In a recent discussion with top advisors we asked them about designations and in candid conversations, they spoke their mind about the topic. While you may not agree with them, their comments are unfiltered and spoken with conviction. If you would like to join the designation debate, please leave a comment below.
On designations and your thoughts on discussing the topic with your clients:
My take on this is quite simple. Does any particular designation assure the client that you will do what you say you will do, when you say you will do it? Does any particular designation assure the client that you will not lose their money or on the flip side, that you will earn them more than a peer that does not have that designation? And my favorite: Would you be more comfortable having your nest egg managed by a person who has seen a few full market cycles – back to back for the last 15 years or someone who has just earned his “designation” with less than a few years in our business? Is there not a reason most people prefer that their surgeon has been around awhile compared to the fresh-faced person who just graduated from medical school and who has just put out an “Open for business” shingle?
Then I simply state to the prospect: Actions speak louder than any words. Check out my background and also let me know if you would like to speak to some of our current clients.
- Travis Morrow
I quite honestly have never had a client ask about my designations. I always inform them that I use insurance-based products in my retirement planning as I am an insurance agent. There is usually no other questions that arise from that after I show them how they could benefit by transitioning to an insurance-backed solution such as annuities.
- Suzanne Buska
Back in late ‘80s/early ‘90s, I spent a lot of time finishing the course requirements for CFP. I did complete all six exams then they changed the gig to include a comprehensive exam. While I feel that while education is a must, designations are not and sometimes cloud the issue and create too much dogma in the industry. Most people consumed with degrees don’t understand the real world. Education comes from books and being in the financial trenches. I don’t even display my CLU anymore. Don’t get me wrong, proud of it, but that’s more for me, not the consumer.
- Tony Walker