Indyone,

I agree with your posts, yes whilst a MBA gives you general marketability, which is what I was getting at in the first place, the CFP must make you a better advisor.   If you are a CFP, are you held more accountable in giving advice as a FA?  

Naturally, there is a code of ethics that a CFP must abide by, but I’ve never felt hindered by it in the least.  For the most part, it is common sense and common courtesy that advisors should live by anyway.

  As far as accountability, only if I get drug into court or arbitration will I ever really know if I'm being held more accountable than I would be without a CFP.  Sure, I could see an attorney arguing that because an advisor is a CFP, they should have known better, or done better, etc., but at the same time, I don't see not having it getting you off the hook.  If you agree to manage someone's investments, you have agreed to be held accountable for your actions, period.  At least with a CFP, you are armed with more training and a code of ethics that should keep you out of most trouble spots, assuming you apply what you learned.

Based upon a number of factors including all of the advice you have given me this is the plan I think I will go with.  <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Once I graduate I think I will take a year to fully dedicate myself to building relationships with the clients him and I share (It will take a lot of joint meetings and quite a bit of moving slowly forward) to gain their trust mostly because they already trust him and I am so young. Then begin my studies and get the CFP before I begin to slowly transition into his larger clients. 

 

I have begun to read through all of the articles I could find regarding succession plans to try to get some information that I can bring to the table and am hoping if you could refer me to any more resources I would greatly appreciate it.  Like it was said in another post…..I really need to try to impress him so he knows he made the right decision.

I have passed the CFP and received an MBA from NYU/Stern.  With that said, I have not closed a deal as a direct result of either set of initials.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

The MBA was well worth my time and has had a great positive impact on how I approach business.

 

The CFP was well worth my time and has provided me with the bare essentials to serve my clients’ best interests.

 

To succeed in this business you need to be able to close.  Neither set of initials teaches you how to do that.

 

Learn how to close.  If you can do that then the MBA and CFP can help you run a superior business that better serves your clients’ needs.

 

--WM

WM,

  What is your advice and experience on learning how to close?