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Often of Murky Respect – Usually Confusing to Clients
By Dr. David Edward Marcinko MBA, CMP™
http://www.CertifiedMedicalPlanner.org
[Editor-in-Chief]
There are more than 100 “certifications” which represent the often nebulous field of “financial advisory, or planning credentials” that presently exist in the market place today.
Some of these “professional” designations are awarded to individuals in the financial planning or financial “advisory” space after [some] diligent study, and [often not so] arduous testing; others not so.
And so, are such “credentials” more important to you, or your clients; pleas opine.
More:
Disclaimer: I am a reformed Certified Financial Planner®, Series 7 [stock-broker], 63 and 65 license holder, and RIA representative who also held all applicable insurance and security licenses.
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Filed under: "Advisors Only", CMP Program, Experts Invited, Financial Advisor Listings, Financial Planning | Tagged: certified financial planner, certified medical planner, CMP, financial advisors, financial planners, RIAs, stock-brokers, www.certifiedmedicalplanner.com |
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Bogus Designations
In my opinion, you are near correct about all these so-called designations. Most all FAs are sales-professionals, not financial professionals. And, far too many lack simple college degrees.
Say what? Just look at any big-city Sunday newspaper. Classified job ads are either listed under sales, or the BDs run ads for FAs [stock-brokers] saying “no experience necessary.” What gives?
The AIF [Accredited Investment Fiduciary®] designation, while not one of expertise, at least is a step in the right direction. Forget suitability and strive for fiduciary accountability.
Sharon
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FINRA Gave Corzine Waiver to Run MF Global
Licenses expired, ex-governor did not retake mandatory exams
http://www.advisorone.com/2011/11/09/finra-gave-corzine-waiver-to-run-mf-global
What do you all think about that! I guess this shows how worthless these licenses really are?
Jacob
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FAs – Watch Your Use Of Senior Designations
Sharon and Jacob – According top FA Digital, FINRA is serving notice that protecting vulnerable seniors continues to be a high priority. This includes cracking down on broker/dealers who permit reps to use senior designations in an unethical or misleading manner.
In a notice sent to BD members earlier this month, FINRA warned: Firms that allow the use of any title or designation that conveys an expertise in senior investments or retirement planning where such expertise does not exist may violate FINRA rules and possibly the anti-fraud provisions of federal securities laws.
The notice urged BD’s to “strengthen their supervisory procedures.”
FINRA said a recent survey showed “widespread use of senior designations in the broker-dealer community.”
Dr. David Edward Marcinko MBA CMP™
[Publisher-in-Chief]
http://www.CertifiedMedicalPlanner.com
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Trainee lies about exam, gets barred from industry
Forbes offers an interesting article about a trainee at Bank of America Merrill Lynch who failed his Series 7 exam — and that was just the beginning of a sad, humiliating saga that did not end well for employee or employer. Any thoughts?
http://www.forbes.com/sites/billsinger/2012/04/18/merrill-lynch-trainee-doctors-failed-scores-and-tests-finras-patience/
I took this test and held a Series #7 license for more than a decade. It is an important but easy test; and is not a credential.
Dr. David Edward Marcinko MBA CMP™
http://www.CertifiedMedicalPlanner.org
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CFP Board Seeks Measures to Protect Seniors From Financial Abuse
In a new survey, the CFP Board revealed just how pervasive the financial abuse of seniors has come to be.
http://www.financial-planning.com/news/cfp-board-protecting-seniors-from-financial-abuse-2680509-1.html?ET=financialplanning:e11277:86235a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=FP_Daily__082212
At the same time, the board is seeking new standards to helps seniors – and all consumers – better understand which self-described financial advisors are truly out to serve their best interests.
Ann Miller RN MHA
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Aren’t financial professionals required to hold a certification?
NOPE – While many states require professionals to pass a proficiency examination or meet other requirements, financial professionals [sales-men] are not required to hold any specific designation.
Caldwell
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Check Your Credentials
If you’re reading this, odds are you aren’t the problem, but there are plenty of sales folks out there posing to be financial advisors and using a wide variety of defunct, outdated or non-existent credentials to get their hands on other people’s money; especially high earning MDs, etc.
http://wealthmanagement.com/blog/daily-brief-check-your-credentials?NL=WM-27&Issue=WM-27_20141215_WM-27_794&sfvc4enews=42&cl=article_6&YM_RID=CPG09000002702210&YM_MID=1398
According to research by Paladin Registry, there are 259 different financial designations or certifications, 35 percent of which are defunct or have no prerequisites or requirements.
So, be sure your clients know you’re real and also know how to spot a fake.
Hope R. Hetico RN MHA
http://www.CertifiedMedicalPlanner.org
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Financial Advisors (and Coaches) Are Not Required to Complete Advanced Degrees
Unlike doctors and lawyers who are required to earn advanced degrees, among other rigorous requirements, financial advisors and coaches in the U.S. are not uniformly required to complete higher education coursework. Many financial professionals choose to earn one or more financial certifications to distinguish themselves.
BUCK
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Jobs that may no longer require a college degree
A four-year degree was no longer a must-have for jobs such as financial adviser, loan officer, real estate broker, store manager, human resources assistant, recruiter and software programmer, according to the Burning Glass study and Michelle Fish, CEO of Integra Staffing, a recruiting firm.
Deaton
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