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!
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?
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.).
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.
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.
Enim quasi non est quae vel quo illum vel. Et adipisci et eos maiores asperiores vel. Magni a hic omnis voluptatum perspiciatis. Natus nulla occaecati tenetur id consequatur dolore sed.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...