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Wealth Professional | 25 Jun 2015, 09:02 AM Agree 0
On Tuesday WP looked at how important the CFP certification is to an advisor’s practice but if one Toronto advisor had his way it could become even more valuable.
  • Mark | 25 Jun 2015, 11:27 AM Agree 0
    No matter what the designation is or whether the advisor even has one, what counts is the advisor being knowledgeable and ensuring that the client's interests are put first.
  • Cory | 25 Jun 2015, 02:11 PM Agree 0
    Why not have the professional desiginations similar to a CPA. An undergrad degree in a few different disciplines could be allowed such as Economics, Psychology, Management. We could just state a minimum requirement of any undergrad degree and then the CFP path.

    Students would have to be mentored by existing CFP holders until they have had 2 years of service experience for example.

    I would also love to see a CFP -Advanced designation that incoporates a higher level of knowledge and experience (also higher levels of continuing education).
  • Kathy Waite Your Net Worth Manager | 25 Jun 2015, 05:39 PM Agree 0
    Now this gets interesting .......Do you really think the big career shops who recruit based on sales skills then teach you how to sell insurance and their own brand mutual funds ( based on a risk tolerance questionnaire) and pay you commission will attract people with a degree ? Isn't 90% of the business commission or bonus based? I see few young people with degrees and student debt signing up to live on commission .
  • Cory | 26 Jun 2015, 05:02 PM Agree 0
    Kathy I entirely agree. That's why we aren't a profession but a sales business at this point. A couple of years ago I was told by a senior executive at an insurance company that CFP stood for 'Can't F'n Produce' and he would rather hire a used car salesman as she could close. It wasn't about the client only about the sale.
    That is the stigma we are trying to overcome. It won't be easy, smooth or painless.
  • Robert Roby | 28 Jun 2015, 03:56 PM Agree 0
    There's no doubt that knowledge is power. The interesting thing here is that what is better if having to choose. A CFP certification who sells only mutual funds and worse off proprietary funds or an advisor who has 20-30myears of experience providing clients a wide array of investment products, financial planning by simply using a software program and the experience to be able to advise clients on how to obtain a fulfilling retirement for a life well lived. Now, if you have a CFP and the above real life qualifications coupled with independence now I believe that this is real value.
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