'Someone trusts you with their entire life savings - you show up. You do the work. The LEAST you can do is carve time out of your life to take the CFP Test' - Amen #OfficeHours; could not agree more.

As a young advisor I considered it but I did the CFP first , yes that test is hard but worth it for the respect alone

Competency as a Financial Planner. I thank you for the advice...Jan

As someone who plans on obtaining the ChFC and CFP certifications, and a bachelors degree, I find starting with the ChFC is a great start to getting your foot in the door without the long term commitment of school and the CFP exam. I would rather have those commitments while accruing experience with a firm that hired me for my ChFC. Four to five years of experience while in school, possibly paid for, and proper credentials? I don’t see a negative to that, but I understand the either or argument.

I would love to get the CFP designation! But I'm not going to pay for 4 years of college tuition just to get it! I've been doing this for 5 years... why doesn't the CFP board have alternatives to the Bachelors degree requirement?!

@TheFinancialAdvocacyPodcast

4 жыл бұрын

The CFP board added the bachelor degree requirement in 2005 to be required in 2007. Before that time, there was no degree requirement. It's part of their vision to become more like the AICPA and have higher educational requirements for its certification to make planning more of a profession than just an industry. They won't go backwards on that now. But there are plenty of other quality financial credentials that don't have a bachelor degree requirement. The only real downside is you cannot pursue the MSFS or MSFP which require a bachelor's degree before moving on to a masters program.

I work at an insurance company as a designer. They offer the training for ChFC courses, books, and first exam for free. I was thinking I could try to get the ChFC and use the credits to get the CFP. The main problem is the experience requirements. I'd like to switch careers to being a financial planner for under served communities, so I'm a bit concerned that I can accumulate that many hours part time. I also want to be financially independent prior to switching, since my salary as a designer is already on the higher end of what a CFP earns.

I too faced this dilemma. I ended up deciding to go back to school, finish my undergrad and get the CFP. As a CFP, I went on to pass my HS347 exam yesterday, and now with completing just one course, earned the ChFC designation as an add on to my CFP. I think it’s the better way to go.

@irvin099

Жыл бұрын

Hello, which materials did you use to study?

Michael, You started as an Insurance Agent. Would you advise someone to consider the Insurance/B/D option or an independent RIA route....i would imagine...as you have taught..."it depends" !

Did the last two classes of the ChFC while waiting for the CFP exam results. I didn't have to study much, as the CFP had hammered the relevant facts home.

It looks like The American College recently consolidated two ChFC courses, so now CFPs just have to take one more course to get their ChFC designation. Also, as a side note, The American College/Huebner School has a broader definition of relevant business experience which could count for the ChFC designation, so it may be the faster route for some.

@GriffithCapitalGroup

4 ай бұрын

What is the definition of business experience for the school. I own a business and have been working for 25 years. But no actual financial business experience and want to start an advisory business with a ChFC.

How do you study for these, what prep courses would you recommend?

I have a PhD degree in Engineering and about 50 years of work experience. I am very interested in financial planning and finacial services areas. But at my age of over 80, how could I complete my work experience requirements if I embark on this journey. Are there internship opportunities available by financial services companies? I have been guiding friends with financial planning on an ad-hoc basis for a few years as a hobby. Any words of wisdon for a person like me?

@GriffithCapitalGroup

4 ай бұрын

Having a PhD you don’t need anymore certs to start a financial advisory business. Just charge a consulting fee

OK- CFP certification...Jan

ChFC has a 3 year experience requirement, just as CFP does. And The American College can accept course transfer credit for appropriate courses previously completed.

@MichaelKitces

5 жыл бұрын

Ahh, thanks for letting me know David! I wonder when this got added? Wasn't a requirement back when I got mine (I was under 2 years of experience at the time).

@TheFinancialAdvocacyPodcast

5 жыл бұрын

@@MichaelKitces Always has as far as I know. It was a requirement when I earned mine in 2007. www.theamericancollege.edu/designations-degrees/requirements Experience: Three years of full-time business experience is required for all Huebner School designations. The three-year period must be within the five years preceding the date of the award. *An undergraduate or graduate degree from an accredited educational institution qualifies as one year of business experience.* And THAT would be why you were awarded and allowed use with only 2 years - you have a degree.

@TheFinancialAdvocacyPodcast

5 жыл бұрын

@@MichaelKitces Now, for extra credit... Thomas Edison State College is a regionally accredited university that gives course credit for FINRA and The American College courses. I don't have a bachelor's degree... but this program is certainly what I'm considering, should I decide to pursue it so I could pursue MSFS from The American College. (I personally have issues with the CFP board, but I'm certainly an advocate for higher education in this profession. Too many amateurs who don't know enough of the rules and regulations around financial products.) www.tesu.edu/schwab/why-tesu

@MichaelKitces

5 жыл бұрын

@@TheFinancialAdvocacyPodcast Fascinating! Can you add this as a comment on the blog itself so I can Feature it there, too?

@TheFinancialAdvocacyPodcast

5 жыл бұрын

@@MichaelKitces I've had issues re-registering for Disqus or using the other methods, or I would. However, I might just request that you update the intro paragraphs of your blog that indicated that the ChFC had no experience requirement, as that's not correct.

With a CHFC is it possible to waive the series 65 to be able to do aum?

@thek4232

2 жыл бұрын

Yes it does

Thanks for the detailed explanation. Please also explain about CWM (AAFM) and RFC (IARFC) in future video...please

i just got out of my CFP exam. not feeling confident. 4 weeks and ill come back when i get my results.

@joshuaschefers8535

5 жыл бұрын

Results?

@manuelvillalta3793

4 жыл бұрын

@@joshuaschefers8535 he failed :(

@user-vu7xj6xu8r

Жыл бұрын

@@joshuaschefers8535 since they didn’t return, safe to say failed

if you didn't go to college you cannot get the CFP. ChFC can be done without a BA.

So why not get the chfc first, and then once you earn that all of the coursework overlaps with CFP work so you can just prepare to start sitting for that exam? Did I miss something?

@MichaelKitces

2 ай бұрын

The ChFC requires more courses than the CFP marks. So finishing the CFP requirements and continuing to pursue the ChFC would delay you from sitting for the CFP exam that you'd otherwise be eligible for. If you're pursuing clients directly that may not matter, but if you're trying to get a job firms ARE more likely to provide a job offer for those who have passed the CFP exam than those who have not (it de-risks the firm from the possibility they train you and then find out later you can't pass).

@kylezammit1868

2 ай бұрын

@@MichaelKitces understood and thank you for the reply. Since I have been at a RIA for one year, I would not be eligible to display these credentials due to the ~3 years of work requirement. Would it be smart for me to do all of the ChFC course work and tests, and after so begin to study to sit for the CFP? My concern is that the ChFC coursework (even though it counts at completing the CFP course work) will not directly align with what is needed to pass the CFP comprehensive exam. Thanks.

@kylezammit1868

2 ай бұрын

@@MichaelKitces hey Michael, if you could answer my follow up question I would greatly appreciate it!!

With all these designations, ChFC is cheaper. These annual fees are out of hand everywhere..... ChFC $200 every 2 years. CFP $355 every year.

@MichaelKitces

2 жыл бұрын

From a consumer marketing/credibility perspective, paying the additional fee for CFP renewals is more than worthwhile given the difference in consumer recognition. Yes, ongoing renewal fees are nuisance - which I say as someone who has BOTH CFP and ChFC and pays for both. But if you're going to pay for a designation to put on your website and business card, this isn't the price difference that should sway you. It literally just takes one decent client in your CAREER to appreciate the CFP marks more to make it all back.

@TheFinancialAdvocacyPodcast

8 ай бұрын

That... didn't age well. Renewal is now $190 per year for all your designations from The American College.

It makes no sense. If you go to an accredited university and get through the coursework and make it past your capstone... you should get your marks. It should honestly be harder to retain your CFP than for someone to get it by passing a test. I know a ton of CFP who do nothing. CFP stands for Can’t F$&@?/8 Produce. Same thing with an MBA, you go to an accredited school and when you graduate you’re an MBA... Btw the vast majority of people don’t know what a CFP is.

@witnessthewrath8061

2 жыл бұрын

CFP doesn't automatically make you great, I know RIA's without the CFP that completely trump CFP's in regards to investment return performance.

@user-vu7xj6xu8r

Жыл бұрын

Someone is hating from outside the club

ChFC is the Walmart CFP