Mary Beth FrankIin: I finished my CFP program!

Now come the hard part of prepping for the comprehensive exam
APR 28, 2013
Call me a glutton for punishment. I wasn't satisfied with just writing about financial planners. I wanted to become one. In my 30-plus years as a financial journalist, I have always enjoyed digging into whitepapers and crunching numbers from income tax tables to give my readers a better idea of how a new law or proposal might affect their pocketbook or portfolio. I became fascinated with retirement income planning more than a decade ago when I was writer and editor at Kiplinger's Personal Finance magazine and received countless questions from readers asking how they should convert their lifetime of savings into sustainable streams of income. So I researched the 4% withdrawal rule, dissected the buckets of money strategy, and learned the value of pairing fixed expenses with guaranteed sources of income such as Social Security benefits, pensions or annuities. In the process, I became a first-class Social Security claiming strategy nerd. I occasionally toyed with the idea of enrolling in a Certified Financial Planning certificate program, but I never seemed to find the time. Then a few years ago, the University of Virginia opened a satellite campus a mile from my house and offered a CFP certificate program. How could I say no? I enrolled in one course per semester, including summers, and completed the seven-course program last week. All of the UVa courses were in person, with intimate class sizes ranging from about four to a dozen students. I had some great teachers. Sheffield Richey assigned real-world challenges such as writing stock analysis reports in his investing class and presenting financial plans for various case studies in the final capstone class. Jim Simos shared his years of experience as a tax preparer, including sample tests used by tax preparation services, in his income tax class. When I needed to take an insurance class that UVa wasn't offering that semester, I turned to The American College in Bryn Mawr, Pa. TAC's online course schedule didn't mesh with my work and travel schedule, so I opted for a self-study course. The three-inch thick text book covered everything I needed to ace the insurance competency exam, but the 12-CDs of recorded lectures that came with it should have carried a warning not to use them while operating heavy equipment. I nearly fell asleep and ran off the road while listening to them during a lengthy drive to a speaking engagement in Atlantic City! UVa must be doing something right. So far six students have completed the CFP program and all six have passed the comprehensive exam on the first try. It may not be a big number, but the 100% passage rate is impressive. Talk about pressure! I don't want to be the first one to screw up the program's perfect score. I plan to take the summer off and pursue another burning ambition: writing a handbook for financial advisers about Social Security claiming strategies. I'll keep you posted as soon as it's available. When that's done, I'll tackle my toughest challenge yet of prepping for the two-day, 10-hour CFP exam in November. I'd love to hear from InvestmentNews readers about their experience with CFP test-prep programs. I'll need all the help I can get!

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.