The Your Financial Planning Maestro has now interviewed over 100 people, all of whom I’ve helped become CFP professionals in the last 3 years. They’ve all come to those interviews armed with stacks of helpful tips to pass on to you, if you are thinking about embarking on your own journey to become a CFP pro in the UK.
Here at Lockie Consultants, we’ve been doing some research into our interviewees’ top tips and advice.
Here is the first set of tips:
1. Master Your Time Management
Plan and manage your time well. Start early – don’t sit on your hands or book a three-week holiday at the start! Avoid leaving it all until the last minute. I regularly see people doing this and they rarely do themselves justice on their submission. This then gives you les feedback than you’d hoped for to pass on the next submission. Make sure that you allow space to review your plan and improve it. Once finished, put your work away for a few days, then come back and assess it against the assessment criteria to catch mistakes and improve clarity.
2. Keep It Simple and Clear
Don’t over complicate your explanations in your financial plan. This is NOT a test of everything you know! It is a test of application of your existing knowledge. Simplicity helps both assessor and ultimately, your clients, understand your recommendations.
3. Structure Before You Write
Start with creating the headings and write out all the client’s objectives clearly before writing. This helps maintain flow, keep priorities in focus, and avoid getting lost in detail. Use the CISI sample plan as a guide only. The sample plan is helpful at the start to show you the detail of what’s expected, but very quickly, it’ll become redundant as you need to follow your own path for your clients.
4. Seek Support and Mentorship
Support is vital. Whether that’s from your employer, supportive community, mentor or attending a course, these things make a huge difference to your chances of success. Can you get paid exam leave from your workplace? Do you know any CFP pros who might mentor you? Will your employer pay for you to attend a course? Does the course have community support included? Do your research to make your journey to CFP easier and more enjoyable.
5. Be authentic
Don’t pretend to be someone else! Be yourself. It’s ok to use the sample plan as a guide but don’t let it change what you’d say or recommend to clients in real life. Try and keep your plan as close to what you’d do for real clients. Pretending to be something you’re not will lead you to overthink things, make more mistakes and then be at a loss on how to fix them. Follow your own instincts. There’s room for all of us in the financial planning profession.
6. Prepare Thoroughly for Exams
Give yourself enough time to prepare thoroughly. Read around the subject – there are some great financial planning books out there. The CISI L6 exam workbook and CISI L7 candidate guidance document WILL NOT give you everything you need to pass. Start pushing yourself to use your critical thinking brain rather than just reading those given materials. Challenge yourself and your thinking. Curiosity is your best trait to become a CFP professional.
7. Practice beforehand
Play with case studies, spreadsheets, and cashflow models on your own before you embark on the CISI L7 case study assessment. Test your thinking before committing to buy the case study. Perhaps buy a course one quarter early. Maybe brush up you excel skills. Or perhaps brush up your estate planning technical knowledge (this is where most people fall down). You could also listen to series 8 of the Your Financial Planning Maestro podcast – that’ll give you lots of information to formulate your approach.
8. Don’t fight the process
Becoming a CFP professional will undoubtedly change how you think, how you analyse client circumstances, how you explain things to real clients in the future. Let the process do its job; don’t fight the change. It will change you for the better, trust me.
9. Assumptions are your friend, not your enemy
Most people on my courses get put through the ringer when it comes to setting assumptions. Lots of people resist the three-step assumptions setting process that I recommend because they’re in too much of a rush to “get it done”. Assumptions are the cornerstone of financial planning, a core building block. Without robust assumptions, your financial plans won’t stand up in court, and you won’t pass the CISI L7 assessment. Take your time to understand the process. These skills will change how you talk to clients and will have a positive impact on your clients’ lives.
10. Leave your ego at the door!
Coaching or third-party guidance can be invaluable and help you pass the CISI L7 case study assessment. Approach the process humbly, recognising that it is something completely different from other exams. Be open to learning more about yourself that will improve your business processes as well as your client relationships in the future.
Want to become a CFP professional yourself?
Browse through our free resources, podcast series, and details of courses designed to support your CISI Level 7 journey.
Good luck!
