Q1). Tell us about the CFP certification and who would be benefited by taking it up?
CFP is an International Certification in the field of Financial Planning, Wealth Management and Financial Advisory Services which is considered the most recognised and widely accepted certification globally, including in USA, UK, Australia, Canada, France, Germany, Hong Kong, Japan, Singapore, Switzerland. The CFP Program is comprehensive in nature, covering Investments, Insurance, Taxation and Retirement Planning.
Any individual who aspires to be in the realm of Personal Finance such as Bankers, Mutual Fund Distributors, Insurance Agents, Investment Advisors, Stock Brokers should absolutely look at becoming a CFP professional.
Q2). What are the benefits of an Advisor going through the CFP Program and becoming a CFP Professional?
The CFP is a mark of excellence which is rewarded to individuals who meet stringent standards of experience, education, examination and ethics. The benefits of undergoing the CFP certification program and CFP marks are numerous including:
a) Satisfied Clients who respect you and appreciate the comprehensive approach to Financial Planning.
b) More revenue stream by increasing your product offering and having comprehensive proposition
c) Enhanced Social Status among peers
d) Personal satisfaction in knowing who you have earned the profession’s highest standard and met the global benchmark
Q3). It is often heard that the CFP Certification is very difficult to complete. Is it really that tough? Also please clarify, if one has to compulsorily register as a RIA on becoming a CFP and discontinue their commission earnings?
Well, these are two of the biggest myths about the CFP Program.
Myth 1:- One has to be a Rocket Scientist to become CFP.
Truth 1:- No, one does not have to be a genius to become a CFP. Anyone who is part of the financial services industry and is willing to put in a certain amount of time and effort can surely complete their CFP Certification.
My last batch of candidates comprised of MFDs from rural towns and even villages, who were neither proficient in English nor mathematically very gifted. But they did dedicate themselves and followed all the systems that I laid out and I am extremely happy and proud to state that 25 out of 27 candidates of that batch have successfully cleared the CFP program.
Myth2:- CFP is only for those who are interested in becoming a RIA.
Truth 2:- Absolutely not. Going through the CFP helps a Finance Professional become a better Advisor, helping him enlarge his client base and substantially increase his business. The choice of becoming a RIA lies with the Advisor, the key point bring it is a choice. Most Advisors who are completing the CFP certification are continuing with the commission structure while also future- proofing themselves from any regulatory changes that may be enforced later.
Truth 1:- No, one does not have to be a genius to become a CFP. Anyone who is part of the financial services industry and is willing to put in a certain amount of time and effort can surely complete their CFP Certification.
My last batch of candidates comprised of MFDs from rural towns and even villages, who were neither proficient in English nor mathematically very gifted. But they did dedicate themselves and followed all the systems that I laid out and I am extremely happy and proud to state that 25 out of 27 candidates of that batch have successfully cleared the CFP program.
Myth2:- CFP is only for those who are interested in becoming a RIA.
Truth 2:- Absolutely not. Going through the CFP helps a Finance Professional become a better Advisor, helping him enlarge his client base and substantially increase his business. The choice of becoming a RIA lies with the Advisor, the key point bring it is a choice. Most Advisors who are completing the CFP certification are continuing with the commission structure while also future- proofing themselves from any regulatory changes that may be enforced later.
Q4). How has your journey of being a Specialist CFP Trainer and Coach been so far? What changes have you observed since you started?My journey as a CFP Trainer and Coach has been very fulfilling as I get to touch the lives of many and change perceptions as we move ahead. When I started, the CFP Certification was considered as reserved only for a select few. After assisting hundreds of Advisors across the country with their CFP preparations over the last 3-4 years, I am happy to state that Advisors are confident at achieving their CFP dream, irrespective of their age, business size, geographical location, educational background or work experience 2017 has been a fantastic year with over 100 candidates successfully completing their CFP Final Exams and another 150 candidates undergoing training right across various cities as we speak.
Q5). What is the secret formula for your tremendous success rate? I have been planning to complete my CFP for years now but have just not got started. Do you have any plans for any classroom training in Mumbai anytime soon?
While, there is no magic formulae. I guess that I have been lucky in getting dedicated, hard-working participants who have followed the necessary processes and stuck to a plan. I focus on the Challenge Status Pathway which is the fast track route for completing the CFP Program. We have an examination-oriented classroom training for 50 hours with adequate mock tests to successfully clear the CFP Final examination.
Yes, I am going to have CFP classroom sessions across Indian cities, including Mumbai. We are looking at having batches in Delhi, Bangalore and Pune very shortly with other locations to follow. I look forward to having you join the batch at Mumbai and joining the CFP bandwagon.
About Rahul Bannerjee
Rahul Banerjee is an IIM-Calcutta Alumnus, BB CFPCM, a recipient of Award in Financial Planning (CII UK), Supervisor and Authorised Resource Person, Financial Planning Standards Board India since 2014.
He is one of the most Sought After CFPCMTrainer pan-India having helped hundreds, including over 100 candidates successfully clear the CFP Final Examination in the last year alone across the country.
He has one of the highest success ratios with successful candidates from various backgrounds, from AMC Training Head to remote B-15 advisors having limited language and mathematical abilities.
He specialises in changing the perception that CFPCM is not for everyone, by focusing on the weakest candidates and supporting them successfully complete their CFPCM journey.
His life’s mission is to help any Individual who aspires to become a CFPCMProfessional achieve their DREAM, irrespective of their Mathematical or Language proficiencies, Age or Work Background.