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CFP designation even though not a fee base planner. Do you see any conflicts of interest/ misleading? Should a CFP be required to be a fee based planner?

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@ Duncreek that is the epitome of the exam... being an “anything only” advisor is a conflict of interest. You sit down with a client with a large holding in highly appreciated concentrated stock that makes sense to hold and have them die with for basis purposes. You’re going to manage this in a fee-based account? Or do you mean purely charge a fee for planning and not earn commission or fee based advisory income? In that case, I’d give the client the advice of holding it as-is and not charge them. What if they needed to slowly sell off shares? Advisory/wrap account is still not appropriate but a low commission equity sale might make more sense. I am a CFP and it literally makes me cringe when I hear the “well I only do this kind of work because I’m a CFP” statement. Do what’s in the best interest of the client, always, period

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CFP is an educational program, not a cult. There are CFPs who are bad advisors and there are good advisors who are not CFPs. Mutually exclusive issues. Let it go and be the best you can be, however you may define it.

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CFP? Please, how about just requiring an advisor to graduate from a Top 20 school, have at least one graduate degree instead.

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@LPL... top 20 school? I was in the business almost 10 years before graduating any school, and then it was an online one at that!

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Fee only and wrap strategies are pushing middle market clients towards robos and vanguard. Not that those things are bad, but they miss the planning process that is often done for free by advisors who use commission based products. AXA 1 said it perfectly.

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I will take my CFP test in a week after 16 years in the business. Yes I think it would be better for all CFPs to be required to be fee-only fiduciaries. It’s in the clients best interest and it is the strongest value proposition for the advisor

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CFPs don't necessarily mean one fee structure is best. I think the designation shows you are invested in your career and trying to be an expert in your field. Not that your style, or fee structure, is perfect for every client.

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Not everyone who needs our services has sufficient funds in the bank to pay

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I would consult the CFP Code of Ethics. You are required to act in a professional manner and exercise diligence in the products you recommend. You have a high standard however I do not believe you have to be “fee only.” Just do what’s right for the client.

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I really want to get the CFP asap but I’m torn bc all of my time & energy is currently going into building my practice and I’m only about 16 months in with a relatively long way to go. Continued....

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