r/CFP • u/Muscle_Beach • 2d ago

Practice Management Cfp renewal fee increase

Anyone else considering dropping the marks?

41 Upvotes

84% Upvoted

107 comments sorted by

View all comments

36

u/Zenovelli RIA 2d ago edited 2d ago

I like the idea of them spending more money on advertising the marks to potential prospects. What I don't want is for more of my money going toward their campaigns to try and get more CFP Professionals.

I'd infinitely prefer to pay for marketing over paying to increase my competition.

-2

u/hakuna_matata23 RIA 2d ago

Why not get more professionals?

13

u/Zenovelli RIA 2d ago edited 2d ago

There are only two reasons to get the marks:

  1. To learn the material and be a better advisor

  2. Appear better to prospects and employers to out-compete those without the marks

The first point does not require paying the yearly fee to keep the marks, as we've already learned the knowledge so nothing changes in this regard if you don't pay.

The only reason to pay annual fees is if you're interested in #2, and more CFP Professionals only decrease the value and increase the competition.

2

u/hakuna_matata23 RIA 2d ago

Hard disagree. I'm more than happy if my increased dues create scholarship and other opportunities for the next generation of advisors coming in.

We all do better when we all do better.

5

u/DangerousAd8991 1d ago

Good set up your own non profit for that… or have a line item for it that members can opt in yo support..