CFP Importance

innovativeguy11's picture
Rank: Gorilla | 517

How important is it to get a CFP if I plan on working in wealth management as a career? I am currently on a team working under a wealth advisor and am fully licensed. I want to take my education to the next step but am really struggling for motivation to study for and take a big test. I basically tell myself I'm going to do it but never put my money where my mouth is. So yes I want to do it, but I also want to know that it is worth it so I can commit easier.

Thanks for any advice!

Comments (5)

Sep 11, 2019

What do you do now? Where do you want to go in WM? Do you want to be a FA yourself or do something else?

Sep 12, 2019

I assist the wealth advisor for a smaller bank in managing her book. It is not strictly HNW clients and we manage about $500MM. I would like my own practice down the road for HNW clients or move to a larger bank (MS, JPM etc.).

Most Helpful
Sep 13, 2019

If you want to be a FA, then it is very important. The 7 and 63 are minimum competency exams. The CFP shows that you actually know how to plan for somebody. It's also not that hard for somebody with planning experience. I had 5+ years of full time planning experience under my belt when I took it, and was done with the test before lunch. It is a lot of material, however. Expect to put in a couple hours a week for a year in order to complete it if you need to learn the materials.

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Sep 20, 2019

I agree the CFP is a nice addition to your name and title. It's a nice to have but is not the most important thing. Prospecting and filling your pipeline always trumps all.

CFP - can't fucking produce.

Don't get caught up spinning your wheels on letters when you should be prospecting.

Sep 20, 2019
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