LETTERS

Elitist — and proud of it

Yes, pushing the CFP credential is “elitism” and “arrogant.” But I suggest Barry L. Cox (Letters, InvestmentNews, March 2) look up the definition of elite in the dictionary: best, choice, select body, the pick, top, cream. Maybe he should also look up the definition of arrogance: one synonym is pride.

I spent many long nights and weekends studying for my six exams for my CFP designation. I’m currently enrolled with the American College studying for my CLU and ChFC. I am insulted by Mr. Cox’s comment that just about anyone can find a way to get a desirable designation or trademark. I am a true professional in this industry; my way of bringing the best to my clients is by continuing education, and I am not afraid to get tested on my knowledge.

I am confident in my ability. I agree that certification marks do not make financial planners more honest. But I believe the public understands that a true commitment to your profession is the first step in building a relationship.

JACKIE NOVECK

Co-owner

Noveck & Noveck

Tarpon Springs, Fla.

Not only on target. . .

The letter from Mr. Cox hits dead on the bull’s-eye. Especially when you consider that, of the many designations mentioned in his letter (CFP, CLU, ChFC, CPA), the CFP takes the least amount of educational background and work experience to obtain.

BRIAN D. HARTSTEIN

Managing partner

Economic Concepts Inc.

Phoenix

. . . but even perfect

Mr. Cox says it all — to perfection. We are at a point of ad nauseam with the CFP crowd’s duplicity and outrageous arrogance. I seldom, if ever, write to a newspaper’s editor, but I had to make my comments known.

VICTOR J. CAMERON

Chief executive officer

Cameron & Company

Providence, R.I.

IPO story unfair

Your recent article on 1997 initial public offering performance (If you’re thinking of an IPO, think of a small underwriter, InvestmentNews, March16) was one-dimensional and treated two companies I have a lot of respect for unfairly. I am a former employee of Morgan Keegan & Co., which had the dubious distinction of making the bottom of the list for 1997 IPO performance. I have also worked as a co-manager with Friedman Billings Ramsey on several transactions. Both firms put considerable effort in picking quality companies to underwrite.

You totally neglected to mention the other side of underwriting — getting the company going public the best valuation possible. I would be extremely upset if I used Company X to price my stock and it rose 40% subsequent to the offering.

Secondly, the chart should have been broader to include who did the best job for offerings of $20-$50 million, $50-$100 million, etc. Lastly, underwriters that specialize in high-risk industries are going to shine more in bull markets than those specializing in more mundane industries. I can assure you, based on my experience, Morgan Keegan is not the fifth-worst underwriter out there.

Peter W. Tuz

Vice president

Chase Investment Counsel

Charlottesville, Va.