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).”
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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.”