Author Topic: Passed the CFP exam!  (Read 1662 times)

slappy

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Passed the CFP exam!
« on: March 23, 2018, 11:54:18 AM »
On my first try and everything. :) Completely paid for by my employer of course. :)

Car Jack

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Re: Passed the CFP exam!
« Reply #1 on: March 23, 2018, 12:20:20 PM »
Cool!

What are the prerequisites to take the exam?  In my state, I can take courses for free (over 60) and figured I'd need at least 3 courses, when I looked.

Miss Piggy

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Re: Passed the CFP exam!
« Reply #2 on: March 23, 2018, 12:26:40 PM »
Congrats, slappy!

slappy

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Re: Passed the CFP exam!
« Reply #3 on: March 23, 2018, 02:13:05 PM »
Cool!

What are the prerequisites to take the exam?  In my state, I can take courses for free (over 60) and figured I'd need at least 3 courses, when I looked.

I had to take an 8 course study program.

Goldielocks

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Re: Passed the CFP exam!
« Reply #4 on: March 23, 2018, 04:16:09 PM »
And those courses are very difficult, too.  Congratulations.

Landslave

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Re: Passed the CFP exam!
« Reply #5 on: March 24, 2018, 01:50:46 AM »
Congrats! Well done. I know there are a lot of gritty details in there.
 
  Without being disrespectful at all, or putting you on the spot, can you explain why I would want to use CFP services? I have used those services myself, and was sold an annuity, but I am thinking that was a mistake as the CFP will get half the larder over time. And the accumulation side of the principal is punitive. Not a fiduciary move. Thanks for your earnest reply.

Goldielocks

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Re: Passed the CFP exam!
« Reply #6 on: March 24, 2018, 06:33:31 PM »
Landslave -- you may be mixing up what a CFP does and what a financial advisor or insurance broker does.   Yes, the latter two can also get a CFP designation, but you could see them and not get CFP services.

The number one service that CFP's seem to sell right now is retirement planning projections--e.g., 
"What is my number?",
"Will my current assets be enough",
"How can I save the gap"? 
"What tax advantaged planning opportunities should I use?",
"Strategic investing ",
- -> but investing advice is limited to asset allocations and as it relates to tax planning instead of picking an actual individual investment.   A financial advisor with a securities license is needed for specific stock and fund selection.
"What are my risks and how much insurance do I need?" and
"Estate planning - do I need to do something differently to get the result I intend?"-
 
Your insurance broker did not explain to you why the annuity was the best fit for your long term investment needs?  Then I would say that they were not using their CFP hat when they sold it to you. You should know exactly why the annuity is a better choice than self-directed equities for that portion of your money.

Mr. Green

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Re: Passed the CFP exam!
« Reply #7 on: March 27, 2018, 07:44:16 AM »
Landslave -- you may be mixing up what a CFP does and what a financial advisor or insurance broker does.   Yes, the latter two can also get a CFP designation, but you could see them and not get CFP services.

The number one service that CFP's seem to sell right now is retirement planning projections--e.g., 
"What is my number?",
"Will my current assets be enough",
"How can I save the gap"? 
"What tax advantaged planning opportunities should I use?",
"Strategic investing ",
- -> but investing advice is limited to asset allocations and as it relates to tax planning instead of picking an actual individual investment.   A financial advisor with a securities license is needed for specific stock and fund selection.
"What are my risks and how much insurance do I need?" and
"Estate planning - do I need to do something differently to get the result I intend?"-
 
Your insurance broker did not explain to you why the annuity was the best fit for your long term investment needs?  Then I would say that they were not using their CFP hat when they sold it to you. You should know exactly why the annuity is a better choice than self-directed equities for that portion of your money.
So as a CFP, can you give what customers will view as an unbiased opinion? I've considered starting a consulting business to help people, since I'm always being complimented on my knowledge but I didn't think there was anything out there that wouldn't tie my loyalty to either a brokerage firm or an insurance company.

Zacharias

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Re: Passed the CFP exam!
« Reply #8 on: March 27, 2018, 09:40:27 AM »
So as a CFP, can you give what customers will view as an unbiased opinion? I've considered starting a consulting business to help people, since I'm always being complimented on my knowledge but I didn't think there was anything out there that wouldn't tie my loyalty to either a brokerage firm or an insurance company.

The bias that I would look out for from a CFP certificant would stem from the manner in which they are compensated. A lot of planners are compensated by the percentage of assets under management so there is certainly a financial motivator to advise investing (and rolling over other accounts) with them as opposed to other options such as paying down debt. That's not to say the plan isn't the ideal path to take, but just to be aware of where the advisor's financial incentive comes from.

Fee-only planners sell their advice as the product which sounds more like the consulting plan you may have. There would not be a financially incentived tie to a brokerage or an insurance company if the advisor's sole business was selling his advice.


Zacharias

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Re: Passed the CFP exam!
« Reply #9 on: March 27, 2018, 09:45:36 AM »
On my first try and everything. :) Completely paid for by my employer of course. :)

Congratulations! I'm also working toward the designation. Hopefully, ready to take the November exam. Any tips?

ducky19

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Re: Passed the CFP exam!
« Reply #10 on: March 27, 2018, 11:28:56 AM »
My neighbor quit his job as a salesman at a truck leasing agency making $125-160k a year to follow his gut and become a CFP. He took a salaried position with Edward Jones to the tune of $50k while he studied for and eventually passed the exams. Today (a little over a year later), he is happier than ever and making as much if not more than he was at a job he hated. He shared with me how difficult the exams were, so congrats slappy on passing them!