CFP Board Candidate Open Forum

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Too Old for CFP?

  • 1.  Too Old for CFP?

    Posted 01-10-2017 14:58
    Hi, I'm a first-time poster, and I'm considering pursuing a CFP to assist in a potential 'second-act' career transition to financial planning. I'm 55 years old and have a CFA designation as well as an MBA from a Top 10 school. I've spent the past 25 years in investment management in a senior fixed income research role at a large institutional investor. Any thoughts as to the feasibility of a latter-career transition would be much appreciated. (Even if attaining a CFP designation did not translate to a job, I'm thinking I'd benefit from, and maybe even enjoy, the knowledge "for knowledge's sake." Thank you.


  • 2.  RE: Too Old for CFP?

    Posted 01-11-2017 07:51

    Charles:

    I am one of 3 CPAs in our office that are over 50 and taking the exam this year.  I say go for it!  It can't hurt. 

    ------------------------------
    Laura Wolfe
    Senior Tax Advisor
    Lassus Wherley & Associates
    New Providence NJ



  • 3.  RE: Too Old for CFP?

    Posted 01-12-2017 05:35
    I'd like to offer sincere a 'thank you' to everyone who has been so kind as to respond to my question about pursuing a CFP in support of a latter-career transition to financial planning ('Too Old for CFP?').  Comments have been most supportive and thoughtful.  Much appreciated.  To those of you who responded off-line, I intend to respond to you shortly.  

    ------------------------------
    Charles James
    Sr. Managing Director
    PPM America
    Chicago IL
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  • 4.  RE: Too Old for CFP?

    Posted 01-11-2017 07:55

    Definetly worth pursuing, not too old, you are "challenge status" and it's is a quick process.  I'm also in investment management, CFA Charterholder and graduated from top ten MBA, but in our industry, I don't think the MBA is acknowledged amongst clients or peers as much as the CFP, oddly enough...  CFP is well known, gives you more broad knowledge and credibility amongst clients..

    ------------------------------
    Pete CFA, CFP®
    Portfolio Manager
    Fifth Third Private Bank



  • 5.  RE: Too Old for CFP?

    Posted 01-11-2017 08:10

    I say go for it!  After two years of classes, I took and passed my CFP exam at the age of 67.  I did it for my own benefit, just to see if I could pass the exam, but I have also benefited in being able to help many friends and relatives with their financial issues.

    ------------------------------
    Michael Biensen
    Currently retired
    Grand Prairie TX
    (972)262-4252



  • 6.  RE: Too Old for CFP?

    Posted 01-13-2017 12:56
    We should form a group for elder CFP's. I'm 65 and will also be sitting for the exam in July for the "fun of it". It is interesting to observe that majority of  Dalton students seem to be CPA's, insurance agents or tax attorneys. Notwithstanding, would greatly enjoy having a dialogue with any of the older/transitioning students.

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    Kenneth Marshall
    Partner
    Development Group, LLC
    White Plains NY
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  • 7.  RE: Too Old for CFP?

    Posted 01-11-2017 09:12

    Hi Charles,

    i recently retired at 63 after spending my entire career in financial services. I signed up for the Dalton course and am currently taking the Tax module. I am planning on sitting for the CFP exam next July. I found the material to be very comprehensive and parts not very relevant to me personally but there is much to be gained in learning all the nuances of financial planning, especially the Investments, Tax and Estate Planning module. There will be moments when you will ask yourself, "why at my age am I doing this" but overall I have found the course and material very relevant and a good credential for moving into any area of financial planning. The only hurdle I have not yet figured out is the experience requirement. I know I am not interested in working 60 hour weeks any more.

    Hope this helps.

    Mike McWalters

    ------------------------------
    Michael McWalters
    Self-Employed
    Self-Employed
    Briarcliff Manor NY



  • 8.  RE: Too Old for CFP?

    Posted 01-11-2017 12:09
    At 55 you're just getting started. I say go for it!!

    -Jason 
    --
    Jason J. Hamilton
    CEO/Investment Advisor Representative
    KIS Financial Planning, LLC
    Jason@kisplanning.com
    Direct: 657-333-2252
    www.kisplanning.com
    Twitter @kisplanning
    Facebook.com/kisplanning

    Schedule time with me:
    Calendly.com/kisplanning





  • 9.  RE: Too Old for CFP?

    Posted 01-11-2017 17:41
    Hi Charles,

    I'm an over-50 'transitioner'.... well, let's just leave it at that. I'm pretty fresh in terms of my certification as I just passed the exam this past July and was awarded my CFP® marks in August. And while I'd certainly agree that going back to school and changing careers at my age was no cake-walk, it turned out to be a great decision for me in more ways than I can count.

    I really don't think age should be the determining factor in whether or not you pursue the CFP®, I think that what you want to do with your remaining years in the financial industry should drive that decision. Having the certification is an excellent vehicle for delivering value, one-on-one, to individuals and families. If your heart is in helping people identify, realize, and then enjoy their financial paths, then the CFP® is for you no matter what age you happen to find yourself becoming. 

    (You have a wealth of experience and knowledge already, so you really have a head start in so many ways!)

    Best of luck to you, whatever you decide-

    Janet

    ------------------------------
    Janet Gerlings
    CFP®
    ------------------------------



  • 10.  RE: Too Old for CFP?

    Posted 01-11-2017 23:07
    I believe there are more of us in your same boat than you would realize. I hear 50 something is just getting warmed up. I don't believe it is ever too late too start something new, especially if the passion is there. Good luck to you!

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    Gregory Anderson Manager Blue Ridge Trading Bend OR
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  • 11.  RE: Too Old for CFP?

    Posted 01-12-2017 10:25
    Thanks for asking this question and thanks to all whom have answered!  

    I'm 42 and after 20 years on the buy-side doing equities research at an institutional asset manager I'm also looking to make a career shift.  Just signed up for classes and plan to sit for the CFP exam in November of this year.  I also have a CFA.  

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    Robert Stoll Executive Vice President Institutional Capital LLC North Barrington IL
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  • 12.  RE: Too Old for CFP?

    Posted 01-13-2017 10:37
    Who ever said that there was an age maximum?  I am older than you and I am in the midst of going for it.  I happen to be facing age 62 and although I already have an MBA, an MS (both concentrated in Finance) I am still going through a CFP approved course of study.  For the past 30 years of my career I have worked as a Stockbroker, a Life Insurance Agent and as an Independent Financial Advisor.  Why am I doing this?  Because it never hurts to have one more professional credential; and besides, having earned a CFP helps to separate us from all of the "charlatans" and "hustlers" out there who are willing to tell every lie imaginable just to try and make a sale and get a fast buck from sales commissions.  Those who come with a CFP carry with them more professionalism and integrity; which I why I am working towards getting mine. 

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    Ralph Mitchell Registered Investment Advisor Carthage Financial Group, LLC Quincy MA 02169 781-519-4920
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  • 13.  RE: Too Old for CFP?

    Posted 01-14-2017 19:48
    Just got my CFP this past  November. I'm 66.



    Sent from my Verizon, Samsung Galaxy smartphone





  • 14.  RE: Too Old for CFP?

    Posted 01-14-2017 16:01
    As a retired teacher, I say you're never too old to learn. I retired from teaching high school science at 54 and the CFP course was my first ever financial related course. Within less than two years, I had passed the CFP, the Series 7, series 66, Life, health and annuities, gotten a new career job, and had begun working on my experience for the CFP marks. It has truly been a rewarding experience. I say go for it!  

    ------------------------------
    Andrew Mika
    Pegasus Financial Group
    Fairfax VA
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  • 15.  RE: Too Old for CFP?

    Posted 01-19-2017 01:05

    Chuck, like you, I am a career changer as well.  The last couple of years, I’ve been on sabbatical to study and prep for the CFP exam and have been for the last several months networking and talking to practicing financial advisors about how to get started as a career-changer.

    I think the first step in making a career change is to envision where you want to end up and mapping out the path from where you are to where you’d like to be – there are a number of pathways through which professionals enter financial planning; these types of careers seem to make for an easier transition:

    • Financial products sales
    • Investments
    • Tax (e.g., CPA firms)
    • Insurance
    • Estate planning

    And there are a number of professional destinations / landing pads:

    • Broker-dealers / Wire-houses (e.g., UBS Warburg, Morgan Stanley)
    • Retail sales (e.g., Fidelity)
    • RIA firms
    • CPA firms
    • Independent Advisors (e.g., Edward Jones, Raymond James)
    • Banks

           See the chart in this article from Morningstar: http://byallaccounts.morningstar.com/blog/479-5-paths-in-the-advisor-world.html

    With your background in investments, this could be a relatively easy transition for you.  As I’ve been exploring pathways into the profession, however, there seems to be a major trend in the industry toward bringing younger professionals into the fold, and fewer resources for mid-career career changers.  I understand the reason for this trend toward hiring recent graduates is the aging of practicing financial professionals and a growing shortage of financial advisors as the giant wave of baby boomers grow older.  Another trend I've seen is RIA firms merging with independent advisors who can contribute a book of business to a RIA firm.  The industry is wise to encourage young people to enter the profession, but I’d like to take a moment to sing the praises of mid-career career changers:

    • We are empathetic and not quick to judge others for their financial idiosyncrasies.
    • We are rich in life experience and have been through many of life’s major financial decisions.
    • We often have additional skills that businesses can take advantage of in managing a practice.
    • We are quick learners and often have developed good “soft” skills like decision-making, prioritizing, problem-solving, being able to take a flexible approach to moving forward when processes/plans break down, among others.

    Hope this summary sheds some light on your feasibility question.  As someone who is currently making the transition, I feel emphatically like I’ve found my “tribe” and am looking forward to being in the profession for the next 20+ years.

    Best wishes to you in your next act,

    Marge Neis, CPA (Inactive), MBA, Candidate for CFP® Certification

    ------------------------------
    Margery Neis
    San Francisco CA

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  • 16.  RE: Too Old for CFP?

    Posted 01-20-2017 09:33
    Marge -

    I would say the best thing more mature career changers have going for them is life experience and connections.

    This is still an industry where making connections to build a book of business is important.  Regardless of what we wish, people don't just get up in the AM and say:  I am going to find a financial planner today.  Well maybe some do, but most do not.  They have to be reminded and tend to go on the internet to find answers (and those are ALWAYS RIGHT - NOT!)

    I was with many young people in my classes who have left the business in droves.  They liked the idea of a six figure salary, but when they found out they would not have a paycheck for about 3 years, that didn't sit really well.  They also did not have funds to put into building a business and SBA loans don't come really easily in our world.  

    I was lucky, we had savings to rely upon and my husband could keep the home fires burning while I built a business, and with grown children, I could work the 12-18 hour days needed at the starting few years.  Just now, after three and a half years, I can start to take an income, but I have been a drag on our net worth growth for about 4 years now.  

    This career is much harder than taking a CFP course and passing that exam.  There is licensing, CE, business building, regulations, computer programs to buy, E & O insurance, liability insurance, etc.  Then when your business gets to a decent size and you can no longer to it all you need staff and with them come taxes, more insurance, etc.  And now with fee compression, you need double the amount of clients and with them more work, to make what advisors made just 5 years ago.

    Good luck to all!

    ------------------------------
    Nadine Burns
    Investment Advisor/Owner
    Gateway Financial Partners
    South Lyon MI
    800-652-4360 (810)
    ------------------------------



  • 17.  RE: Too Old for CFP?

    Posted 01-30-2017 11:46
    I am 52 and will be 53 in March. I heard the average age in this industry is 53. However, I have had an experience were my age was an issue. This is an industry that age should be an advantage. I am also new to the industry so I look forward to learning and getting to know people on here. 

    Deborah

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    Deborah Armstrong
    Massachusetts
    Freedom Management Consultants
    METHUEN MA
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  • 18.  RE: Too Old for CFP?

    Posted 01-31-2017 11:46
    I am 55 (soon to be 56) and I am also considering changing course and becoming a CFP ... it has long been a goal of mine ... anyone have advice for what pathway I should pursue?  I am a CPA who spent the first part of my career (10 years) working for one of the former Big 6 firms and the last 18 years in higher ed.

    Planning on taking the CFP exam in November and seeking advice as to how best to "break into" the field.

    Thanks!

    ------------------------------
    Karen Harris

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  • 19.  RE: Too Old for CFP?

    Posted 01-31-2017 12:47
    The key to realize with transitioning into this profession at an older age, is that it is a long road to get to a paycheck for yourself!

    Unlike an industry where you get a degree or certification and go right to work making money, there is still more to do before you can earn a paycheck - and the quicker it is, the more you are giving up in pay to someone else!

    Good luck all!

    ------------------------------
    Nadine Burns
    Investment Advisor/Owner
    Gateway Financial Partners
    South Lyon MI
    800-652-4360 (810)
    ------------------------------



  • 20.  RE: Too Old for CFP?

    Posted 01-31-2017 12:49
    You have fantastic credentials to begin with. a CFP Designation will only add to your professional appeal. Age should not deter you. Although younger, I was 52 years old when I sat for the exam this past November. Go for it!!

    Best of Luck!

    Regards,

    John Bruggemann

    ------------------------------
    John Bruggemann
    wealth advisor
    advisors capital management
    Ridgewood NJ
    (201)447-3400
    JohnBruggemannJohnBruggemann
    ------------------------------



  • 21.  RE: Too Old for CFP?

    Posted 03-29-2017 12:17
    I just passed the exam at age 54.
    It was tough but I'm sure it is regardless of age.
    The knowledge you will receive will be worth the effort.

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    Don Keel
    Financial Advisor
    First Command
    Greenville NC
    252-295-0772
    ------------------------------