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Academically, I’ve done well. I’ve kept a perfect A average thus far. That being said, the farther I go, the more I realize what a monumental challenge the exam will be. I’m really going to have to get my rear in gear if I have any hope of being ready.

The CFP^® Exam

I decided about a month ago that I wanted to shoot to take the exam in July of this year. From everything I have heard and read, this thing is a doozy. Honestly, when I think about it in a concrete way (i.e. “I have X days to get ready” vs the simple “I’m going to take it eventually”) I have to admit it makes me a little nervous. Two days, ten hours, and a LOT of study to get ready.

There are several reasons for pushing to get to the exam quickly, but they all tie back to the ultimate goal, getting a job. Given that I’m brand new to the financial field, I believe that having the CFP^® Exam under my belt will be a valuable and perhaps even necessary credential to open doors to a job. The results take some time to come in, somewhere in the area of six weeks, it seems. That would put me into September before finding out how I did. Given the nature of things to happen more slowly than we typically envision, I want to give myself every early advantage that I can.

So, as of this writing I have 114 days left before facing the gauntlet!

Blogging

Originally, my goal was to blog two times a week. That hasn’t happened. Things since Christmas have been far more busy than I expected for myself and especially for my wife. While I am disappointed by the fact that I haven’t been able to keep up with my goal, I told myself when I started that anything I posted needed to be quality material. That being the case, I am happy to write less frequently to keep the standard of quality high. I hope I am doing that. (And feedback is always welcome! You can leave a comment if you have any input.) In addition, I’ve had to continually remind myself that while I enjoy the blog more than studying, studying is the most needful thing for the time being.

Twitter

I’ve had a CFP^® focused Twitter account for a while but have only recently started being a little more active with it. I’ve been encouraged with the response. I’ve already gotten encouraging messages from practicing planners and offers of help if I need it. Whatever your interests or goals, I’d suggest seeing if you can find a relevant community to engage in through Twitter. It’s a great opportunity to learn and interact with others with similar interests. There certainly can be a lot of noise to sort through, but it can be rewarding as well. If you’re inclined you can find me @AspiringCFP. I’d love to connect with you.

Why the CFP^® Code of Ethics Excites Me

Last week I gave an overview of what it means to be a Certified Financial Planner^TM. This week I want to highlight one particular aspect of the governing documents for CFP^®s, the CFP^® Code of Ethics. Specifically, I want to look at how the CFP^® Code of Ethics is a benefit to both planners and consumers.

The Code consists of seven main principles, with anywhere from one to twelve elaborating points for each principle. Rather than simply give a point by point commentary, which would be quite long, I want to highlight a few things that I find most helpful. You can view the whole Code of Ethics document here. In addition, please do not confuse my comment and/or paraphrase of the Code as something sanctioned by the CFP^® Board. I’m simply sharing my personal take on the document.

Before we jump in, let me say that while some of the things included in the Code might seem obvious or a given for someone in the financial advisory business, they are there for a reason. Unfortunately, there are a good number of people who don’t adhere to even the “obvious” ethical standards that you might expect and who would be ineligible for the CFP^® status. See this as an example. So don’t just assume that everyone has the same aversion to ripping people off that you do. Always do your homework when hiring an advisor, regardless of whether they hold the CFP^® mark.

So that you have a general idea of what the document deals with, here are the seven principles:

1. Integrity
2. Objectivity
3. Competence
4. Fairness
5. Confidentiality
6. Professionalism
7. Dilligence

I’ve mentioned it before but there are two primary things driving me into financial planning. One is my natural inclination to analyze things and try to optimize. I’m a problem solver by nature. The second is my desire to help people. It fascinates and excites me to think that I can apply my God-given talents in a way that will directly impact families. That’s why the idea of being part of a body which is held to a high ethical standard is really something that gets me pumped up.

I won’t deal with every principle, but there are a three principles that really highlight why I find the Code of Ethics so exciting.

Objectivity

One of the supporting rules of the Principle of Objectivity states that the planner must act in the interest of the client. What this means for you is that when you seek advice from a CFP^® you are dealing with someone who has pledged to put your own best interest ahead of your own. There are a mountain of options for you to choose from when it comes to financial products like insurance or investments. Many of those products are designed with salesmen and the company’s bottom line as the top priority. While I’m not opposed to salesmen or making an honest living, I firmly believe that the primary path to my success is going to be providing the best level of service I can for my customers. I can only do that if I have an objective view of the customer’s needs that isn’t minimized by my view of my own bottom line.

Competence

There are two basic principles here:

1. The CFP^® may only offer advice in areas in which he is competent. Translation: If the practitioner isn’t sure of a certain area, he’ll work with a professional to make sure.
2. The CFP^® must always stay on top of the current planning environment, including ongoing continuing education. Translation: The CFP^® is a life-long learner. This isn’t a certification that you get once and then go sailing on for the rest of your career. It’s a commitment to stay sharp.

The Certified Financial Planner^TM mark has earned it’s high reputation by keeping it’s practitioners on their toes. I love a challenge!

Fairness

Key phrase here: “in writing”. This principle basically says that it is the obligation of the planner to provide comprehensive and accurate written documentation of just about everything related to your case, all the way down to the details of how the planner will be compensated. While I don’t get goosebumps over the prospect of lots of paperwork, there’s real value here. This protects both the client and the planner from fraud and unwarranted lawsuits. It brings the whole process very plainly into the light of day so that there are no hidden “gotchas” lurking in the corner.

Conclusion

So, does the Code of Ethics have you fired up yet? Ok, I can understand if you’re not as pumped as I am. Nonetheless, the Code of Ethics is valuable for both planner and consumer alike. If you’re a CFP^® or aspire to be one, I hope the Code is more than just a fence to keep you hemmed in and is a way of working that you aspire to regardless of whether it’s required of you. If you’re a consumer in the market for some financial advice, consider well the value brought to your case by working with someone who has made a pledge to uphold these standards. It could make a big impact on the end result!