Eli Freeman, CFP®, Financial Advisor at Mach 1 Financial Group, is a graduate of Oklahoma State University, where he earned a Bachelor’s degree in Finance. Not long after graduation, he was already in pursuit of his next educational accomplishment – obtaining his Certified Financial Planner® designation.
The zeal with which Freeman began this licensure process came from a desire to serve individuals and families with excellence. Freeman began pursuing his CFP® designation quickly after entering the industry. When asked why he started this laborious process so soon into his new financial planning career, Freeman recalls being “quickly made aware of how helpful the CFP® designation would be towards providing the best service [he] can as an advisor.”
The CFP® certification is awarded to financial planners who meet the rigorous criteria established by the Certified Financial Planner Board of Standards, Inc. (CFP Board), a nonprofit organization founded in 1985. The CFP Board operates through two nonprofit entities: the CFP Board Center for Financial Planning, a 501(c)(3) organization, and the CFP Board of Standards, a 501(c)(6) organization. The CFP Board of Standards grants certification to financial planners who satisfy the “Four E’s”: Education, Exam, Experience, and Ethics (CFP Board, n.d.).
The first step in the certification process involved completing certain educational requirements. Along with obtaining a bachelor’s degree from an accredited university or institution, planners who wish to obtain the CFP® certification must have completed coursework through a CFP Board Registered Program. According to the CFP Board (n.d.), on average, it takes 12–18 months to complete the coursework requirements.
When asked to describe his journey toward the CFP® certification, Freeman spoke candidly, declaring it “not a fun process.”
“Going through this process is something that I am grateful for, but I never want to do again”, Freeman says, half-joking. “Studying, preparing, and testing well takes a substantial amount of time. It was difficult for me and for those around me.”
However, Freeman reflects on the support he received from his colleagues at Mach 1 Financial Group.
“There were plenty of days as I was getting down to the final test where the firm supported me with flexibility,” Freeman remembers. He views this educational milestone as his contribution back to Mach 1’s services as a whole, hoping that “the whole firm can benefit as we help our clients with their financial plans.” Freeman honors the firm, commenting that it “does a great job of being planning-focused” and says that he feels as though he was “trained from the beginning like a CFP® candidate.”
After navigating the required coursework, it was time to sit for the exams. “Becoming a CFP®,” Freeman recounts, “required in-depth testing over various areas of the profession.” The coursework covered a wide range of topics including Investment Planning, Tax Planning, Estate Planning, Risk Management and Insurance Planning, Retirement Savings and Income Planning, and General Principles of Financial Planning.
“I believe the CFP® designation enhanced my planning for clients,” Freeman said. “It took my knowledge to a deeper level on intricate topics that most individuals will never spend time learning.”
Along with meeting the educational requirements necessary to obtain CFP® certification, planners must have fulfilled the experience requirements by logging either 6,000 hours of professional experience related to the financial planning process or 4,000 hours of apprenticeship experience that meets additional requirements (Certified Financial Planner Board of Standards, n.d.).
The team of Mach 1 Financial Group advisors remain committed to continuous learning. “I believe the CFP® will become a standard in our industry over the coming years,” Freeman says. “It provides detailed information on topics that a standard licensing for advisors does not. These topics are often times the areas that we as advisors can add even more value to a client’s plan.” Freeman believes that this extra step of education can correlate to better financial plans for clients overall.
While he acknowledges that the CFP® certification does not equate to absolute expertise, Freeman does believe it can benefit clients as they pursue financial advice. “I wouldn’t recommend avoiding someone who isn’t a CFP®. There are plenty of advisors who have been in the industry for much longer than I have who are not CFP®s and do a great job for clients. However,” he says, “if you want to hire someone who has taken the time to become the most educated planner they can be, a CFP® is a great place to start.” Whether clients choose to work with a CFP® professional or not, Freeman encourages clients to find someone who is planning-focused.
“The CFP® designation has allowed me to refine my planning approach for clients,” Freeman concludes, “providing me the confidence to know that what we are doing for them is effective.”
References
Certified Financial Planner Board of Standards. (n.d.). About CFP Board. Retrieved from https://www.cfp.net/about-cfp-board
Certified Financial Planner Board of Standards. (n.d.). Get Certified: Certification Process. Retrieved from https://www.cfp.net/get-certified/certification-process
Mach-1 Financial Group, LLC (“Mach-1”) is a registered investment adviser located in Rogers, AR. Mach-1 may only transact business in those states in which the firm maintains a notice filing or has qualified for an exemption or exclusion from registration. A copy of Mach-1’s current written disclosure brochure, which discusses among other things, Mach-1’s business practices, services, and fees, is available through the SEC website at www.adviserinfo.sec.gov and is also available at www.mach-1financial.com/disclosures