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This is a good question. You don’t have to be a CFP to be fee-only, you can just choose to structure your practice that way. That having been said it’s pretty clear where the industry is going. We require every advisor at our firm to get CFP within 3 years of being with us.
Yes, it will be mandatory soon enough. I have only been asked about it once (my very first appointment ever as fate would have it) but it’s a great marketing tool and I really think it’s going to be mandatory soon anyway.
Yes, the industry is going that way. Yes, the CFP is worth it. I asked my employer to help with the cost & she obliged.
Good to know, thank you. My firm will reimburse us 50% of the cost once we pass the exam so that’s good motivation too
Hell yeah!! Negotiated a better split with my partner because my CFP got us a grid bump! And clients hear that and automatically think you know what you’re doing despite some of us just being good test takers. 😜
Who said you have to be a CFP to be fee-only? Is it worth it? It all depends on whether you plan on doing actual planning or just herding assets.
My understanding is that in order to be fee only you need either your CFP OR your 65/66 which makes you a fiduciary who can charge fees rather then just commissions.
Yes. Totally worth it but don’t do it just to have the CFP after your name. Do it because you value the planning and want to grown a planning practice. The CFP was and is very valuable to my practice. I even got a masters in Financial Planning after I got my CFP and learned even more even though I can’t promote it at ML. Planning is the differentiator and a great value to bring to your clients. Good luck.
I’m fee only...not a CFP.
In order to be paid Advisory and fee commissions, you need your 65/63 or 66. Some firms will waive the 65 requirement if you have a 63 and CFP.
However, to my knowledge there is no FINR/SEC requirements stating anything having a CFP to be fee-only. As you know the CFP is a financial planning designation. It's irrelevant to how you are compensated.
As to worth it? You've heard from your peers. I've been a CFP since '95 and research/studies show significant positive results in assets and revenue for those with the designation vs those without.
As to whether the designation had direct impact is unclear, however it may be an indication of an Advisor having more focus on professional development, process improvement, etc. all of which are ingredients of growth.
The CFP is definitely worth it. as a practicing CFP, I definitely noticed a difference between what the majority of the industry teaches which is how to be a sales guy or to push product versus actually understanding in depth what the client needs are and being competent and how to address them versus how to sell a product. I believe that it would be better for the industry if more advisors went this direction. However, just because you have a CFP doesn’t necessarily mean that you are a good advisor or an ethical one, It just means that you were thoroughly trained enough to know better but that doesn’t always mean that you will practice that way. After over a decade in this field, I’ve come to learn that ethics are very subjective for some people.
Definitely yes. It boosts your self esteem & gives you even more credibility in an increasingly competitive landscape. The population is aging & they need CFP’s now and will even more in their futures. Not easy to accomplish but well worth it.