3 Reasons the Certified Financial Fiduciary = CFF is a JOKE

August 18th, 2020
August 18, 2020
Joseph Vecchio

As a licensed Certified Financial Planner, I’m always refining my skillset so I can bring as much value to my clients as possible. Being able to assess the holistic financial well-being of a client, as well as identify favorable tax opportunities is crucial to their financial success.

Because CFP’s are held to such high standards, it is paramount I warn people about Certified Financial Fiduciaries (CFF’s). On the surface, the CFP and CFF designations seem identical, but a closer look reveals that one merely takes a 1-day course and pay $2,200 to become a CFF.

These folks are not committed to investing in themselves and their professional development because of the the amount of effort that it takes to earn the CFP letters!

Paths to the CFP

I cannot overstate the danger of entrusting your financial future with such an unqualified “professional”. Holders of this bogus license are not equipped to protect your best interests.  They lack the mental fortitude to obtain the educational, testing and time commitment required to earn the Certified Financial Planner CFP designation!  Essentially these salesman are buying credentials that gives themselves the “title” of a fiduciary.

They can possibly dupe you into buying high commission/subpar investment products solely to boost their commission sales.  That is why in my humble opinion anyone these people (mainly insurance salesman) are nothing more than a wolf in sheep’s clothing!!!

CFF Certified Financial Fiduciary are fake credentials

Here’s why a Certified Financial Fiduciary CFF could lead you to financial ruin.

Certified Financial Planner certification requirements

  1. The letters are bought NOT earned!!!
    • Becoming a CFP® requires thousands of hours of both work experience and study preparation. This is pivotal to succeed in such a dynamic, highly challenging profession. Achieving financial freedom is more of a marathon than a sprint, so one must be attuned with the overall economic landscape to tweak a client’s portfolio when necessary.Continually spotting fresh opportunities, as well as adapting to the shifting needs of clients demands a level of rigor and expertise absent in  degree of difficulty to buy these letters =  CFF.
      • Contrast this to the requirements to EARN a CFP® designation:
        • THE EDUCATION REQUIREMENT – The two-part education requirement includes both (1) completing coursework on financial planning through a CFP® Board Registered Program, and (2) holding a bachelor’s degree or higher (in any discipline) from an accredited college or university.

        • THE EXAM REQUIREMENT – Passing the CFP® exam demonstrates that you’ve attained the knowledge and competency necessary to provide comprehensive personal financial planning advice. The CFP® exam is a 170-question, multiple-choice test that consists of two 3-hour sessions over one day. The exam includes stand-alone and scenario-based questions, as well as questions associated with case studies.

        • THE EXPERIENCE REQUIREMENT – The experience requirement prepares you to provide personal financial planning to the public without supervision. You can fulfill the experience requirement either before or after you take the exam. You need to complete either 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of apprenticeship experience that meets additional requirements.

        • THE ETHICS REQUIREMENT – The ethics requirement is the final step on your path to CFP® certification. It indicates you’ve agreed to adhere to high ethical and professional standards for the practice of financial planning, and to act as a fiduciary when providing financial advice to your client, always putting their best interests first.

  2. There are no Continuing Professional Education (CPE) requirements for CFF’s

    • Being a CFP requires constant learning and being knowledgeable of the latest developments in the field. Attending workshops and conferences led by industry leaders is mandated. This allows me to anticipate my clients’ needs and implement the best investment strategies for them.  After someone obtains a CFF, they do not have to continue their education or stay on top of the latest trends. You could very well receive outdated, worthless counsel from a CFF.

  3.  Because a CFF requires little effort to obtain, they have much less to lose if they are reckless with your money. They have no “skin in the game” and can provide awful services without fear of losing their license.

    CFP’s are legally bound to put your best interests first

    • “With great power comes great responsibility.” Because I manage the long-term savings of my clients, I am bound by Federal law to prioritize their financial well-being above all else, even myself and my company.I will always seek the best investments at the lowest price for my clients. I will relay every pertinent detail regarding their portfolio to them as clearly and concisely as I can.

When it comes to long-term investment and tax-planning, why shortchange yourself with an inferior CFF? I have years of experience as a CFP and would be ecstatic to help you create a prosperous future for yourself.




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