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31 F based in Chicago. Does anyone want to talk?
what the hell did I write
A little bit of motivation for us all.
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Because pretty much anyone can call themselves a “financial advisor” after passing a licensing exam of some kind, the CFP definitely helps signal to potential (and existing) clients that you’re serious about the profession and acting as such.
I was actually hesitant to respond this thread because it’s always the same tired old responses (not having the CFP didn’t hold me back, my experience is more valuable, clients don’t care, etc.) but yesterday our firm met with a $3.5MM potential new client who booked with us specifically because 100% of our advisors must get the CFP. So yeah, there may be some clients who don’t care, but obviously there are others who do, and you cut yourself off from ever getting those phone calls with the designation.
I think it certainly helps to win business, but it would be a huge mistake to get it and expect it to be a crutch for biz development.
I think its helped me win business in 2 ways, 1 pure knowledge on very small things that someone needed and I could help with and then also it being well known has just given me a little bit more credibility, I don't think I've had anyone be like I chose you just for your designation.
I don’t have it and I feel less and less of a need to get it. We just passed $1M in production and I’ve only received requests about the CFP twice in my career that I can recall. I feel the commitment of time is to heavy versus it’s benefit. Possible for personal enrichment but I think I’d rather get an MBA.
If someone asks if I have it, I'll usually say yes and give a little blurb about what it means then move on. Definitely not a crutch you can rely on but I don't think it hurts your credibility in talking with a stranger
I was 52 when I got my CFP so it is never too late. I had a young child at home so had to stretch the classes over 18 months. I already had the MBA and don’t think I ever got a job because of it. I also have a CDFA. Bottom line, I love to learn so it was never an option to me to NOT go for it. I belong to a collaborative divorce group that requires both a CFP and CDFA and I get tons of business from the group. So the designations have paid handsomely for me. Also, I have seen an uptick in CFP commercials lately so will be interesting to see if that creates more interest among consumers.
People still watch commercials?
I’ve held back from getting it just because 1. Clients don’t seem to care 2. People who have it have told me that it doesn’t really matter besides the knowledge acquired. 3. You can acquire the same (or better) knowledge without having to test for the designation. There’s internal qualifications that do the same. I think if you have the $ and time to get it, go for it. It definitely doesn’t hurt you but don’t expect much from it other than being able to do your job with a better understanding of what the hell you’re doing.
I’ve taken the courses twice but never sat for the exam. That being said, I wish I had taken the exam. Bc now I’m 39 and unlikely to want to take time away from life to study. Do I think it would add business? Probably not. In 13 years of doing this I’ve never had a prospect or client ask about CFP. Now have I missed out on prospects? There’s no way to measure that.
It’s been extremely helpful for me. I don’t use it to attract business, however the knowledge I gained helps me to deeply serve my clients with confidence.
Yes it helps; get it.