From Student to PractitionerIncubator Model

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From Student to Practitioner-Incubator Model

• Ira H. Fateman, CFP, M.Ed.

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Benefits of CFP Certificate

• Rigorous systematic training
• Experience requirement
• Exam pass rate of 60 similar to bar exam pass
  rate nationally
• Press recommendations
• Compensation
• Ethical standards
• Continuing Education

3
Transition to Practice

• Large interest and demand due to demographic
  changes
• CFP certification is Cadillac designation
• Content emphasis addresses only portion of
  professional responsibility
• Process (communication/relationship building
  skills/counseling skills) builds confidence and
  differentiates CFP certificants

4
Financial Services Professionals

• Employed by many institutions
• Licenses
• Regulation
• Public perception
• Sales training
• Product training

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Current training

• Content knowledge
• Personal Financial Planning curriculum
• Firm and wholesale experts
• Written material
• Outsourcing
• Ongoing
• Process knowledge
• Personal Financial Planning Survey class
• Practicum
• Internships
• On the job

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Professional Training

• Broad undergraduate education
• Specialized graduate study
• Internship
• Residency
• Practice

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Professional Training-CFP

• Broad undergraduate education
• Often true
• Specialized graduate study
• Yes-Personal Financial Planning program
• Internship
• Random and difficult to obtain
• Residency
• FPA-1 week
• Practice-few opportunities

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Imagine

• Further raise the professional bar for CFP
  certification
• Offer students continued training
• Supervision
• Different models
• Broad business responsibility
• Time to earn experience component
• Competition by best students

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Incubator

• Selection process
• Supervision
• Alliances
• Local firms
• Certificate programs
• FPA
• Full business practice responsibility
• Continued training
• Revenues

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Benefits

• Opportunity to select the best
• Learn from the best
• On the job training
• Prestige
• Develop network of relationship
• Learn hands on
• Marketing
• Compliance
• Practice/business management

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Benefits

• Create standards for training
• Provide local firms with well trained
  professionals
• Service clients below firms minimums/pro bono
  work
• Motivation for students to be at top of class to
  be eligible