Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Anybody become a CFP in ER as a hobby j_b ?
Old 06-20-2014, 06:12 PM   #1
Full time employment: Posting here.
Delawaredave5's Avatar
 
Join Date: Dec 2004
Posts: 606
Anybody become a CFP in ER as a hobby j_b ?

Has anybody become a CFP in ER as a "hobby j_b" ?

Seems like it might be a neat way to help people and make some extra money while doing "finance stuff" that you'd be doing anyhow ?

I don't know the education requirements, how hard the board exam is, or what kind of "net hourly rate" is reasonable (billed dollars divided by total time consulting, administration, and marketing).

Any other certifications ? Is this the main association ? CFP Board

Appreciate any insight.
__________________

__________________
Delawaredave5 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-20-2014, 06:23 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,407
From what I understand it is a pretty challenging exam. I think I have better things to do.

Besides to meet the experience requirements you would have to go back to w*rk. Not happening.
__________________

__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Old 06-20-2014, 08:23 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
I am a CFA charterholder and could go into the advice business. I will not. Simply put, if I could get past the not wanting to work thing, there are two big problems with the business:

- generally the biggest liar gets the clients. not interested in compromising my ethics.

- liability. Yes, you can get E&O insurance, but I have seen the inside of compliance operations often enough to not want to find out if the insurance is enough to avoid going bankrupt.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 06-20-2014, 08:52 PM   #4
Full time employment: Posting here.
friar1610's Avatar
 
Join Date: Jun 2002
Posts: 820
I looked into this when I was ready to retire for good (foolishly thinking I could do it part-time.) Here's what I found out:
- financial companies want people who can "sell," vs helping people.
- if you want to become a CFP you not only have to pass the exam but you have to have 3 years experience. Pretty much the only way you can get the experience is to "sell" for someone.
- even if you want to work for a "fee only" only firm, you still need the experience to get the CFP designation. And it's really hard to get clients if you're not already a CFP.

The bottom line for me was that I didn't want to do this kind of work so bad that I was willing to pay the dues to get there. Others might reach a different conclusion and, if so, more power to them.
__________________
friar1610
friar1610 is offline   Reply With Quote
Old 06-20-2014, 10:23 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,326
I started on a masters in financial planning years ago and dropped out when I found out all the graduates of prior years just went into sales jobs.

I have thought about volunteering to help seniors and low income people with budgeting and signing them up for social service programs they may be eligible for and not know about:

Food Stamps Avoided By Millions Of Eligible Americans

We decided not to take on any jobs or business ventures in retirement that would have a high risk of getting sued, so that rules out many jobs in the financial area.
__________________
daylatedollarshort is offline   Reply With Quote
Old 06-21-2014, 07:42 AM   #6
Thinks s/he gets paid by the post
JoeWras's Avatar
 
Join Date: Sep 2012
Posts: 2,517
Everyone I know with this plan turn into annuity sales droids.

No thanks.

"Friends don't let friends sell annuities."
__________________
JoeWras is offline   Reply With Quote
Old 06-22-2014, 08:47 AM   #7
Dryer sheet wannabe
 
Join Date: Mar 2010
Posts: 12
I'm taking a CFP certification course for fun, using some of my GI Bill money, but I don't plan to actually work in the field for most of the reasons listed above. I may or may not sit for the exam - seems pretty meaningless since I don't have the work experience. But the courses have definitely been interesting and informative.
__________________
vlagirl is offline   Reply With Quote
Old 06-22-2014, 09:23 AM   #8
Recycles dryer sheets
 
Join Date: Apr 2011
Location: Castro Valley
Posts: 400
That was my original plan. Once I found out about the 3 year work requirement before the exam, that was the end of that idea!
__________________
jkern is offline   Reply With Quote
Old 06-22-2014, 09:56 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,964
Wife of a friend completed CFP certification. She did it to educate herself, and hasn't seriously considered taking on clients. I wouldn't take on clients either, as I am sure most clients would "blame" their CFP when markets hit a downturn - no thanks for that (often misplaced) grief. I assume most clients that can't invest for themselves expect a CFP to guarantee positive returns in all markets...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 06-22-2014, 10:29 AM   #10
Recycles dryer sheets
 
Join Date: Nov 2006
Posts: 171
If you like taxes, you could get a "hobby" job with one of the tax prep firms. After I semi-retired from the accounting profession, I went to work for Block doing taxes. You won't make much money at first, but I enjoy helping people with their taxes and provide a limited amount of financial advice - mainly dealing with Roths, etc. If you build up your client base, you can make a decent hourly wage for a part time, seasonal job. I'd say that 70+% of Block employees are retired professionals. In my office we have 5 CPAs and two attorneys - but it isn't the typical office.
__________________
PatrickA5 is offline   Reply With Quote
Old 06-22-2014, 10:34 AM   #11
Thinks s/he gets paid by the post
heeyy_joe's Avatar
 
Join Date: Nov 2012
Location: Madeira Beach Fl
Posts: 1,403
Quote:
Originally Posted by friar1610 View Post
I looked into this when I was ready to retire for good (foolishly thinking I could do it part-time.) Here's what I found out:
- financial companies want people who can "sell," vs helping people.
- if you want to become a CFP you not only have to pass the exam but you have to have 3 years experience. Pretty much the only way you can get the experience is to "sell" for someone.
- even if you want to work for a "fee only" only firm, you still need the experience to get the CFP designation. And it's really hard to get clients if you're not already a CFP.

The bottom line for me was that I didn't want to do this kind of work so bad that I was willing to pay the dues to get there. Others might reach a different conclusion and, if so, more power to them.
+1
__________________
_______________________________________________
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
heeyy_joe is offline   Reply With Quote
Old 06-22-2014, 11:00 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,380
Sales jobs don't fit well with helping people. Sales jobs can be good jobs, you just have to grab something that is hot, and that doesn't take forever to qualify for, and get started moving the merchandise. The sort of loose, self interested culture of many of these things can be appealing to people who have been bored in some buttoned-up career.

But most of these good jobs are for young people, and in some fields they can make excellent money.

For the most part, unless a retiree has existing connections and a client base, don't leave working until you have plenty of money, or you are young and you are making a well researched career change.

Most of us know people who consistently embark on stupid, failure prone quests, or even worse spend money and valuable time preparing for some money-making role that ten minutes consideration by a normally alert person would make clear that for this person at least, it could not work.

A lot can be learned from these hapless individuals.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Anybody become a CFP in ER as a hobby j_b ?
Old 06-22-2014, 11:14 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,369
Anybody become a CFP in ER as a hobby j_b ?

Quote:
Originally Posted by haha View Post
Sales jobs don't fit well with helping people. Sales jobs can be good jobs, you just have to grab something that is hot, and that doesn't take forever to qualify for, and get started moving the merchandise. The sort of loose, self interested culture of many of these things can be appealing to people who have been bored in some buttoned-up career.

But most of these good jobs are for young people, and in some fields they can make excellent money.

For the most part, unless a retiree has existing connections and a client base, don't leave working until you have plenty of money, or you are young and you are making a well researched career change.

Most of us know people who consistently embark on stupid, failure prone quests, or even worse spend money and valuable time preparing for some money-making role that ten minutes consideration by a normally alert person would make clear that for this person at least, it could not work.

A lot can be learned from these hapless individuals.

Ha

Yes, I have witnessed a few of them. Only to return back to their previous career with tail between legs realizing the grass wasn't greener on the other side of the fence. Concerning CFP, I have found most of my college educated friends to be unwilling and unable to listen to anything. I usually cannot get them to even understand the difference between a regular IRA and a Roth IRA. For the company I have kept with, the only kind of CFP that would benefit them would be one who kept it simple. "Each month you are going to show me your spending and income. If you did not follow what I told you to do, I am going to beat the crap out of you. Just do what I say and you won't get beat up."


Sent from my iPad using Tapatalk
__________________
Mulligan is offline   Reply With Quote
Old 06-22-2014, 11:31 AM   #14
Thinks s/he gets paid by the post
JoeWras's Avatar
 
Join Date: Sep 2012
Posts: 2,517
Quote:
Originally Posted by PatrickA5 View Post
If you like taxes, you could get a "hobby" job with one of the tax prep firms. After I semi-retired from the accounting profession, I went to work for Block doing taxes. You won't make much money at first, but I enjoy helping people with their taxes and provide a limited amount of financial advice - mainly dealing with Roths, etc. If you build up your client base, you can make a decent hourly wage for a part time, seasonal job. I'd say that 70+% of Block employees are retired professionals. In my office we have 5 CPAs and two attorneys - but it isn't the typical office.
I'm throwing that idea around myself. The only problem I have is that some of these firms really put the squeeze on their employees to sell crap like refund loans. That is giving me considerable reason to reconsider.

Ideally, I'd like to work in an independent firm as a back office tax monkey during the season crush, but not sure how easy it would be to get there.

Finally, I occasionally toss around the idea of training for the EA exam, just for the heck of it, and to exercise my brain. I'll probably need something. After 35 years of computer code, I need my brain to "chase rules." CPA is out, that window passed. Law? Forget it. Ah, tax code. Now that may work...
__________________
JoeWras is offline   Reply With Quote
Old 06-22-2014, 11:35 AM   #15
Moderator
Sarah in SC's Avatar
 
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,456
I am a CFP and work in wealth consulting. I don't sell anything, especially not annuities.
I could see taking some of the courses as a hobby for folks interested in the process, but probably not going all the way to taking the exam and the experiential requirements to gain certification.
You could probably gain satisfaction from volunteering with credit counseling at a non profit or something like that, without getting into the issues of liability inherent in the financial planning field.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 06-22-2014, 11:38 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,380
Quote:
Originally Posted by Mulligan View Post
Yes, I have witnessed a few of them. Only to return back to their previous career with tail between legs realizing the grass wasn't greener on the other side of the fence. Concerning CFP, I have found most of my college educated friends to be unwilling and unable to listen to anything. I usually cannot get them to even understand the difference between a regular IRA and a Roth IRA. For the company I have kept with, the only kind of CFP that would benefit them would be one who kept it simple. "Each month you are going to show me your spending and income. If you did not follow what I told you to do, I am going to beat the crap out of you. Just do what I say and you won't get beat up."


Sent from my iPad using Tapatalk
This would be a real help to my children.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 06-22-2014, 12:07 PM   #17
Recycles dryer sheets
 
Join Date: Sep 2006
Location: clearwater
Posts: 223
Quote:
I'm throwing that idea around myself. The only problem I have is that some of these firms really put the squeeze on their employees to sell crap like refund loans. That is giving me considerable reason to reconsider.

Ideally, I'd like to work in an independent firm as a back office tax monkey during the season crush, but not sure how easy it would be to get there.

Finally, I occasionally toss around the idea of training for the EA exam, just for the heck of it, and to exercise my brain. I'll probably need something. After 35 years of computer code, I need my brain to "chase rules." CPA is out, that window passed. Law? Forget it. Ah, tax code. Now that may work... __________________
that is what I did, I just sat for and passed the EA exam. Block payed for the study program materials and refunded the test fees. It is an o.k. retirement job, they do try really hard to get you to sell their products, which I find annoying. And the tax prep fees, well, sometimes, they are hard to explain to the clients. The plus is it is seasonal, it pays reasonably well after a few years, and you do get to work with and often help people with finance. There are no more refund loans, IRS put a stop to that. I thought about the back office tax monkey drone, and decided I'd rather work with people.
__________________
rothlev is offline   Reply With Quote
Old 06-22-2014, 12:09 PM   #18
Full time employment: Posting here.
friar1610's Avatar
 
Join Date: Jun 2002
Posts: 820
Quote:
Originally Posted by JoeWras View Post
I'm throwing that idea around myself. The only problem I have is that some of these firms really put the squeeze on their employees to sell crap like refund loans. That is giving me considerable reason to reconsider.

Ideally, I'd like to work in an independent firm as a back office tax monkey during the season crush, but not sure how easy it would be to get there.

Finally, I occasionally toss around the idea of training for the EA exam, just for the heck of it, and to exercise my brain. I'll probably need something. After 35 years of computer code, I need my brain to "chase rules." CPA is out, that window passed. Law? Forget it. Ah, tax code. Now that may work...
For those interested in volunteering (i.e., retirees for whom the income is not that important) AARP has a program where they give you a week of training before the tax season and then you help seniors, generally lower income folks with their taxes.
__________________
friar1610
friar1610 is offline   Reply With Quote
Old 06-22-2014, 12:31 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Jul 2002
Posts: 1,037
Quote:
Originally Posted by rothlev View Post
that is what I did, I just sat for and passed the EA exam. Block payed for the study program materials and refunded the test fees. It is an o.k. retirement job, they do try really hard to get you to sell their products, which I find annoying. And the tax prep fees, well, sometimes, they are hard to explain to the clients. The plus is it is seasonal, it pays reasonably well after a few years, and you do get to work with and often help people with finance. There are no more refund loans, IRS put a stop to that. I thought about the back office tax monkey drone, and decided I'd rather work with people.
I also went the Block route for general training in taxes, but found the same issues with fees and selling other products. After 5 years with Block, moved on to the back office tax monkey role at a CPA firm for last 8 years. Disadvantage is you seldom deal with the client, though the more years I work there, the more client contact i have, mostly requesting missing information. At least for me, it pays way better than Block ever did and I'm allowed to set my work hours.

Due to a merger though, a lot of mega-corp BS is creeping into the work schedule (was a small regional firm before) such not sure how much longer will enjoy the j*b. Looking into possibly volunteering in a free tax prepare program run by a local charitable foundation. We'll see.......
__________________

__________________
RE2Boys is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
CFP Process Finance Dave FIRE and Money 7 11-05-2007 06:18 PM
Free CFP financial planning course dylar FIRE and Money 4 06-01-2007 06:45 PM
CPA/CFP Assistance needed. two4theroad FIRE and Money 5 05-23-2007 02:37 PM
Our CFP results for the year Callie FIRE and Money 30 02-13-2007 02:00 PM
Financial Advisor (CFP) Horror Story intercst FIRE and Money 7 07-28-2005 05:55 PM

 

 
All times are GMT -6. The time now is 10:40 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.