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It’s kinda like people who say, “money isn’t everything” are the ones who don’t have any. I think in today’s world fewer people ask because they already know. I think the prospects who are looking for a CFP seek them out beforehand they don’t wait until they are in the advisors office to ask. I’ve been an advisor for 12 years and am planning to take the CFP exam in July. All I can say is, you don’t know what you don’t know! I’ve learned a ton already and just the study classes have made me a better advisor.
Cool story bro.
Had a young couple come to me and demanded to only work with a fee-only advisor. I explained that I have access to commission based products but also work on a fee basis. Since they were preferring a fee relationship, I quoted them a $1000 planning fee. They said that was way more than they wanted to spend. I politely showed them the door.
Really when millennials say that they usually mean they want “free” advice!
Clients are becoming more educated and are being taught to look for credentials. Can you do this work without a CFP mark? Yes, but as one advisor said, you’ll be a better advisor with it. You may not have to act in a fiduciary capacity (yet!) but more and more clients are asking that question. You don’t know what you don’t know. Earning and maintaining the CFP mark will not only make you a better advisor but more desirable to employers if you want to make a company switch.
It’s nice to have but I don’t see it as a differentiator. It’s a relationship based business, most people don’t care about the letters behind your name.
Proctologist? ;)
Millennials definitely want everything for free. Think about it, most of the stuff they use everyday is “free”, like social media and all their money apps. They sure don’t like the idea of paying a $1000 for anything, let alone advice. They need to be shown the door more often. Not only do they want free advice, they’re needy as hell.
Here is the difference, we all have the same products and look the same to the general public. The CFP will help you build your unique process. I was looking at my asset gathering goals for the year I passed my CFP in 2008 and because of my process I am beyond 10X in asset gathering today of what I collected before the CFP.
You don’t know what you don’t know. If you do not invest in your education and yourself you will look like everyone else. For me it was much more than just the CFP. I invested in the CFP, Ed Slott, Strategic Coach, Bill Good Marketing, AIF, AAMS, CLU, ETF conferences, Horses Mouth and several others to come up with my process. It is a relationship business. They do need to know you care before they care what you know. That being said, you better have a great process or someone like myself will take that client away
I’ve had this debate many times with peers that have s CFP and the ones that don’t.
I think FA2 is pretty close. The ones that have a CFP say they don’t believe they have ever gotten a client because they have it and one that don’t say they have never lost a client for that reason.
I think it’s because prospects know the answer before they even meet with you.
I don’t have one but I have done many of the classes. I’ve started the process a few times but get bored with the material and find the whole “learning” part of it to be antiquated. It’s been a few years but my biggest issue was that they try and teach you how to do financial calculation on a calculator (that you must use) from 1980. Everyone of our phones have more power than that calculator. I think that speaks volumes to the “substance” of the learning. But I think it’s like a lot in our industry, can’t hurt!
A CFP is a family doctor... I am a Specialist.
I don’t even have a college degree. It has literally never held me back.
FA2, you bring up an interesting point. millennials want everything for “free” which really just means they want their service providers to get paid elsewhere in the supply/distribution chain. Example, they want free Facebook, but don’t mind Facebook making money on advertisers. Sounds like they’d be perfect commission-based clients!