Are you a Financial Analyst or Advisor or an Insurance Agent

[theinuranceguy]

Hello my name is Ramiz, and I am an Insurance Agent.

 

[thewold]

I think the CFA designation and CFP designation are getting confused. A CFA is an analyst who deals with analyzing a company's financial statements to determine profitability and attractiveness of stocks. They usually work with mutual fund, hedge fund, pension funds, by analyzing EPS, etc, and forecasting.

It takes a degree and a pretty rigorous course in finance. If you are looking to do financial planning and want to truly call yourself a financial planner, then you need to get your CFP (Certified Financial Planner) To get this, you have to have a bachelors degree, take the CFP course with is usually about 18 months, pass the CFP exam which some say is comparable to the CPA exam, and have 3 years relevant work experience in the field.

IMO, the CFP should be the only one who can truly call himself a financial planner. Series 6, 7, 63 only gives you the access to sell securities. Doesn't mean that you have actually put together a financial plan which includes insurance, tax planning, estate planning, wealth transfer, asset allocation, etc. There is a lot that goes into a financial plan besides selling insurance or securities. It's using projections, risk tolerance, changing needs, etc to get a person from point A to the desired point B. I don't believe you can do this with only an insurance liscense. It takes a wealth of knowlegde and you have to look at every angle, which just selling insurance or mutual funds doesn't really do.

Just my 2 cents

 

[Winter_123]

I think the CFA designation and CFP designation are getting confused. A CFA is an analyst who deals with analyzing a company's financial statements to determine profitability and attractiveness of stocks. They usually work with mutual fund, hedge fund, pension funds, by analyzing EPS, etc, and forecasting.

It takes a degree and a pretty rigorous course in finance. If you are looking to do financial planning and want to truly call yourself a financial planner, then you need to get your CFP (Certified Financial Planner) To get this, you have to have a bachelors degree, take the CFP course with is usually about 18 months, pass the CFP exam which some say is comparable to the CPA exam, and have 3 years relevant work experience in the field.

IMO, the CFP should be the only one who can truly call himself a financial planner. Series 6, 7, 63 only gives you the access to sell securities. Doesn't mean that you have actually put together a financial plan which includes insurance, tax planning, estate planning, wealth transfer, asset allocation, etc. There is a lot that goes into a financial plan besides selling insurance or securities. It's using projections, risk tolerance, changing needs, etc to get a person from point A to the desired point B. I don't believe you can do this with only an insurance liscense. It takes a wealth of knowlegde and you have to look at every angle, which just selling insurance or mutual funds doesn't really do.

Just my 2 cents

A couple of years ago most of the B/D's started down the road of not even allowing you to call yourself a financial planner even if you had a CFP. SEC's Merrill Rule required you to be a registered investment advisor. You couldnt just be a series 7 registered rep with a CFP. And it was not just a matter becoming a registered investment advisor. It was not that simple, because it changed the whole nature of your fiduciary responsibility and required a lot of things that would kill about any sale even if you were totally ethical.

Last I heard though, the Merrill Rule was struck down and I am no longer up to date with securities issues. How much of the rule has survived to re-appear in cleaned up regs, I don't know so don't rely on this comment for an up to date understanding . But be careful, about thinking that you just need to get a CFP. You have to find out from your B/D's compliance whether they want you as a series 7 person representing yourself as a financial planner with all of the additional compliance issues that go with it.

Also, if you are thinking of putting your agency name on pizza boxes as was discussed in another thread, then that is advertising which your B/D must approve too )))) Not kidding.

It's a mess.

Winter

 

[Nttwrkz LLC]

Thank you all for your comments. I'm going to focus on getting much experience and see where I end up. I really appreciate all of your comments. And you know what, I should be proud to say "I'm an insurance agent". Thanks

Nttwrkz1

 

[2112Greg]

I have S7, S66 and Life/Health/Annuities. I call myself an advisor/broker, but really only relating to insurance. My securities licenses are floating...I make a good living without having to deal with all the compliance and related BS that I have to deal with doing investment products. I focus on health/life and farm out securities to friends. Too much hassle and yea, Winter, it IS a mess.

 

[Lloyds of Lubbock]

You should call yourself what compliance dept lets you

 

[DHK]

I'm sure that advice is appreciated... 10 years later.

 

[Kenneth Busch]

If you want to be an investment advisor, get the Series 65. Most advisors are dropping their 7 to stay away from FINRA regulations. You would really only need the 7 for individual securities or variable annuities anyway. Most advisors put client money with investment managers and thus do not have to make individual security buy/sell decisions. Now if you want to make those decisions and put client money in individual stocks, bonds and variable annuities, you'll need the 7/63.

The CFP is a slightly different discussion. You can be a Financial Advisor without it as long as you have the 65. The letters after your name though will give you more credibility and some firms may even require you to get the CFP.

Hope that helps.