CFP's Chime in...

[saieddie]

I'm sure alot of them hold an insurance license, but reading the CFP trade mags, you can clearly see the disdain CFP's have for insurance agents, or anyone else who gets paid by commission.
How many actually have a p/c license and use it?

 

[Paradigm]

CFP are varied some work on commission some on fees, some on both. Its up to the advisor which they do.

 

[Chkndinner14]

I must not be the norm. I have held the CFP designation and ChFC designation for years, have a L & H and a P & C license. CFP encompasses a broad range of topics and nail was hit on the head, there are many things that a person that holds the CFP designation may be doing.

It would be all about choice and preference.

Back to the question, College of Financial Planning in Denver. I did it self study. Very difficult exam, but since it is graded on a curve, you still may pass with a lower score.

Good Luck

 

[saieddie]

CFP are varied some work on commission some on fees, some on both. Its up to the advisor which they do.

You don't say. I'm just saying, based on the discussions i've had with CFP's at FPA and NAIFA meetings, and the articles i've read in the trade mags shows a tendency of CFP's to look down on commission based planning and sales.

 

[xrac]

At one time I thought I might persue the CFP but no longer. I think the CFP would be a hinderance to doing business. Because of the position the CFP board is taking many CFP's are punting.

New CFP rules could be hard on small clients - InvestmentNews

 

[Chkndinner14]

Im CFP



well, thats my initals... so with that being the case, i think i will slap cfp on my business cards... oh darn, im internet base sales... i dont have business cards

Felix?, Fidel?, Frederick?, Ferndinand?, Fletch?, Franklin?, Fraser?

Fess up, the suspense is killing me.

 

[taterpeeler]

frakenstine

 

[URDRWHO]

Too often the alphabet providers are self serving entities.

Don't hang your hat on having all the alphabets behind your name.

My other soap box is nonprofit organizations. People actually think there isn't much money in nonprofit. Take the recent scandal of a CEO of one of the United Way branches. It was found out that she was making $1.2 mil a year. Kind of puts a damper on the employee fund drives.

I took the CFP coursework through the College for Financial Planning in Denver. They also sell all kinds of review material and seminars and stuff to prepare for the exam.

By the way I read that the salary in 2005 for the President of the CFP Board was close to $570,000. My guess would be that it is over $600000 now. Did you know you have to pay the board about $400 to $500 a year just to be a member? Did you know you have to commit to ratting on anybody who is a CFP who you think did anything unethical? Did you know you have to commit to putting the customer's life and goodwill ahead of your own family's well-being? These people are truly on powertrips.

Back to the subject at hand-I have read and I agree that the College for Financial Planning's study materials are better than any of the rest. I've seen the rest and there is incorrect information in them, mispelliings, ommission of material, and other egregious stuff. The College's materials are to the point, and well-written and in logical order. I am pretty critical about just about everything so there you go. College for Financial Planning in Denver. Prices for their stuff is reasonable too, not ridiculous like some.

 

[saieddie]

You think YOU could do a better job for a flat $1 million? I'd like to see that!

 

[karenabcde]

As far as the CFP goes---I have not taken the board exam. I have in my possession two professional certifications: one of them is a big orange certificate from the College for Financial Planning, suitable for framing....it says, "COLLEGE FOR FINANCIAL PLANNING-CFP Certification Professional Education Program" on it. along with a stamp from the college.

When the time comes I will hang it on the wall. I will not put CFP on my letterhead or my businesscard. They might sue me for trademark violations. I also have a second professional designation which I won't say because there aren't many of us and I don't want to be traced for this discussion. That certification also gives me a certificate and that one I can use the professional designation on my businesscard with no annual dues. Just like a master's degree. MS after your name does not expire.

The CFP has a lot of ways of making money. In the US the board exam I think is 2 days long and real hairy. In Hong Kong, the board exam I believe is 100 questions JUST LIKE IT USED TO BE HERE. I think the CFP has the requirement that if you are licensed in the US but want to practice also in the UK then they want to charge you also to get a UK license. The CFP is majorly about fees and snobbery.

Don't get me wrong I learned a LOT of good information. I am seeking which master's degree program to enroll in...but the master's degree is going to never expire. For example...in 10 years, at 4% inflation, I pay just under $5000 for membership in the CFP. In 20 years it's more like $12,000. I'm taking the $12000 and going to get an MS in accounting/tax or an MBA in accounting/tax along with a certification in wealth management.

As far as commissions go, the CFPS are split on this. They think they are holier than thou if they say they are "fee-based". I wonder how holier than thou they are in this financial environment.................their fees are all being cut in half as these are mostly based on the amount of assets under management.

The biggest thing that has EVER helped me in this business in 27 years is TAX KNOWLEDGE. End of story.