Go for the CFP for credibilty.

Go for CFP for LIABILITY:
http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080616/REG/422650910

If I were you, I'd learn how to market and sell myself before doing the "serious" study.

You can do this with LUTCF/FSS courses from The American College, or the RFC Financial Planning Process course.

You first need to become a "fisher of clients" to introduce to your firm, BEFORE you become the "one stop shop" with your clients.

Once you can do this ON YOUR OWN, then work on your other certifications - CLU, CFP, ChFC, CFA, EIEIO, etc. to increase your own credibility and lower your dependence on others in your office.

I hope this makes sense.

Besides, being YOUNG, you need to LEVERAGE off of the credibility of those who have experience AS MUCH AS POSSIBLE.  You can feed your ego after you can feed yourself.

Again,

Since you're only 20 use the next year or so to entern and learn about the profession, evaluate what type of advisor you want to be...while getting your CFP.

 

You will have very little credibility being so young, except perhaps with part of your natural market. Gaining trust is all about sales ability. You have to know how to read people and then manipulate their emotions so that they begin to trust you. This is not learned through certifications, but only through a good mentor. You will not gain trust through certifications because the average American is completely ignorant of what they mean. Certifications simply let you move around within the industry.

Considering the US economy is heading downward for many years to come, I recommend you prepare your business model to expect this. The vast majority of Americans will not be able to retire the way they want to in the US. These people are leaving the US in droves so they can retire in other countries where it's more affordable.

I recommend that if you get a certification, you get an international one, such as --
http://www.iarfc.org

You want to be in a position to help the outflow of Americans who will need to do business with overseas banks and real estate. This is where the real money is to be made in this industry, going forward.

You want to be able to tell your clients to short the US market since it's heading down for the long term. You want to be able to sell them foreign bonds directly, Chinese yuan and other currencies, silver and gold bullion, and ETFs and CEFs that have low commissions. You want to make most of your money from consulting fees, and not by selling garbage products such as annuities or mutual funds.

This is what people are looking for, and if you don't give it to them, somebody else will. These things should not be only in the realm of the super rich. Business models need to be supporting the middle class, which needs serious help. A two-class society will do little for our profession.

If you get the credentials and get in with the right firm, and start talking truth and discussing the obvious with clients, instead of trying to convince them that their standard of living is not taking a nose dive, you will gain instant credibility with most people, no matter how old you look.

Memorizing some good sales scripts, not talking too much, and wearing a suit and tie always helps, too ;-) Once you figure out how to consistently sell clients without selling your soul at the same time (which is completely unnecessary), then worry about the window dressing -- that is, the certifications. Those should come last.

Hi,

I'm interested in the International Certification that you mention here...

Am I missing something on their website or is their certification not valid in the UK??

Congratulations to you for your study habits.  In my opinion, you can use your Certifications to help direct your career.  Ultimatley, you may want to become a dual registered rep which would give you awsome flexibility.  I do agree that the credentials after your name do help build credibility.  I enrolled in the American College and obtained the CLU, ChFC and then the CASL as prerequesites to getting the CFP over a period of 4 years.  The CFP was the hardest for me.  The cost in time and money in obtaining the CLU and ChFC as prerequesites was well worth it.  Personally, I think the CLU and ChFC are far more valuable (along with the insurance license) than the Masters in Personal Financial Planning.  The combination of the CLU, ChFC, with the CFP and you various licenses will get you the clients.  Those designations will get you the credibility and most importantly, the knowledge and the confidence to be able to serve clients.  It is all about being able to relate to your clients and the discipline in studying for those respected and recognized designations will put you at the top of any class.

Good luck and the most important part is to enjoy and give yourself a good 5 to 6 years to let it all come together!  The industry needs your enthusiasm.
Roy C. Goldberg, CFP, CLU, ChFC, CASL, RHU

Learn to sell!  Good salesmen tend to ooze credibility.  It does not come from letters after your name.  You are not too young to obtain clients...unless you believe that it is true.  

You want credibility?  Learn to sell and get referrals.  Let me give you an example and you tell me who is going to make the sale.

Brian and Mr. Credentials are trying to make a sale to Joe Smith who works in H.R. at Sears.

1) Brian has a 7, 63, and 65.  He has no letters after his name and isn't a college graduate.  Tom Jones is Brian's client and senior to Joe at Sears and is well respected.  He has given Brian permission to use his name when he calls and  to tell Joe that he is a client.

2) Mr. Credentials, has a 7, 63, 65, CLU, ChFC, CFP, ABC, DEF, MBA, etc.  He calls Joe Smith cold.

Who has more credibility?  Brian, the answer is you.  The fact that you don't have those letters has little chance of coming up in conversation.   If you have decent sales skills, you will get the business because of Tom Jones' credibility. 

I am not anti-letters.  The more knowledge, the better.  Just keep in mind that it is a combination of the person who refers you and what happens when you open your mouth that gives the real credibility.

I agree with Anonymous that credentials do not confer or guarantee credibility.  I agree that having a referral from someone whom the prospect respects lends credibility.  And I heartily agree that you need decent sales skills to make the sale.

But I would add, to Anonymous' "what happens when you open your mouth", that what needs to happen is for you to TELL THE TRUTH.  If there are caveats and drawbacks to the product or strategy you're recommending, DON'T HIDE THEM.  Bring them out and shine a light on them!

Prospects are not stupid.  Most people have a functioning BS Detector.  They can generally tell when you're giving them a mere "sales pitch" (all the good and none of the bad) and when you're genuinely trying to match their NEEDS with an appropriate product or solution.  So, even if you disregard the ethical and moral considerations (and if you can really do that, I don't care to be in the same room with you), it simply makes no SALES sense not to give your prospect the FULL picture.

You'll make more sales that way.  You'll end up with fewer cancelled sales and complaints.  You'll gain FAR more referrals that way. 

And you'll sleep better.

- John Olsen

Brian, we should talk.  Hit me up if you get the chance: geoff.forcella@lpl.com