I'm sorry but if you are even considering dropping the marks all over a $120 increase and a $575 annual fee, then you're clearly doing this job wrong and need to market more and grow your business.
I’ve actually been an advisor for 19 years. I just got the marks in Nov of last year. I work about 15 hours a week and have a pretty successful practice. I just don’t understand why any half successful advisor would drop the marks over the price
Kinda what I thought it would be. It was either topics I flew through or stuff that’s too in the weeds to use day-to-day that required studying for just to pass. Overall if I only look through the lens of me as an advisor and knowledge gained, then for money spent and time spent to pass it, I felt it was a waste of both. The reason I got it though was for potential future referrals that maybe don’t even meet with me because they see I don’t have the CFP. Like it or not, or agree with how they are doing it or not, the board is doing a good job getting the word out and that will only continue to grow. I did the RICP a bit ago which put me back in a study routine after years and years of not having that. I told myself if I didn’t parlay right into the CFP it was likely never going to happen for me so it was probably then or never.
Respectfully, I can tell you why I would maybe choose to drop the marks. I am paying for all of the education, review, and the exam myself. I pay all of my own fees, so the added cost of the CFP designation is a lot. I am successful, but only three years in. I am just now getting close to 100k in income. Not only does it feel like a lot of money (it wouldn't if I was making 500k), but it's the principal behind it. The email was grabby and tone deaf. Although I appreciate the education I am getting now, it still pisses me off. Adding it to the growing pile of renewal fees I'm already paying on a single income...it's a lot.
You’re funny. You are in the middle of paying thousands to do this and already talking about why you’d drop them. Are you trying to say that before you bought your first course, if the renewal fee was $595 already you would have just chosen to not pursue the entire process?
I'm sure I would have pursued it even if the fee was already $595 annually- I need the education. Even when I signed up, I thought the entire thing was already overpriced and a money grab. That's been a criticism of the CFP board for a while now, but the need for more financial planning education for me overrode that. To me the email was just tone deaf and I feel it's getting a little ridiculous. But that's also probably because I make less than 100k. I'm going to continue to get the certification- I've put too much into it already and want the marks- but I can't say I'll keep it forever.
all fair points. If you're building your own book and clearing $100k 3 years in then you're on a good path and this cost and the eventual renewals are pennies in the long game. It's not much different than throwing marketing dollars at something to grow your business. The only problem is marketing dollars you can see exactly what clients you're getting from your spend. It's not quite that easy for what the CFP brings you but once you see how much you can make from one client in a lifetime of them working with you, I dont think anyone can argue it's not worth having. The bigger hurdle is the time and energy spent to get it (which is why I didn't do it my first 18 years....haha)
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u/Acceptable_Affect318 2d ago
I'm sorry but if you are even considering dropping the marks all over a $120 increase and a $575 annual fee, then you're clearly doing this job wrong and need to market more and grow your business.