Professional Designations

[///MJay]

But until then, there are 3 categories of retirement plans that Scott outlined in his videos:
- Qualified Plans: 401(k), pension, profit sharing, etc.
- Non-Qualfied Plans: Deferred Comp plans, etc.
- Wannabe's: IRAs, Roth IRAs, 403(b), SEP, SIMPLE, etc.

Scott would send you a color-coded sheet to help you with your studying and determine which plans have similar characteristics and whatnot. It's been over 8 years since I took the course myself, so I don't have that material anymore, but just knowing how to first categorize these plans helped me in a great deal. Hopefully that'll help you in a small way as well.

Yes this definitely helps. The current material does include an excel file that compares/ contrasts the plans to some degree. I was going on the assumption that a strong understanding of those characteristics should go a long way. I think the other thing causing some difficulty is that this course is tested almost perfectly even by chapter. Ex. There are 25 chapters and the exam consists of 3-5 per chapter. I don't remember the others being this way. It may just be a mental thing but mentally throwing a couple chapters out because they were of little significance to the exam is a small win. Of course knowing that material for real world is important but for the pressure of the exam it helps to not sweat it too much. Like the L&H exam in Ohio, no need to study dental 2 questions max on the exam. No need to stress about it and it didn't really matter if you aced that section either.


Well enough procrastination... On to the studying.

 

[pfg1]

Pricing on the courses of study increased a good bit recently.

To the OP's question... the way I look at the designations - they absolutely can't hurt you (both by having it, and what you learn getting it) but just having it doesn't mean anything other than you passed the courses and earned the designation. If you wanted to really go deep on Life Insurance, look at the CLU and LUTCF. I currently don't have any, but would at some point like to get a couple.

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Yeah, I didn't do myself any favors on this one. I way underestimated the material for this course. I was expecting a deep dive into the more common plans, not the super deep dive into plans that are in many ways fading away. I have not needed supplemental guides for any of the other classes. For some reason this one is just not clicking. Especially not fast enough. I will check those resources out. Thanks

Friend of mine recently finished up his ChFC... took him 3yrs and kicked his butt too.

 

[scottstreet]

Designations have very little to do with expertise and very much to do with marketing. I am bias to the CFP because I have it but more so because they run advertising on TV and radio. I've never heard media for any of the others.

 

[pfg1]

Designations have very little to do with expertise and very much to do with marketing. I am bias to the CFP because I have it but more so because they run advertising on TV and radio. I've never heard media for any of the others.

I agree with you CFP is certainly most widely known. Probably more than all the others combined. When they did away with the business experience eligibility (for those w/o a bachelors degree)... they lost alot of potential candidates. But its their designation, they can do as they wish.

 

[Cash]

I'm with DHK's point about working with the lawyers and CPA's. Those people care about that stuff most everyone else doesn't.

That being said buying a billboard and putting your mug on it will probably do more for the "respectability" factor with those guys then anything else. I know of a mortgage broker who did billboards that didn't break even on the client side but it helped with networking with realtors.

 

[Charlie456]

Thanks so much for the advice and continued conversation... Just for the record, my motivation is moreso the educational benefits rather than who I will impress with the letters after my name.

 

[pcbinsurance]

Get your BFD designation PDQ.

 

[BeeSelective]

I'd understand the difference in taxation of Nq plans vs qualified plans. Deductible, taxable, exclusions, just to start. Contributions amounts.

 

[///MJay]

Thanks for the tips and encouragement. I passed! I will say that this course both kicked my tail as well as connected some dots. The previous courses I have taken were much more familiar material from experience. Now to decide on the next course. I still have HS 321 Taxation, and HS 328 Investments. I was assuming the Taxation course to be the most difficult but now I am not sure. The Investments course will be tricky I am sure but I had my series 6 in the past so I am at least somewhat familiar with the basics. Any recommendation on the next logical course from Retirement Planning Needs? I also still have the Applications in Financial Planning I & II and the Comp Case Analysis but I would venture that they should be completed after all the core course work. I could just kick myself for dragging my feet on this since now there is a transition taking place July 1st that any one not complete in the designation is being moved over to the current requirement. For me that adds a course and changes the courses that are part of the program.

 

[DHK]

If you're looking to figure out which of the two would be easier, I'd do the income taxation course. I used those DVD courses, and I got a 'B' grade on it!

I didn't take those other 3 courses - comp case or the applied financial planning 1 & 2. At the time, I took Estate Planning Applications and financial decisions in retirement. But yeah, I'd wait until you complete the core curriculum before attempting those.

Don't assume that because you have a series 6 that the investments course would be easier. It won't. I had my series 7, and I FAILED the investments course the first time I took it (passed it the 2nd time). The investments course will deal with applying investments within financial planning and many various Modern Portfolio Theory concepts. Many various formulas to learn and calculate. It's not an easy course, even if you sell investment services now.