Richard talks CFP! What, how, when and where?
Richard Purchase currently works at State Future Financial Services in the Not For Profit sector. Much like Gilda, Richard decided on a change in careers from being in the printing industry to becoming a Financial Planner.

Richard recently completely the CFP program so I asked him a few questions about what his experiences with the program and how it is helping him become a better planner!

Why did you decide to become a financial planner?

There are several reasons why I became a financial planner. Initially I worked in a completely different industry - The printing industry! In that role, I did print management where I had to find and manage clients on an ongoing basis. I had to manage their objectives; whether that be printing magazines or marketing collateral and ensuring it all looked good and was produced by the deadline.

So there were two reasons why I decided to move into financial planning. Firstly, I had a friend who was a financial planner, and the other reason was that I started to realise that financial planning was a career that suited people of any age. In particular I thought it would be an advantage as I get older.

I also noticed that many aspects of my printing job were very similar to working as a financial planner, so it seemed like a logical transition. In both roles you are regularly dealing with people and looking after them on an ongoing basis. There are some projects in financial planning that can be quite complex, and have a start and finish date similar to printing jobs. When I was working in printing, I ended up working for a company that was producing equity research. My clients were investment banks, or the research department for an investment bank. So that is really where I started studying the Diploma in Financial Planning.

What is the best part of the job?

I think the client interaction for me is really appealing. I actually like the consultations and dealing with clients. It tends to be much more than just numbers. I think whatever people have as an intention with financial planning it becomes more than just numbers.

It’s really about educating people about the consequences. So once you have an understanding about which direction your client’s want to take, you can make a plan that best achieves that.

So with financial planning, you end up almost being a councilor in many ways, where the numbers are just one part of the job. So that is the area that I would find most appealing. Rather than the paper work that comes after!

Why did you decide to complete the CFP® Certification Program?

It was a good way to improve my knowledge. I think that there are two ways you can progress in financial planning. One is education and one is experience. Typically everyone just based their work on experience and less on education. However this is definitely changing. Over the last few years, I have met many financial planners that have done the CFP Certification Program and this is definitely increasing. Rather than being a minority it will be the majority.

Wherever you end up working, whether it’s a bank or a private practice, or an actual superannuation fund, all the planning you do to some degree tends to have some limitation. The good thing about the CFP Certification Program is that it is very holistic. It takes you through all areas of financial planning. If you come from a background or work for a place that does not cover all bases everyday, the CFP Certification Program will help you get across all of that.

What is the course structure?

The CFP Certification Program is studied by distance learning. Most of the study that I have done over the last ten years has been distance study and for me it is ideal. And most people I know l. I have done an MBA as well.

When you are working there has to be some flexibility because it’s not just work and study; it’s work, study and family or personal commitments. So the distance study element is very practical. Obviously once you sign up for a semester you are committed to going through and finish the assignment or exam, but you can moderate the work load. So I had cases when work was so busy that I didn’t even look at the CFP certification work for a week. But then you can catch up. So that an advantage.

The CFP Certification Program is broken down into various units which are very practical. It allows you to focus on certain issues semester by semester. You also have the flexibility to complete certain semesters to suit you. I was at a stage where I was changing jobs, and it wasn’t really practical for me to sign up for the next module so I gave it a miss and came back to it.


How long did it take you to complete the CFP Certification Program?

I missed one semester, so I am going to say it took me about 18 months. What I did do though is take advantage of the summer sessions they run so I could complete it sooner.

Is the CFP Certification Program relevant to what you do in the workplace?

Yes in many cases absolutely. One of the advantages of working and studying at the same time is that you can put the theory into practice.

In some areas it goes well beyond what you will ever need in your daily routine - well for me anyway, but it is great to have that understanding as you may need it at a later stage.

Do you believe you have an advantage over someone who does not have the CFP Certification Program?

Absolutely, I can see it already. I have moved through a few jobs and it has certainly got progressively easier to get interviews because I have the CFP certification. I think it should, and may even become the minimum requirement for the profession. Something you have to do if you are serious about being a financial planner.

I have also seen many job descriptions that state CFP Certification as a requirement, or if you had not already enrolled you would be expected to enroll during your employment. It does help you with your ongoing professional development. You never really stop studying in financial planning.

Any tips for students who are looking to complete the CFP Certification Program?

What I found really useful was forming a study group. Find out which colleagues of yours, even colleagues from previous jobs are doing the program. It really helps to get together with other students once a week or leading up to assignments. There is also an online CFP certification discussion forum for students enrolled in the program. I really encourage people to use this. It helps to link in with people that you may know, but it’s even great to connect with people you don’t know. I found someone who I had never met before but was interesting in starting a study group. So we met up occasionally after work and that was a great benefit to both of us. It’s on the FPA website in the CFP certification section.

If you have been a Uni student you probably already know how to study and frame your time, but one tip I would like to give is that there is a great workshop put on by the FPA that is based around the final assessment CFP 5. It is generally put on about four weeks before the assignment is due. I recommend people go along to that.

The workshop really was a great asset to go through all the considerations and make sure you did not miss anything. I think it was crucial to passing the assignment and everyone in my study group felt the same way.