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For someone aiming to work with Personal Finance, do you think its worth getting the CFP after completing the CFA program ?
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What’s so difficult about asking a client “How much will you require in retirement?”, giving them a risk questionnaire, and then asking my team to construct the portfolio for you?gwoods wrote:
Yes because the CFA doesn’t teach financial planning to the degree that is needed to be a competent financial planner. If you just want to do just investment management and retirement plans, then no. The CFA is enough.
I got the ChFC instead because it costs less and they are less intrusive on your practice. The CFP board wants to be like FINRA. I’m against adding an unnecessary layer of bureaucracy regulating my practice. Apparently, based on the news, they don’t do a good job anyway.
Besides, most laypeople don’t know the difference between the charters and certifications. CFP advertises a lot but people are confused. You’ll get planning business with just a CFA…
If thats the logic then anyone can just simply instruct to do those works, I mean if you are in the position to have a team.CEO10K-DAY wrote:
What’s so difficult about asking a client “How much will you require in retirement?”, giving them a risk questionnaire, and then asking my team to construct the portfolio for you?gwoods wrote:
Yes because the CFA doesn’t teach financial planning to the degree that is needed to be a competent financial planner. If you just want to do just investment management and retirement plans, then no. The CFA is enough.
I got the ChFC instead because it costs less and they are less intrusive on your practice. The CFP board wants to be like FINRA. I’m against adding an unnecessary layer of bureaucracy regulating my practice. Apparently, based on the news, they don’t do a good job anyway.
Besides, most laypeople don’t know the difference between the charters and certifications. CFP advertises a lot but people are confused. You’ll get planning business with just a CFA…
Lol! That’s not difficult at all. That’s why they robo’s and customer service.CEO10K-DAY wrote:
What’s so difficult about asking a client “How much will you require in retirement?”, giving them a risk questionnaire, and then asking my team to construct the portfolio for you?gwoods wrote:
Yes because the CFA doesn’t teach financial planning to the degree that is needed to be a competent financial planner. If you just want to do just investment management and retirement plans, then no. The CFA is enough.
I got the ChFC instead because it costs less and they are less intrusive on your practice. The CFP board wants to be like FINRA. I’m against adding an unnecessary layer of bureaucracy regulating my practice. Apparently, based on the news, they don’t do a good job anyway.
Besides, most laypeople don’t know the difference between the charters and certifications. CFP advertises a lot but people are confused. You’ll get planning business with just a CFA…
With investopedia and Chuck, anyone can build a portfolio.teddybk wrote:
If thats the logic then anyone can just simply instruct to do those works, I mean if you are in the position to have a team.CEO10K-DAY wrote:
What’s so difficult about asking a client “How much will you require in retirement?”, giving them a risk questionnaire, and then asking my team to construct the portfolio for you?gwoods wrote:
Yes because the CFA doesn’t teach financial planning to the degree that is needed to be a competent financial planner. If you just want to do just investment management and retirement plans, then no. The CFA is enough.
I got the ChFC instead because it costs less and they are less intrusive on your practice. The CFP board wants to be like FINRA. I’m against adding an unnecessary layer of bureaucracy regulating my practice. Apparently, based on the news, they don’t do a good job anyway.
Besides, most laypeople don’t know the difference between the charters and certifications. CFP advertises a lot but people are confused. You’ll get planning business with just a CFA…
Imagine living in a world, where, you pay an advisor 100 bps a year and he turns around and gives you a portfolio full of mutual funds and etf’s.gwoods wrote:
With investopedia and Chuck, anyone can build a portfolio.teddybk wrote:
If thats the logic then anyone can just simply instruct to do those works, I mean if you are in the position to have a team.CEO10K-DAY wrote:
What’s so difficult about asking a client “How much will you require in retirement?”, giving them a risk questionnaire, and then asking my team to construct the portfolio for you?gwoods wrote:
Yes because the CFA doesn’t teach financial planning to the degree that is needed to be a competent financial planner. If you just want to do just investment management and retirement plans, then no. The CFA is enough.
I got the ChFC instead because it costs less and they are less intrusive on your practice. The CFP board wants to be like FINRA. I’m against adding an unnecessary layer of bureaucracy regulating my practice. Apparently, based on the news, they don’t do a good job anyway.
Besides, most laypeople don’t know the difference between the charters and certifications. CFP advertises a lot but people are confused. You’ll get planning business with just a CFA…
You should ask yourself: Is this advisor serving your needs, or his? Is he filling a sales quota or is he helping you come up with ways to meet your goals. How many tools does he have in his toolbox? Does he value your relationship based on your level of investible assets? Having a target market demographic is not the same thing. I’ve seen colleagues blow off a prospect because the expected commission or fee was too low for thier liking. I’ve seen clients only reveal thier real level of assets after I’ve helped them solve a problem that only nets me a few bucks from a term life policy. They see I value them, the relationship, and their goals. Does the advisor make assumptions about you? Do they fit you into a cookie cutter program, or do they ask questions about you and try to really help you solve your problems? Problems that may be working to find a good attorney for an estate planning case, or finding a CPA for a tax planning question, helping with planning for family members with special needs, or planning how to pay down student loan debt. Everything can’t be solved with a asset allocation mutual fund and a term life policy.Armadeo wrote:
One thing I never understood is how a newbie can know if his consultant is advising him well.
Yes you can hire some financial planners just to answer questions. For me, you don’t have to apply for anything. I’ll charge a fee. The fee depend on the particular planner and the complexity of your case. For me it’s from $500 for a small consultation to $5500 for a comprehensive financial plan that includes business planning. I’ve seen guys charge $25,000. I don’t get investment commissions. I charge a fee up to 1%. I do get insurance commissions and those vary by the carrier. They’re usually from 50% to 110% of the first year premium. It also depends on the product.Armadeo wrote:
Usually, the commission is what % of the invested amount?
Can someone hire a consultant just to ask some questions? (without applying)
I got my CFP before the CFA. Its easy and took me a lil over a month.Armadeo wrote:
Usually, the commission is what % of the invested amount?
Can someone hire a consultant just to ask some questions? (without applying)
its called being trustworthy. It has nothing to do with advising well.Armadeo wrote:
One thing I never understood is how a newbie can know if his consultant is advising him well.
How can you provide financial planning services to clients, if you don’t hold a planning designation (CFP, ChFC)?gwoods wrote:
Yes because the CFA doesn’t teach financial planning to the degree that is needed to be a competent financial planner. If you just want to do just investment management and retirement plans, then no. The CFA is enough.
I got the ChFC instead because it costs less and they are less intrusive on your practice. The CFP board wants to be like FINRA. I’m against adding an unnecessary layer of bureaucracy regulating my practice. Apparently, based on the news, they don’t do a good job anyway.
Besides, most laypeople don’t know the difference between the charters and certifications. CFP advertises a lot but people are confused. You’ll get planning business with just a CFA…
It’s a designation not a license. You can do financial analysis without a CFA…Mike79 wrote:
How can you provide financial planning services to clients, if you don’t hold a planning designation (CFP, ChFC)?gwoods wrote:
Yes because the CFA doesn’t teach financial planning to the degree that is needed to be a competent financial planner. If you just want to do just investment management and retirement plans, then no. The CFA is enough.
I got the ChFC instead because it costs less and they are less intrusive on your practice. The CFP board wants to be like FINRA. I’m against adding an unnecessary layer of bureaucracy regulating my practice. Apparently, based on the news, they don’t do a good job anyway.
Besides, most laypeople don’t know the difference between the charters and certifications. CFP advertises a lot but people are confused. You’ll get planning business with just a CFA…
But you DAMN sure cannot generate superior returns without one.gwoods wrote:
It’s a designation not a license. You can do financial analysis without a CFA…Mike79 wrote:
How can you provide financial planning services to clients, if you don’t hold a planning designation (CFP, ChFC)?gwoods wrote:
Yes because the CFA doesn’t teach financial planning to the degree that is needed to be a competent financial planner. If you just want to do just investment management and retirement plans, then no. The CFA is enough.
I got the ChFC instead because it costs less and they are less intrusive on your practice. The CFP board wants to be like FINRA. I’m against adding an unnecessary layer of bureaucracy regulating my practice. Apparently, based on the news, they don’t do a good job anyway.
Besides, most laypeople don’t know the difference between the charters and certifications. CFP advertises a lot but people are confused. You’ll get planning business with just a CFA…