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CFP's do add value in certain situations- especially in Estate Planning. It is good to have one on your 'team' or at least have access to one if you run into detailed tax/planning issues. For many people, they do not need all of the additional knowledge gained through the CFP training because their situation is not complex enough to require it. Just because an individual has obtained the designation, does not automatically mean they are better/worse than someone without it. You can take a 7-month course to get it if you feel it would be helpful for your practice.
^ exactly. In estate planning and complex tax situations it’s helpful.
I have my CFP® and feel that it has definitely helped my practice. I use the knowledge learned from it every day. It's made me more confident and my clients are impressed. No it doesn't necessarily make you a better advisor, but it does show that you made a commitment and followed through with it. The pass rate is only about 65%.
I got my CFP designation to serve my clients better as most of them are entrepreneurs. They require knowledge of succession to tax and retirement planning and finally estate planning. When I sat across the table from an estate planning attorney it does make a difference. Same when I partner up with my client's CPA.
It’s all hype. You don’t have to be a CFP to be a good ethical financial advisor.
Broad and extensive experience is just as valuable or more. Good teachers/mentors are invaluable! The College of Financial Planning is a money making racket!! IMO
The only value a CFP designation has is in the eyes of the prospect and client.
I agree. I have my CFP and I did learn some new stuff while getting it but it’s nothing that I could not have learned just as easily without the degree. It’s like a college degree basically. It just signals to clients/prospects you have a base set of skills. As opposed to someone without it, they may or may not have the skills. Prospects especially seem to use it as a short hand when looking for a new advisor. The big place I have found it makes a difference is dealing with institutional clients. CFP, CIMA, CRPS .... boards like to see all the extra letters so they can point to them later on when employees question decisions by the board and say “see, we did everything right, we had this certified profession oversee it”
In this business you never stop learning. Continuing education is a must. The CFP is a great way to start. Next work on your RICP and the CAP. Get involved and make a difference! Don’t just make money, make a life.