What’s a designation worth?

What’s a designation worth?

What’s a designation worth? In last year’s first ever Wealth Professional Certification Survey, 87 per cent of advisors who took the survey said they held the CFP well ahead of any other designation or certification.
 
There’s no doubt the CFP is an invaluable tool for advisors when it comes to providing advice to clients of all incomes. It’s the must-have designation in financial planning.
 
Christopher Dewdney, a financial security advisor at DWL Financial Services, suggests the CFP should be mandatory for anyone wanting to work in financial services dealing with clients.
 
“I have a few designations and I’m currently doing my CLU but the CFP for me is the foundation. I actually think it should be a requirement to be an advisor,” Dewdney told WP. “If we want to be viewed as true professionals similar to lawyers or accountants, you need to pass the CFP and then work in a firm for a certain period of time.”
 
This year’s survey got underway last week and the response has been brisk. Advisors are already making their voices heard when it comes to what matters most in financial planning. Perhaps the comments from this year’s respondents will echo Dewdney’s sentiments.
 
In last year’s survey we received several comments from advisors that expressed a similar ideal. 
 
“The financial services industry needs mandated professional standards from the government,” said one respondent. “The CFP is the logical choice.”
 
FPSC CEO Cary List certainly wouldn’t have a problem with Dewdney’s opinion when it comes to the CFP.
 
“It’s a biased argument but I think the relevance and the awareness and the importance of financial planning speak for themselves,” List told WP recently. “I don’t think there’s any question that the CFP is far and away the most significant and important designation for advisors to get at this point in Canada.”
 
This year’s certification survey got underway last week. The second annual Wealth Professional Certification issue will be out in late summer or early fall.
 
To take the survey and let your opinion on certification in Canada be heard – click here.
 
 
5 Comments
  • Mark 2015-06-25 11:27:37 AM
    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.
    Post a reply
  • Cory 2015-06-25 2:11:45 PM
    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).
    Post a reply
  • Kathy Waite Your Net Worth Manager 2015-06-25 5:39:07 PM
    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 .
    Post a reply