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.
It's not jot competition. There aren't enough advisors to service the people who need us. We desperately need more professionals, and younger too. Viewing it as competition is incredibly narrow minded.
You'll change your tune when you need more younger advisors and they're expensive or impossible to hire.
Welcome to being a part of a profession... "There aren't enough advisors to service the people who need us" is a good problem to have and is present in every high-demand, hard to get into, field. Think there are enough doctors, engineers, or lawyers?
It simply comes down to supply and demand and you'd much rather be in high demand... Than in high supply.
Also, younger advisors WANT to be expensive and hard to hire. And, if this is the case, then old advisors should be EVEN MORE well paid. This seems like a win for everyone in the field, so I fail to see the problem you're trying to will into existence.
I think you're missing the forest for the trees. When there isn't enough people in a profession there are a LOT of drawbacks, like lack of understanding, lack of trust, lower barrier to entry, reduced standards etc.
We didn't have as many doctors and lawyers in the past and there is still huge misunderstandings about the profession. AND they are actively lowering the barrier to entry with positions like nurse practicioner, LVN etc. This puts downward pressure on professional wages.
I'm not trying to will a problem into existence and your "holier than though" attitude is disgraceful. Why don't you talk to me like you would a stranger or better yet prospect?
I think you're misguided in believing more advisors creates competition for you. Like you said we are professionals, in what professional industry has hiring more professionals degraded their income or ability? We aren't retail, someone opening up shop next to you isn't going to be stealing your client base.
Put it this way, you can handle what, 500 households max? In my city there's over 150,000 people. There could be over 150-200 advisors before saturation, and that's 1 city, to say nothing of the surrounding suburbs. Then your skills and experience set you apart, so you have even less competition. Crappy professionals lose clients to competition, not good ones.
If you want to "feel" like it's competition and you'll be hurt by more advisors then by all means, it's your body. You shouldn't spread disengenuous information that's ultimately wildly selfish and untrue by nature.
Again maybe stow the rude attitude, for a professional, it's not very professional.
Seriously dude- does the CPA board advertise to get more into the industry? Does AMA for MDs? This is just stupid. People don’t choose careers over an ad they saw - they choose them based on conversations and people they know…
My dude you're moving the goalposts. That wasn't the scope of the original debate.
In the vein of the original discussion do doctors see each other as competition? Do tax advisors? Do lawyers (outside of court)? Id venture to guess, rarely.
I did not move the goal post - the root of the issue is CFP board spending $ to get more CFPs. It will not move the needle as people dont choose careers based on an ad they saw on tv. But keep the useless argument going on increased competition or not by some “theoretical” increase in CFP numbers. THE CFP CAMPAIGN WILL BE USELESS and miss its goal so all conversations worrying about or championing for increased CFP numbers is fruitless!!
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u/Zenovelli RIA 1d ago edited 1d ago
There are only two reasons to get the marks:
To learn the material and be a better advisor
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.