CFP Board Candidate Open Forum

  • 1.  Trouble meeting the experience requirement?

    Posted 10-21-2017 10:53
    There are 60,000 people on the path to becoming CFPs and I'm wondering if anyone is having trouble meeting the 4,000 or 6,000 hours of experience needed to become a CFP? To me, this seems extremely difficult to attain if you are working part-time.

    I'm wondering a few things:
    • How many of you have completed the coursework and decided not to sit for the exam because of the daunting experience requirement?
    • How many have passed the coursework and exam but are having trouble getting the hours of experience needed to be certified?
    • Has anyone submitted a "policy exception request"? What was your experience going through this process and what were the results?

    Thanks!

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    Sophia Bera
    Founder of Gen Y Planning
    Gen Y Planning LLC
    Austin TX
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  • 2.  RE: Trouble meeting the experience requirement?

    Posted 10-22-2017 07:41
    Well, I plan to go for the exemption. I hope to get part of one, at least. I was in the financial services business for my entire career. I think my qualifications are about as good as it gets, and I have already outlined my bullit points to have that discussion. My sense is that the CFP Board is very good at vetting people and their qualifications. Easy for me to say, but I would not worry about it. The ability to figure out what your client is asking, analyzing the situation, using the appropriate data points, reaching a conclusions, and expressing it in a way that is non threatening , direct, short and easy to understand is key. A data dump doesn't work....I think the course sponsors and the CFP folks will have many suggestions as to what the best approach is.

    Good luck.

    Joe Achenbaum

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    Joe Achenbaum
    Chairman
    Wynston Advisors
    Rehoboth Beach, DE
    203.610.3003
    joe.achenbaum@gmail.com
    www.wynstonadvisors.com
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  • 3.  RE: Trouble meeting the experience requirement?

    Posted 10-22-2017 09:50
    Hi Sophia - good question and I'm interested to see what feedback you get.  I finished my CFP coursework a few years ago and have not taken the exam because I don't want to start the clock on my experience requirement.  As a career-changer, I am extremely selective with potential CFP jobs and have not yet found the right fit.  As more time goes by, I wonder if I will ever pursue CFP certification.  That said, taking the CFP coursework was one of the best investments I ever made in myself.  I have improved my personal finances in a way that would never have been possible without the classes.

    Best of luck to you!

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    Kyle Lawrence
    Charlotte NC
    (518) 522-1201
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  • 4.  RE: Trouble meeting the experience requirement?

    Posted 10-22-2017 12:02
    For career changers, the challenge is not following what historically was the path into financial planning. Historically, people started in the insurance or broker/dealer channel. Over time they developed a base of clients, then tired of the conflicts of those business models and moved to an RIA environment and pursued the CFP designation along the way. There aren't enough practices 'scaling' to absorb those coming into the industry from the University & Certificate programs as para-planners. Hence, the Faustian choice of heading down the traditional route for a few years to gain "an experience" then transitioning, or starting an independent practice with no experience and no base of clients.

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    Darrick McGill
    Regional Vice President
    Primerica / PFS Investments
    Georgetown TX
    (512)331-7552
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  • 5.  RE: Trouble meeting the experience requirement?

    Posted 10-23-2017 13:47
    Continue working. Even if it's part-time, you'll still reach your goal. However, there are two add'l ways of adding hours, as I personally verified when interviewing a CFP who finally earned her Ph.D.

    She Confirmed -

    1) Through Paraplanning work.

    2) Through an MBA.  1 year of 2 years education qualifies and counts towards the CFP designation.

    (This is a very powerful track because it will propell you beyond the CFP over time. Money is available for borrowing... but if you ever consider adding this degree, check out schools very carefully as some that are 'for-profit only' do not have placements services. In which case, you're approaching hiring managers yourself. However, don't let anything stop you!!!)

    3) Strong mindset.

    4) If points 1 and 2 don't apply well to your situation or appeal to you at all..., just keep working toward your goal. You may have to stair-step your way into greater and greater hours over time, but consistent efforts will get you there. It can be no other way.

    Respectfully,

    B. Brinkmeyer, MBA







  • 6.  RE: Trouble meeting the experience requirement?

    Posted 10-23-2017 14:25
    This is a great discussion and couldn't have come at a better time!  I spent 15 years working in IT corporate finance.  A great deal of my work was Business Development where I worked closely with our corporate clients to develop their IT budgets, put together an IT strategy, cost and price the proposal and then track the results.  My undergrad was in Finance and I also have an MBA.  I "retired" to raise my kids and decided after much thought to pursue Personal Financial Planning and the CFP designation.  I just finished the Berkeley Extension program and planned to sit for the exam in November.  I did apply to get an Experience exception and was completely denied by the Board (including my MBA).  I agree that previous experience is a huge factor in how successful a planner will be.  I saw that firsthand in both my Capstone class and in the the FPA Residency program.  Unfortunately, the CFP Board doesn't think my previous experience is valuable.  At this point I've put the exam on hold because I don't want to pay $1k+ for a review course and then another $700 for an exam for a designation I may never be able to use.  I don't think the CFP Board is serious about career changers or bringing more women into the profession.

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    Ligaya MacGregor
    Personal Financial Planning
    UC Berkeley Extension
    San Ramon CA
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  • 7.  RE: Trouble meeting the experience requirement?

    Posted 10-24-2017 11:11
    Hi all,

    Great discussion! We just wanted to clarify a couple of things: education – including an MBA or other education – does not count towards the experience requirement for CFP® certification. There are some degrees and professional credentials that enable a candidate to bypass some of the educational requirements by following the Challenge Status or Transcript Review path to certification. Details on Challenge Status qualifications can be found atcfp.net/challenge and Transcript Review at: www.cfp.net/transcriptreview.

    Please let me know if there is any confusion!


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    Heather Arkwright
    Community Manager
    CFP Board
    candidateforum@cfpboard.org
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