The College for Financial Planning’s new Accredited Behavior Financial Professional (ABFP) designation is causing at least a few industry experts to wonder whether there is actually a need for such an accreditation.
“I’m a fan of education, but did we really need another set of letters — ABFP for “Accredited Behavioral Financial Professional” — to make the point?” Michael Kitces, head of planning strategy at Buckingham Wealth Partners and co-founder of XY Planning Network, tweeted Saturday.
“Would clients even seek this” designation when selecting a financial advisor, Kitces went on to ask.
In response, Gavin Spitzner, president of Wealth Consulting Partners, tweeted: “Behavioral finance is like financial planning but more so: don’t talk about it to clients and try to convince them they need it, just do it….. I’m not discounting the value of BeFi at all…my point is it’s not a consumer friendly term and I’m not a fan of the ‘we’re here to save you from yourself’ approach (even if that’s exactly what some people need).”
And Chris Reddick, owner of Chris Reddick Financial Planning in San Antonio, Texas, tweeted in response: “This is the problem with the industry [too] many certifications. This is confusing to the public.”