Should You Take the CFP Exam?
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- เผยแพร่เมื่อ 16 ก.พ. 2021
- If you are considering a career in the financial advice industry, you should become a CFP professional. But not for the reasons that most people talk about. The CFP isn’t going to magically make you smarter, and it’s not going to make prospective clients line up outside your office door. Sure, it can help with those things, but the biggest advantage lies WITHIN the financial advice industry. The people who value the CFP designation the most, are managers and partners of wealth management firms. So the reason you SHOULD pursue the CFP, is to give yourself the best career prospects available. And that is important in the industry sine the good jobs are really good, but the bad jobs are terrible.
If you think about that Most dentists’ offices do a pretty similar thing, most car dealerships sell cars in a pretty similar way. but financial advisor jobs can be very different. I get a lot of questions from subscribers asking about getting into the financial advice industry , and if they should take certain jobs like the common “financial representative” job from Northwestern Mutual or the “financial associate” at a bank like Morgan Stanley. My answer is always the same - no. These places are just cold call shops that will ask you to give them lists of hundreds of your friends and family members for you or some other new blood to sell products to. These firms may have been commonplace in this industry 40 years ago, but there are many far better options now.
As a financial advisor, your quality of life will be far greater if you are working with a fee based or fee only fiduciary wealth management / financial planning firm. Whether its an RIA, or a franchise of an independent BD, there are hundreds if not thousands of offices like this looking for good hires. But they know they’re a good business to work for, so they get their choosing of job candidates. And probably the most common factor that these firms are looking for, is the CFP.
Now I don’t personally see the CFP as the sole ticket into the financial advice industry, but I even hear done advisor say she felt like she was being silently ridiculed for being an advisor without the CFP before getting it. It’s certainly a big deal in the industry. Think of it from the employer’s perspective. They want competent and ethical advisors to join their teams to work with large groups of clients. The CFP covers almost every facet of the financial advice industry, such that the employer can be sure of a certain body of information a CFP has been exposed to, and a set of skills and characteristics they probably have. The want CFPs, and if you want a great job, you need to get it.
If you have an idea of something you want me to cover in depth, please let me know because I take your requests seriously. Will be back with more CFA Exam tips in a couple of weeks so please submit more questions you would like to hear answered. Love you all!
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** The information in this video is not intended or implied to be a substitute for professional financial advice. All content, including text, graphics, images, and information, contained in this video is for general information purposes only and does not replace a consultation with your financial or tax professional**
Thanks bro. This one really helped.
Thank you so much for the video. This is definitely a helpful video for those deciding to pursue their CFP. I have my series 7 and 66 and am looking to pursue the CFP, this along with other videos you have made have helped me get more informed and look forward to starting my CFP classes. Thanks again
Happy to make it, I appreciate your kind words.
Thank you
This was another very insightful video!
Given the fact that you’ve attained both designations, would you recommend someone early in their career to complete both simultaneously or individually?
simultaneously isn't realistic. if you want both, do the CFA first.
Wats up MJ. Great vid btw! But after watching your video, was just curious about people wanting to instead work as a finance analyst (FP&A).For this career track, would you still recommend the CFP or would the CFA be the better option? Thanks
CFA!
Hey AJ could you discuss some differences you see between working in Private wealth management for Merrill or Morgan Stanley vs an independent or family office wealth management firm? I check the best in state wealth advisor list on Forbes from time to time and have been curious on what kinds of clients go to a Morgan Stanley over a family office. Thanks!
Pretty good video idea, thanks!
AJ in your opinion does the CFA prepare you enough to just study Kaplan for prep and take the CFP? Or would you recommend doing classes like a standard CFP candidate? (I'm considering doing the ChFC before the CFP)
Just doing the CFA then doing the Kaplan quick CFP study guide is enough to pass the CFP.
Good day, first time to watched your video, are you a CFP from the US or Canada? Thanks
U.S.!
What's up man, Im about to graduate and got a full-time position as an entry level financial advisor (at what you consider a bad job) and i'm studying for my series 6 & 7 license. I need 3 years of experience before I qualify for my CFP... do you think the smartest thing to do is grind it out and learn the industry as much as I can in the meantime?
You don’t need a series 6, just get your 7. Also if you can knock out your 66 ASAP. You can also get your education and testing done for you CFP early, you just can’t hold the title initially until you hit your time.
It doesn't hurt to grind it out in a bad job. But its not as fun as a good job. Also look into that 3 years thing; you should be able to start on the CFP education requirements sooner.
you can do the the educational requirements for the CFP without the experience but you will need 3 years approved experience to be able to title/designate yourself as a CFP.
If I have done bachelors in civil engineering and msc in finance will I be eligible for cfp
You need to check if your msc program counted towards the education requirement. you can check this on the CFP website. most likely it did not count so you will need to complete all of the CFP coursework before you can take the CFP exam.
what do you exactly do currently?
My title is "associate financial advisor" at a private wealth management firm. I work with clients on financial planning, and also chair our firm's investment committee.
Hi sir, your videos are really helpful and motivational. I am preparing for CFA level 1 (Nov 2021), but my job doesn't allow me to spare time for the desired level of preparation. The amount of time I am giving myself for preparation is still not sufficient. I have multiple busy seasons at work during which I have limitless hours of work and not even a minute to spare for studies. Working hours stretch from 10am to 3am during all the busy seasons. Also, most of the time busy seasons and the exam dates coincide, leaving lesser time for preparation. I was planning to resign from my job and focus only on my CFA exams (all the levels). Please guide me and help me finding the right path.
I still have tons of questions to ask and I request you to please share your email id so that all of your followers (specially me) can get solutions for their long list of doubts and questions.
If you are working in a field you like, I don't recommend quitting to study for the CFA. My email address is in my channel bio.