CFP or CHFC? Yes I Made a Huge Error!

[DRJCBPA]

Without boring you and keeping it brief, I held the CFP for almost 15 years. 2 1/2 years ago I let it go because I never thought I would be back in the financial business. Now I wish I had maintained my CEU's but that is water under the bridge and yes it was a foolish thing to do. Now, the CFP Board of Standards is not requiring that I go through any classes, just that I pass the test. So here is the question-- Any really good test prep courses that will help me prep for the exam? or should I just go the CHFC route and take the courses. The American College offers a 7 month program for about 5K for the CFP, but it is essentially doing the course work again. I just need to pass the test. Any help is greatly appreciated. 5 K is a lot of money for me to shell out right now since I am starting up all over again.

 

[DHK]

Re: CFP or CHFC? Yes I Mad a Huge Error!

Transfer of Credit :: The American College

You can get "transfer of credit" for courses you took before... as long as you can get a transcript of some kind.

Personally, I'm anti-CFP because of the way the CFP Board is trying to become their own SRO and gain more power over the "financial planning industry" (whatever that means).

I'm a ChFC.

You may also want to consider the RFC designation from the IARFC. www.iarfc.org

BTW, you are putting the cart before the horse. Designations don't mean anything to anyone - except your pride and ego. Get going on building your business and clientele and worry about designations LATER.

 

[djs]

Re: CFP or CHFC? Yes I Mad a Huge Error!

Designations don't mean anything to anyone - except your pride and ego. Get going on building your business and clientele and worry about designations LATER.

I agree with building the business as the most important thing. In general, I agree with the statement that designations are somewhat meaningless, though I think CFP is probably the exception to the rule. Many people (at least those with assets) know what a CFP is. It does add credibility to the person who holds the title.

No, I'm not a CFP. I have considered it. I've thought about the ChFC route, but nobody seems to know that designation.

Of course, CFP's are gaining a reputation for being pushy life insurance salesmen nowadays, but that is a different topic

Dan

 

[briko3]

Re: CFP or CHFC? Yes I Mad a Huge Error!

Ken Zahn offers the best course. It's multiday and all day, but it's good. He'll send you the materials a few weeks early with assignments that will prepare you for getting the most out of the class.

Good luck!

 

[nycagent]

Re: CFP or CHFC? Yes I Mad a Huge Error!

Of all the designations, CFP is the only one I would consider pursuing. I think they've done a great job convincing the press that it is a quality, meaningful designation. All the other ones mean nothing to anyone outside the industry - perhaps useful for attorney/CPA referrals, but useless for the public at large.

 

[scagnt83]

Re: CFP or CHFC? Yes I Mad a Huge Error!

I agree with the statement that designations are somewhat meaningless, though I think CFP is probably the exception to the rule. Many people (at least those with assets) know what a CFP is. It does add credibility to the person who holds the title.

I would agree. A CHFC is pretty much meaningless to the general public.

A CFP is a recognizable title that accountants, lawyers, doctors, etc all recognize.

The south carolina medical association requires that any advisor from the official SCMA "approved" financial planning firm be a CFP...

 

[BNTRS]

Re: CFP or CHFC? Yes I Mad a Huge Error!

The ChFC will give you addtional prep for the CFP exam. You can take ChFC courses and then take the CFP exam additionally, kind of a two birds one stone thing. You're situation is a little different, though.

I would agree, CFP has been well marketed. Means nothing really, but people hold it in a certain regard that could be helpful.

 

[briko3]

Re: CFP or CHFC? Yes I Mad a Huge Error!

Having done the CFP, i can say that you learn A LOT and it does mean something. If that translates to extra sales is yet to be seen, however. It might make you more confident to take on bigger cases, etc., but no one has EVER asked what designation I have.

 

[Franz Kafka]

Re: CFP or CHFC? Yes I Mad a Huge Error!

Why stop at CFP? Why not get both CFP AND CPA?? Then the prospects will really respect you. Why not go for the presidency of your local rotary club while you're at it? You won't know what to do with all the referrals you'll be getting. That's when you finally hire that young college girl in a tight outfit and let her do all the work while you roll in your dough with a fat joint in your hand.

 

[scagnt83]

Re: CFP or CHFC? Yes I Mad a Huge Error!

... You won't know what to do with all the referrals you'll be getting. That's when you finally hire that young college girl in a tight outfit and let her do all the work while you roll in your dough with a fat joint in your hand.

Who showed you my business plan Franz??