I imagine I get asked this question because I have both.

The truth is this...

I became a CFA charter holder before becoming an advisor. At that time, I was working at an asset manager as a pseudo Outsourced CIO consultant, and my clients were Wirehouse Teams and RIA's. They expected me to have a CFA Charter because why wouldn't I?

Then, I shifted over to the advice space, where it became apparent and practically a job requirement for me to get the CFP. So, I did that next.

Looking back on my experience as an advisor and working with clients, my thoughts toward getting the CFA Charter have changed.

In short, I wouldn't do it.

But ultimately, it comes down to your motive. Why do you think you want, or need, the CFA if you are an advisor working with individuals and families?

What I often hear from advisors when I have this conversation is that they feel it will differentiate them and help them grow. In other words, if we are being really honest, they are struggling to grow, and they are looking for a 'scapegoat' as to why they are not growing, and the lack of credentialling is that 'scapegoat.'

I instead put forth this idea.

If you were to spend 1,500 hours, which is what it takes to study and pass the CFA exam, on meeting new people, networking, making calls and e-mails to clients and COI's and prospecting, how much do you think you would grow? Because, in my experience, that is what will make you grow and grow far beyond what the CFA would ever do for you.

But, for those still hell-bent on getting some credentials, I would get the CIMA (which I also earned but lapsed when I became a CFA Charterholder) and the EA, which is heavily focused on tax. In my opinion, the combination of a CFP, CIMA, and EA is more practical and provides a much better ROI than trying for the CFP, CFA, and CPA credential combination.

What do you think?

Also, the watch pictured is the watch Kate gave me when I passed the CFA exam. I diligently tracked the hours I took to study for all three exams (500 each.) The inscription reminds me that things you want are earned. Not given. I will tell Lincoln and Remington the same thing one day when they look at the back of my watch and ask me about the inscription. The reality, Kate should have gotten a watch, too. She sacrificed as much as I did by shouldering much of our life when I was studying. Thank you. Love you.

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