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In the context of financial advisors, surveys have shown that CFP certification serves as an important branding signal for consumers seeking the services of a qualified advisor. For instance, a 2015 study found that consumers had higher brand awareness of the CFP marks, even more than the well-known ChFC, CFA, CLU, and PFS designations.
At the same time, questions abound as to how the FPA realistically plans to pursue Title Protection, and its noticeable abstention from mentioning the CFP marks anywhere in its discussion of its new advocacy agency, despite the fact that the FPA is the membership association for CFP professionals.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that CFP Board announced that it has crossed the milestone of 100,000 CFP professionals in the United States, and despite having just celebrated its 50th anniversary last year, just set a record high in the number of advisors sitting (..)
While the share of advisors with the CFP marks has risen steadily over time, today, about 2/3 of financial advisors are not CFP professionals. The typical service advisor without CFP certification earns $48.83 for service advisors with the CFP marks – a difference of $37.47, or a whopping 77% boost in income per hour!
Also in industry news this week: While the FPA is going full steam ahead on its federal and state lobbying efforts to regulate the title “financial planner”, CFP Board is more focused on increasing recognition of the CFP marks. How individuals can best harness their willpower to achieve their biggest goals. Read More.
Also in industry news this week: Changes to CFP Board’s procedural rules went into effect September 1 and are intended to make the disciplinary process more efficient for respondents as well as CFP Board staff, and to expand the CFP Board’s ability to pursue more complaints against CFP professionals A NASAA model rule follows in the footsteps (..)
Suzanne is a Senior Financial Advisor at Meridian Wealth Management, an RIA based in Lexington, Kentucky, where she oversees approximately $110 million in assets under management for nearly 150 client households.
investmentnews.com) A checklist if a client gets laid off near retirement age. riabiz.com) CFP professionals make more money. (youtube.com) Daniel Crosby talks with Cady North, Founder and CEO of North Financial Advisor, about planning for a sabbatical. riabiz.com) How Ron Carson is distancing himself from his old firm. kitces.com)
The requirements to run a successful, growing advisory firm are often less about doing the technical work with clients and more about marketing value to get prospects in the door in the first place. Which means that advisors should not be expected to champion the planning industry alone when prospecting for clients. Read More.
(kitces.com) Advisers What to do if a client (or prospect) ghosts you. advisorperspectives.com) How to choose a CFP exam study program. alphaarchitect.com) Should you have a friend as a client? advisorperspectives.com) What does comprehensive financial planning entail? thinkadvisor.com)
Together, these proposed changes (which are currently open for public comment) suggest CFP Board is seeking to ensure that those with the marks not only have sufficient education and experience upon receiving them, but also maintain and sharpen their skills over the course of their careers.
podcasts.apple.com) Michael Kitces and Carl Richards on the opportunity when clients bring you something 'off the Internet.' kitces.com) Ownership Nearly half of all financial planners surveyed by the CFP Board have an ownership stake in the company where they work. riabiz.com) NewRetirement has changed its name to Boldin.
Financial advisors are generally required to abide by ethical standards, such as the duty to act in a client’s best interests when giving financial advice. The paper’s authors state that based on their review of publicly available data, CFP certificants had higher levels of advisor-related misconduct than non-CFPs.
Financial advisors are generally required to abide by ethical standards, such as the duty to act in a client’s best interests when giving financial advice. The paper’s authors state that based on their review of publicly available data, CFP certificants had higher levels of advisor-related misconduct than non-CFPs.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a CFP Board ad campaign promoting a career in financial planning to high school and college students sparked an uproar in the planning community, as some advisors questioned whether the messages being sent in the ads – (..)
frazerrice.com) Brendan Frazier talks with Ben Haas about how to conduct client 're-discovery' meetings. podcasts.apple.com) Josh Brown and Michael Kitces talk about how a recent CFP ad campaign went wrong. Podcasts Frazer Rice talks RIA marketing with Richard Heft, President of EXT Marketing.
Brett is the Founder of Brett Danko Educational Center, a CFP Board Education and Exam Prep provider, and the CEO and Managing Partner for Main Street Financial Solutions, an independent RIA based in Newtown, Pennsylvania, that oversees almost $2 billion in assets under management for nearly 1,700 client households.
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that CFP Board announced this week that it is splitting into two separate organizations with the same leadership but different nonprofit statuses.
By helping clients develop financial goals, creating a financial plan, and supporting the implementation and monitoring of the plan, advisors help clients live their best lives. For instance, AGB connects with pro bono clients so advisors do not need to spend time advertising their services.
Thor is the Owner of McIlrath & Eck, an independent RIA based in Arlington, Washington, that oversees more than $610 million in assets under management for 970 client households.
transcendretirement.net) The biz Charles Schwab ($SCHW) is planning to put more effort into Schwab Private Client. thinkadvisor.com) There is a spectrum of client engagement. What tools can you use to help clients along the way. marknewfield.substack.com) Why convincing a client to sell a concentrated position can get you fired.
riabiz.com) Charles Schwab ($SCHW) is focused on its biggest RIA clients. kitces.com) The 100,000th person has gotten their CFP designation. (open.spotify.com) Charles Schwab Charles Schwab ($SCHW) will rely on iCapital to power its push into alternatives. wsj.com) McKinsey & Co.
When the opportunity to partner with Adam Day, CFP in Naples came along, we jumped on it. We will be meeting with both clients and potential clients. This is the perfect opportunity to learn more about how we manage assets and develop financial plans for our clients, or to just swing by and say “hello.”
Kamila is the CEO and Founder of Collective Wealth Partners, an independent RIA based in Atlanta, Georgia, that oversees nearly $25 million in assets under management for almost 175 client households.
Hannah is a partner and financial advisor at Lomanto Provost Financial Advisors, a hybrid advisory firm based in Plattsburgh, New York, that oversees approximately $150 million in assets under management for about 380 client households.
Sue is the owner of Delegated Planning, which offers virtual outsourced financial planning support to 55 advisory firms, and the co-founder of Planning Zoo, an outsourced financial planning data entry business that helps current and recently graduated students from college CFP educational programs connect with advisory firms that need paraplanner support (..)
“Do I need to use the ® mark with my CFP designation”? This question spurred me to do some research on whether one must always write “CFP ®.” In fact, I rarely included an interviewee’s CFP designation because space was tight. Here’s the CFP Board’s response to my tweet on the topic.
kitces.com) Brendan Frazier talks with Samantha Lamas and Danielle Labotka about why clients hire and fire their financial advisers. theirrelevantinvestor.com) Taxes Why clients need to start planning now for the coming dip in the estate tax exemption. wsj.com) Advisers How to speak to clients in a way that they understand.
Which suggests that while advisors might be hesitant to publish their fees on their website before being able to meet face-to-face with prospects, doing so (and linking the fees to the value proposition they offer their ideal clients) could help certain consumers overcome their reluctance and start the process to becoming clients!
By helping clients develop financial goals, creating a financial plan, and supporting the implementation and monitoring of the plan, advisors help clients live their best lives. For instance, AGB connects with pro bono clients so advisors do not need to spend time advertising their services.
Nonetheless, given Kitces Research findings that being 'too' comprehensive can eat into a firm's bottom line, advisors might seek a 'sweet spot' of providing a comprehensive slate of services (but not necessarily every possible service) that are most valuable for their ideal target client.
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a recent survey sponsored by CFP Board demonstrates the upsides of a career in financial planning, from a median salary of nearly $200,000 to flexible work schedules and a strong sense of purpose among advisors.
Accordingly, much of the heavy lifting to meet the demand for new advisors will likely be done by the Schwabs and Vanguards of the world, while professional organizations, like the FPA and CFP Board continue to create systems and structures that make it easier for growing firms to develop training programs and career tracks. Read More.
riabiz.com) Why the CFP is splitting into two organizations. kitces.com) How to communicate with a client leaving your practice. investmentnews.com) Advisers Mitch Anthony, "Every human being has the need to be understood, but not every financial services client feels understood by their advisor."
Which means that while many fee-only RIAs use the reduced conflicts that come with the fee-only model (as opposed to firms that receive compensation from commissions and other sources) as a key marketing talking point, the fact remains that being truly 'conflict free' is nearly impossible and such claims (which are hard to substantiate) appear to be (..)
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that according to CFP Board leaders, “everything is on the table” when it comes to the organization’s announced competency standards review.
Which suggests that instead of trying to go head-to-head with these larger firms (and their heftier marketing budgets) in attracting clients, smaller firms might instead demonstrate how they are 'different' by offering a unique service offering tailored to their ideal target clients.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a Morningstar survey has found that financial advisory clients are more likely to stick with their advisor for emotional reasons rather than investment returns alone.
By Antoinette Tuscano, MDRT senior content specialist You can be an outstanding financial advisor; however, youre still out of business without clients. In these top videos posted on MDRTs YouTube channel in 2024, learn how MDRT members communicate and work with clients.
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