Is It Better To Skip The CFP Exam And Get The ChFC Designation First

An "#OfficeHours with Michael Kitces" Periscope, talking about how, for advisors who want to differentiate themselves and stand out from the crowd, a recognizable designation is a must. But which one should you pursue first? For further details, see

[micahshilanski]

'Someone trusts you with their entire life savings - you show up. You do the work. The LEAST you can do is carve time out of your life to take the CFP Test' - Amen #OfficeHours; could not agree more.

[krassimirpetrov]

As a young advisor I considered it but I did the CFP first, yes that test is hard but worth it for the respect alone

[Shanshu]

As someone who plans on obtaining the ChFC and CFP certifications, and a bachelors degree, I find starting with the ChFC is a great start to getting your foot in the door without the long term commitment of school and the CFP exam.

I would rather have those commitments while accruing experience with a firm that hired me for my ChFC. Four to five years of experience while in school, possibly paid for, and proper credentials? I don’t see a negative to that, but I understand the either or argument.

[rosskline]

I would love to get the CFP designation! But I'm not going to pay for 4 years of college tuition just to get it! I've been doing this for 5 years... why doesn't the CFP board have alternatives to the Bachelors degree requirement?!

[oam]

I too faced this dilemma. I ended up deciding to go back to school, finish my undergrad and get the CFP. As a CFP, I went on to pass my HS347 exam yesterday, and now with completing just one course, earned the ChFC designation as an add on to my CFP. I think it’s the better way to go.

[SashaStowers]

I work at an insurance company as a designer. They offer the training for ChFC courses, books, and first exam for free. I was thinking I could try to get the ChFC and use the credits to get the CFP. The main problem is the experience requirements. I'd like to switch careers to being a financial planner for under served communities, so I'm a bit concerned that I can accumulate that many hours part time. I also want to be financially independent prior to switching, since my salary as a designer is already on the higher end of what a CFP earns.

[JoshAckerman]

Did the last two classes of the ChFC while waiting for the CFP exam results. I didn't have to study much, as the CFP had hammered the relevant facts home.

[jamesm.]

It looks like The American College recently consolidated two ChFC courses, so now CFPs just have to take one more course to get their ChFC designation. Also, as a side note, The American College/Huebner School has a broader definition of relevant business experience which could count for the ChFC designation, so it may be the faster route for some.

[EmpowerYourMoney]

Competency as a Financial Planner. I thank you for the advice...Jan

[yoginderchugh]

I have a PhD degree in Engineering and about 50 years of work experience. I am very interested in financial planning and finacial services areas. But at my age of over 80, how could I complete my work experience requirements if I embark on this journey. Are there internship opportunities available by financial services companies? I have been guiding friends with financial planning on an ad-hoc basis for a few years as a hobby. Any words of wisdon for a person like me?

[orginaleinstein]

Hello Michael, quick question. I would like to pursue a career in financial planning. Is it possible to obtain a ChFC designation without having a college degree? or is a 2 year degree a requirement for enrollment into the program? Thank you and great info on your videos. Any advice in terms of getting started in the field without a degree would be much appreciated!

[EmpowerYourMoney]

Michael, You started as an Insurance Agent. Would you advise someone to consider the Insurance/B/D option or an independent RIA route....i would imagine...as you have taught..."it depends" !

[misterfergusso]

Thanks for the detailed explanation. Please also explain about CWM (AAFM) and RFC (IARFC) in future video...please

[justinheat]

if you didn't go to college you cannot get the CFP. ChFC can be done without a BA.

[deltaXna]

i just got out of my CFP exam. not feeling confident. 4 weeks and ill come back when i get my results.

[TheFinancialAdvocacyPodcast]

ChFC has a 3 year experience requirement, just as CFP does. And The American College can accept course transfer credit for appropriate courses previously completed.

[vangustia]

With a CHFC is it possible to waive the series 65 to be able to do aum?

[aperson]

How do you study for these, what prep courses would you recommend?

[KeiPyn]

Which is harder? Series 65 or the CFP exam?

[kylezammit]

So why not get the chfc first, and then once you earn that all of the coursework overlaps with CFP work so you can just prepare to start sitting for that exam? Did I miss something?