How To Become a Certified Financial Planner

This originally aired as a video on my YouTube channel which you can watch here: https://youtu.be/kxjxmCUiCYk

The website I'm referencing in this podcast is located here: https://www.cfp.net/become-a-cfp-professional/cfp-certification-requirements

The path involves following the 4 E's:

Education (including continuing education).

• Complete college or university-level coursework through a program registered with CFP Board, addressing the major personal financial planning areas identified by CFP Board’s most recent Job Analysis Study; and
• Verify that you hold a bachelor’s degree or higher from an accredited college or university (accreditation must be recognized by U.S. Department of Education at the time the degree is awarded).
• Continuing ed 30 hrs every 2 years
  

Experience

• CFP® certification indicates to the public your ability to provide financial planning unsupervised, and CFP Board requires you to have 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of Apprenticeship experience that meets additional requirements.
• You have to understand the 6 Elements of financial planning: https://www.cfp.net/images/default-source/infographics/experience-infographic-web.jpg?sfvrsn=4

1. Establish and define the relationship: What is the scope?
2. Gather data What info do you need to fulfill the relationship expectations?
3. Evaluate client's financial status How will you analyze where they are?
4. Develop and present recommendations
5. Implement recommendations What needs to happen to carry out recommendations
6. Monitor over time How is success measured?
   

Exam

• 170 questions administered over two 3 hour sessions (with a 40 minute break). I started studying after my education requirement was complete with a review course in August and then sat for my exam that November.

Ethics

• Must adhere to CFP Board's Standards of Professional Conduct and be willing to allow them to enforce them if you don't comply. It's really 3 parts...you have the Code of Ethics, the Rules of Conduct and then the Practice Standards. Basically means to make sure you render all your advice while a CFP in the client's best interest
  

Thanks for listening.

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