Three years ago, I never would have imagined I’d be where I am. Working independently, living in a house I OWN, and helping people improve their finances every day. It took a lot of risks and leaps of faith to get here, but I don’t regret any of them.
As I started working with more clients last year, I realized that I needed to level up. I needed a deeper understanding of some of the nuances in financial planning, and I needed to signal to future clients that even though I don’t have decades in this industry, I’m so committed to this work. So, last November, I started the coursework to become a CERTIFIED FINANCIAL PLANNER™. (Apparently, you get in trouble if you don’t write it that way, so please don’t think I’m extra for the all-caps). Some of the CFP® material was a refresh – at that point, I’d already been working with clients for almost two years. But some of it, the parts that I didn’t get as much exposure to with my clients, was brand new. Estate planning minutia, tax strategies, and so many different retirement plan rabbit holes.
The Coursework and CFP® Exam
The CFP® exam is only offered three times a year, so you want to time your studies appropriately; otherwise, you risk waiting too long for the next exam and not having everything fresh in your mind. I knew I didn’t want to delay – the longer I waited to do this, the harder it would be to balance the studying with a growing client load (which is a good thing!). So I started the coursework In November 2020 and set an aggressive pace to finish in time for the July exam. I mean, we were in a pandemic (pre-vaccine), so it’s not like I had anything else to do!
This meant taking five courses (Fundamentals & Insurance, Investments, Tax Planning, Retirement Planning, Estate Planning, and a Capstone) in 6 months so that I also had enough time afterward – about 2 months – for the separate REVIEW class.
I won’t lie. If I could go back and do this over, I would have slowed down. The schedule itself was fine until I found myself drowning in grief in April after saying goodbye to Nevaeh (aka SunCat). She started going downhill a WEEK after I spent $1000 on the CFP® exam registration and practice exams, and it cost $200 to switch to another exam date, so I told myself I just needed to power through. I wish I had waited to register for the exam. I wish I had given myself the time and space I needed to process that loss. I wish I had spent the $200 and moved on.
Powering Through
As a side note, the concept of “powering through” is so pervasive in our society, and so so dangerous. Whether we’re pushing through physical or mental health challenges, we glorify the unnecessary sacrifices. I’ve been able to get away from this mindset a bit since changing careers (it was WAY too common in my last job), but clearly, it still rears its head. And now that I’m aware of it, I see how common it is. Like we’ll get a gold star for suffering in the name of success. We’ll prove our strength and dedication by neglecting our own well-being. And somehow that will translate to happiness or satisfaction? I’m not seeing the connection there.
Anyway, I “powered through” and got it done. I was stressed, and depressed, and struggling so much with motivation, but I took the damn test in July and I passed. I spent WEEKS afterward recovering – taking things slow, not adding too much to my plate. I still feel like I need to sort out parts of my life (more on that in a future post). But I’m glad I don’t have this looming over me anymore. Early this month, I hit the Experience Hours requirement for the certification (you have to do the Coursework, the Exam, and have 4,000-6,000 experience hours before you can apply for CFP® certification). And just like that, I submitted my application, passed the background check, (paid more money,) and became a CERTIFIED FINANCIAL PLANNER ™ professional.
Moving Forward
I’m hopeful that this CFP® designation will help me grow my business. I know that I’m good at what I do and that I genuinely care about my clients’ wellbeing. The certification is just a way to clearly demonstrate that to others. And I did learn some pretty interesting things along the way that will help my clients moving forward. Maybe I’ll write about some of those here down the road.
I must be a glutton for punishment because I’m already thinking about other (eventual) designations I’m interested in. Don’t worry – I’m taking a SERIOUS break before jumping back into something like this, but one certification that stands out for me is becoming a Financial Therapist. I feel like the psychological side of this work is already something I emphasize, and I’d like to be able to dig deeper there. For now, I’m enjoying not having academic stress looming over me, and I’m throwing out an absurd amount of flashcards. But you better believe I’m keeping my financial calculator handy – that thing is gold.
I applaud you for powering through. Most people are far more capable than they’ll ever know because they avoid all pain and challenges possible in life. Sure, there are limits you shouldn’t exceed but you seem to have a pretty good feel for what you can and can’t do. And that’s a predictor of success that you can power through when you feel you need to. And getting relevant certifications is a great idea. Most engineers in my field never get their professional engineering license. But I got mine as soon as possible because being able to put P.E. after my name gave me a lot of credibility because it was fairly rare. And in retirement its allowed me to do some expert witness work which is a lot of fun. I think it is a good investment and shows your clients you are technically capable and up to date.