Have you guys seen that dumb CFP commercial, the one with the “DJ” who gets dressed up like a financial advisor in a suit and pulls a Candid Camera on some dummies that come into the office? When was that dude a DJ? At a rave in like 1994?? Ridiculous.
I guess I don’t understand your point.
I do understand the point of the commercial, though. Don’t just hire any idiot. At least hire somebody with some basic knowledge of personal finance.
Fixed that for you.
I used to teach the cash flow analysis course that is the first step in the CFP education process. In one class I had a woman who, seriously, did not understand basic algebra. At all. Yet she entertained the thought that people would hand over their life’s savings to her to manage for them.
Many CFPs, of course, do have some solid understanding of personal finance. But, alas, not all of them.
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I guess my point is this–if they are a CFP, then they can pass the CFP program.
If they can pass the CFP program, then they have at least had the CFP training, and (in theory) understand some of the basic underlying principles of personal finance.
You can choose one of two alternatives–you can hand over your life savings to somebody who is a CFP, and who you know (or can assume) has some basic personal finance training, or you can hand your life savings over to somebody who is not a CFP, and you have absolutely no idea whether they know anything about anything.
In my experience dealing with CFPs, they do show a greater understanding of personal finance principles (including income tax, estate planning, and insurance) than the non-CFPs of the world.
The CFP program is not exactly a Harvard MBA or Yale JD, but I would certain trust “Green Man, CFP” more than “Green Man”.
Unquestionably.
The point is that the commercial is cheesy. The second point is that the credential can be found as a prize in cereal boxes.
^So the alternative is…give your money to somebody who doesn’t have any credentials at all?
If the CFP is so easy a caveman could do it, then why are there so many advisors that don’t have it? And which one them would be better?
As always, it’s facts and circumstances. One of my good friends is an FA, mid-30s and he got the CFP b/c that’s the new world order. But 20-30 years ago, no one had even heard of this credential. So my friend got hooked up with a guy in the late stages of his career, with a tremendous book of business, and my friend is the heir apparent once the older guy decides to hang it up. This guy has made lots of money, and he openly dismisses the CFP, primarily b/c (in his mind) if he can accomplish all that he has done w/o it, then why bother?
I always get a good laugh when it comes on.
The same thing could be said of any professional designation, including the sanctified CFA, and the holy of holies–the illustrious Harvard MBA.
(I’ll give the CPA and JD a pass on this, because they are actually a government-granted license, and not just a professional credential. Well, JD is actually a degree, but it’s required to get a government granted license. YOu get the idea.)
Dude, I love you to death but this was initially a commentary on the commercial itself, not a put-down of the credential. It was calling out whatever marketing “guru” put that crap together.
^Fair enough. The commercial is a little cheesy, but CFP commercials aren’t going anywhere. They’re in the second year of a major ad campaign to raise brand awareness, and as far as I can tell, it’s working.
I actually like the commercial. It’s over the top, but by design. Most people have no idea what makes an advisor good or not…most bad advisors aren’t actually DJs at the local rave, but you can’t make an entertaining commercial about a random advisor who gives bad advice and sells people high fee products. I’m not sure how that would capture people’s attention.
There are many baby-boomers who are reaching out to financial advisors for the first time in their entire lives. And there are a lot of sh*tty advisors out there. Many of them are CFPs…but many more of them aren’t. If an advisor has the CFP, at least they’ve dedicated themselves to some level of education. Can’t be said for many that are out there. It’s not the only requirement needed, but I’d say it’s one of the boxes that should be checked when looking for an advisor.
Wow that commercial was terrible. So he can only DJ once he grows out is dreads? It did make me want to take some molly and run around shirtless at work though
As a person who has taken many many marketing courses. This is not an example of good advertising. Its obviously over the top by design but I am not sure the best way to advertise financial advice is in a short TV spot either.
the fact that we’re talking about it here tells me that it is a good commercial…but I have taken 0 marketing courses thankfully
Any press is good press is about the most incorrect statement ever. In this case I agree, but members of the investment community are clearly not the people they need to reach. Its not like anyone here would be involved with someone without a minimum of a CFP already.
family office ran by top 2 MBA or hacksaw
Single Family Office. None of this multi family office BS either