group, at our weekly meetings, when its my turn to get up and introduce myself, I say I am a Certified Fin Planner, and talk aobut, or give a story that illustrates, what I do as a CFP thats different from most other FA's. Whether or not this will all pay off will be evident over time.[/quote] I'm not trying to be funny or downplay your CFP accomplishment, but what are you doing as a CFP that's different than most other FA's? I've tossed around the idea of starting the CFP, but the time it would take is stopping me. I'd like to hear from those of you who have CFP on your biz card what you are doing that is different than the avg FA.[quote=Spaceman Spiff][quote=pratoman]
First thing I did was send out a letter announcing to all of my clients that I went thru an intensive 2 year course of study, blahblahblah, and passed the 2 day exam. The letter came from and was signed by, my BOM. I got a ton of calls, congratulating me, in some cases, for the "promotion" Some understood it, obviously others didnt, but all were impressed. Whenever I talk to them, I point out that I can do a lot more for them than Stocks and Bonds. In my networking group, at our weekly meetings, when its my turn to get up and introduce myself, I say I am a Certified Fin Planner, and talk aobut, or give a story that illustrates, what I do as a CFP thats different from most other FA's. Whether or not this will all pay off will be evident over time.[/quote] I'm not trying to be funny or downplay your CFP accomplishment, but what are you doing as a CFP that's different than most other FA's? I've tossed around the idea of starting the CFP, but the time it would take is stopping me. I'd like to hear from those of you who have CFP on your biz card what you are doing that is different than the avg FA. [/quote] With all respect to you Spiff, I think you are totally missing the point. I do not have the CFP yet but have done the educational requirements. That alone has helped me in my business. It is awareness of issues that the CFP gives you that you don't have now.I would agree with the previous post. The true value from a knowledge standpoint comes from just going through the education process. Others will argue that the true value from a marketing standpoint comes from the value of the letters on your business card.
Frankly, I did it for my own knowledge and to gain the experience. I'm not necessarily looking to work with people who just look at the letters you have on a business card and judge you from that and that alone.