AboutJohn D Smith, CFP Expertise I can answer detailed questions regarding mutual fund investing, retirement planning, education planning and related financial planning/investment issues. I have a B.S. degree in Financial Planning & Counseling. I am also a Certified Financial Planner practitioner and have performed fee only investment management and financial planning services for the past 11 years.
Expert: John D Smith, CFP Date: 8/29/2006 Subject: Certified Fund Specialist designation
Question Hello,
What I would like to do is start a small business on the side advising individuals on mutual funds as well as their mutual fund investments in their 401k and IRA's for a small, flat fee. Would I be able to do this with the CFS designation? In particular, there's two entities that offer this certification. Institute of Business and Finance which is administered by the NASD and Boston Institute of Finance which appears to be associated with The National Investment Company Service Association. Is there really any difference between the two certifications? And would I be able to advise on mutual funds with either of the two certifications?
Answer Actually, you can offer advice without having any designation. Designations are more important when it comes to building credibility. The bigger issue is the compliance side of things and making sure you are properly registered to offer advice. In addition, if you are going to sell mutual funds, you would need to obtain the proper series license, unless you were registered as a registered investment advisor with no broker dealer affiliation. I hope this helps. Regarding the 2 certification you mentioned from a credibility standpoint, I am not very familiar with how they stack up against one another. I hope this information helps answer your question.
