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Are CFPs made for investment management?

Posted by Prashant Shah on April 18, 2012

Dear All,

Recently I had a meet with many of the brokers, Mutual fund and Insurance agents. While discussing about CFP as career qualification and as a need of future, I came across interesting feedback.

Almost everybody has the same understanding about CFP and were in the opinion that, they have been doing the same job of investment planning from the years, hence they showed less interest in understanding the actual science of financial planning.

So I would also like to know your opinion on the same. Are CFPs ment only for investment planning in real life (not in books). What is the real role of a CFP in our country. How can the qualification be promoted?

As it has been observed that many of the CFPs are involved only in investment planning and earn commissions or brokerage and have not started charging clients. Lets discuss the same in the comments.

Prashant V Shah.


4 Responses to “Are CFPs made for investment management?”

  1. Jay said

    I (as a financial advisor) ask myself, if I can’t charge a fee from client now (i..e. without CFP) then will client pay me after completing CFP. Instead of we giving a new reason (CFP) to charge clients, we need to change ourselves. I believe its the attitude that matters the most. I am seeing lots of agents enrolling to CFP with a hope that this qualification can help in charging fee. But without showing results no financial planner is successful. Very few are really interested in the actual science of financial planning.Investment planning is one of the part of the financial planning process. In our country CFP will be recognized only when the regulator gives recognition.

    • Dear Jay,

      You are absolutely right. SEBI should play a bigger role in term of laying minimum qualifiation guidelines for the Financial Advisors apart for their NISM exams.

      One more body which must have played signifiant role is FPSB but, unfortunately it has remained silent for promoting CFP eventhough they are 7 to 8 year old in our country.

      And yes, very few are actually interested in understanding the science of financial planning.

      Tahnk you,
      Prashant V Shah.

    • Jimit Shah said

      according to me, financial planning is not clearly defined properly in our country…though the efforts are on..but still their lack skills to showcase the importance of this certification and this field….to be more precise on my terms cfp is just a general idea of planning since we need to have an upper mark over it…since many things are not considered while planning or practicing in this profession…..
      and to have that knowledge we need to inculcate many such things which will give an upper hand over other brokers, agents and advisors…and it will create an edge over it….

  2. Sangeetha Ravada said

    For years financial planning for Indians have been on hearsay recommendations from family or friends, desperate need for last minute tax planning leading to undesired long-term investments, and need to keep up with in-laws relative who is a financial advisor in order to buy something as important as Insurance. Now in such a scenario when a CFP is trying to make a career understanding the clients expectations and ironing out the different mindsets can call for some tough managerial decision making. There will be at least one instance when even your client will not agree to certain recommendation. I am happy if he sticks to 20% of the plan in first year. He/she will come around by themselves for next session. A good financial plan always delivers results.

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