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It is currently Sun Apr 20, 2014 3:56 am




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 Post subject: Becoming a Financial Planner
PostPosted: Wed Feb 12, 2014 4:28 am 
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Joined: Tue Jan 07, 2014 8:49 am
Posts: 79
Location: Easy Street
Personal Finance has always interested me, and I have long contemplated changing careers and jumping into the field. I recently completed a 14-month course of instruction to qualify to take the Certified Financial Planner exam. I am scheduled to take the exam in March.

I vacillate on making the career change because I don't want to be a salesman, and that is part of the business. It also doesn't help when the Financial Planning Association (which I was allowed to join as a CFP applicant) prints the following lead article in their Journal:

Image

Seriously? If your mother didn't teach you how to correct a mistake, can you really learn it from a professional journal? I don't know, maybe I am too sensitive.

Anyone have an opinion on the matter?

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 Post subject: Re: Becoming a Financial Planner
PostPosted: Wed Feb 12, 2014 4:54 am 

Joined: Mon Feb 07, 2011 6:33 pm
Posts: 1059
Location: Illinois
I can't imagine that article teaching you anything that you shouldn't already know, but at the same time, it doesn't really jump out at me as being bad* (not the word I want, but I am at a loss right now).


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 Post subject: Re: Becoming a Financial Planner
PostPosted: Wed Feb 12, 2014 9:11 am 

Joined: Sun Jan 06, 2013 10:30 pm
Posts: 61
I guess they have too many unethical CFP and have to post a definition of a proper apology. :D I have also thought about taking the CFP and changing my career also. Is the 14 month online courses or in class? Also what’s the requirement for it? Good luck on your exam, let us know how it went, I might be thinking of changing career eventually.

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 Post subject: Re: Becoming a Financial Planner
PostPosted: Wed Feb 12, 2014 10:44 am 

Joined: Tue Jun 12, 2012 4:34 pm
Posts: 414
David.Paul wrote:
Seriously? If your mother didn't teach you how to correct a mistake, can you really learn it from a professional journal? I don't know, maybe I am too sensitive.

Anyone have an opinion on the matter?


In all fairness, some people get the short end of the stick in the parental department. Better to try to learn things from a professional journal rather than not at all.


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 Post subject: Re: Becoming a Financial Planner
PostPosted: Thu Feb 27, 2014 10:32 pm 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5209
I'm not sure I would qualify to take the CFP exam but there is a good chance I would. I have an MBA in finance among other credentials. I understand your position. I have considered a career change, or rather a post-retirement career, in financial planning. My ideas was essentially to help people by doing it pro bono for example. But one thing I have learned is that the industry is set up for sales. You CAN'T do it pro bono because you can't get the experience you need to get certified without serving time selling people crap they don't need. In my opinion that is a very sad situation. I know there are good people out there who want to do it just to help others but the industry discourages it.


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 Post subject: Re: Becoming a Financial Planner
PostPosted: Sun Mar 02, 2014 4:23 am 
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Joined: Tue Jan 07, 2014 8:49 am
Posts: 79
Location: Easy Street
I believe (but you'd want to check to be sure) that certain professional degrees allow you to bypass 5 of the 6 educational requirement courses and go straight to the "capstone" course to qualify you for the test. Not sure if MBA is one of those or not. I know CPAs and Lawyers 'CLEP' out of most of the courses.

DoingHomework wrote:
You CAN'T do it pro bono because you can't get the experience you need to get certified without serving time selling people crap they don't need.

Why could you not provide pro bono advice without the certification? Plenty of schmucks without CFP certification are charging for advice.

As for certification, the CFP Board requires 3,000 hours under instruction (a.k.a. selling crap) before you can be certified. I am working an angle, though, that I hope can get me the hours without having to sell. As a veteran and civilian employee on a military base I have excellent access to a demographic that several financial planning firms (a.k.a.insurance and front-end load fund peddlers) target. I am negotiating with one of them to sign off on my hours while I provide financial planning training to military personnel. The guy I am talking to is gung ho for the idea, but I haven't yet determined is he is the decision-maker, or if he is selling to me. :)

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 Post subject: Re: Becoming a Financial Planner
PostPosted: Sun Mar 02, 2014 3:43 pm 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5209
Sure, I meant that you couldn't get certified without doing the time in sales. Sounds like you have a good opportunity.


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