LETTERS

More CFP vs. non-CFP

Don Airington (June 22) wrote he felt shamed and humbled by the “CFP people.” Maybe he should feel shamed and humbled by his reply.

I have only recently entered the “planning” business as a planner licensed to sell products. For nine years I have been a licensed and practicing tax attorney. I also hold the certified financial planner license and will complete my chartered financial consultant designation by August.

All designations are for marketing purposes, as well as the profitability of the institution granting them. Second, if the chartered life underwriters are so well trained and adept at their profession, it would be easy enough for them to become CFPs. However, they, as well as anybody, would have to sit for a 10-hour comprehensive exam — a hurdle most are probably not willing to do.

Further, after being in both programs, I can tell you the curriculum and testing in the CLU and ChFC programs are not comparable in comprehensiveness and difficulty to the CFP curriculum. No other program, for example, requires a comprehensive 10-hour exam.

Keep in mind I am not knocking any program. I would rather spend my time receiving more designations than knocking those I do not have.

David Clark Jr.

President

Medallion Financial Services

Madison, Miss.

…no ‘monopoly’

Louis Gorr’s letter to the editor (June 22) raises confusion about the difference between the Certified Financial Planner Board of Standards, the Institute of Certified Financial Planners and the College for Financial Planning. Let me attempt to clarify the matter.

The CFP Board owns the CFP and Certified Financial Planner marks and authorizes people who meet education, exam, experience and ethics requirements to use them. The experience requirement can be met in a variety of settings. The education requirement can be met through any of 105 CFP Board-registered programs, by transcript review from a non-registered college or based on prior education. The CFP Board receives no compensation from the educational institutions that provide the CFP curriculum, course materials or review courses.

While most educational institutions test students’ knowledge of the CFP curriculum with internal exams, these exams do not count toward the CFP Board’s comprehensive exam. Contrary to Mr. Gorr’s assertion, the CFP Board does not set a quota on the number of people who “must” pass or fail the CFP comprehensive exam. Since the exam tests for practitioner competency, if 100 percent of the candidates are capable of passing the exam, all will pass; if none are, all will fail.

The claim that the CFP Board, the ICFP and the College for Financial Planning form a “tidy little monopoly” is untrue. Each is independent and each has a different mission.

Although many do, you do not have to go through the College for Financial Planning to sit for the CFP exam, nor do you have to become a member of the ICFP once certified.

The for-profit College provides educational courses to financial professionals, the non-profit ICFP provides benefits and services to 13,000 members and the non-profit CFP Board sets ethical, competency and practice standards for CFP licensees.

That said, the three organizations do work together for the betterment of the profession and the promotion of the value of the financial planning process and the CFP marks.

NOEL MAYE

Manager, media relations

Certified Financial Planner Board of Standards

Denver