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It goes way deeper than getting past the level two financial statement analysis section. Here’s a powerful strategy that advisors who hold the CFA® designation can use to build their brands and monetize their credential.
We like to do business with each other
It’s an unspoken bond among CFA® charterholders, like what mothers share. When I’m dragging my three kids (all ages four and under) down the stairs to school in the morning I often see the woman who lives above us and has four children under age nine. We make eye contact. No words are exchanged. We understand the pain (and joy) we share.
There is a certain respect I have for those who have gone through the CFA exams and survived. When I get asked for the names of “good advisors” I can tell you one thing:
If I have to choose between referring someone to an advisor who holds the CFA® designation and one who doesn’t, I’m going to pick the former.
There’s too much substance behind the ethics coursework to overlook it. The CFA ethics curriculum was one of the most important pieces of knowledge I acquired in my career in finance. Anyone who knows that curriculum (which goes way past the ethical section of the series 7 exam) is a step ahead in terms of trustworthiness.
Call me biased. I am.
In my varied career, I have had success winning the business of people of all ages and backgrounds who are CFA® charterholders.
True, many charterholders are (or were) in the advisory business. But there are still opportunities. Take me, for instance. I manage my own portfolio, but I have a designated backup to take care of my money in case I didn’t or couldn’t. That person is – you guessed it – a CFA® charterholder.
You paid your dues to be a member of the CFA Institute. Meet others through the organization’s committees as well as their member directory.
Use Linkedin groups
The CFA Institute has a remarkable social media presence; use it to your advantage. I built a nice business for myself once just based upon the posting I put into the CFA candidates group on LinkedIn (186k members worldwide, by the way).
In case you’re missing it, here are some other sizeable LinkedIn groups you can join and get your content in front of:
- CFA Institute members (46k people)
- CFA private wealth management (1.7k people)
- Your local CFA society group (varies)
- CFA Institute women in investment management network (6k people)
Not too shabby, huh?
Even if you don’t want to post content there, jump into a few of the groups and participate in the popular discussions. You’d be surprised at how easy it is to grow your network that way.
Design special products specifically for other CFA® charterholders
Here’s a radical idea.
Why don’t you custom design a financial product or service especially for someone who is a CFA® charterholder?
Here’s what I mean.
In my experience, CFA® charterholders tend to be market-focused people – more focused on the investment side and a little less excited about the financial planning side of things.
Create a financial planning course, program or service specifically designed for CFA® charterholders who have a robust analytical background and want to DIY on the investment portfolio, and complement that with financial planning that you provide that is equally robust?
I would have bought that.
Or, go find some investment firms chock full of CFA® charterholders who want to manage money and don’t want to bother with planning.
Contribute to CFA publications
The CFA Institute marketing engine is the eighth wonder of the world. There’s the Financial Analysts Journal, if you can muster up a nice technical piece of content or academic study. If you’re into lighter topics, write a nice blog for the CFA Institute Enterprising Investor magazine.
Editorial guidelines are what they are, but it’s my impression that these publications welcome submissions from charterholders. Use this to get some attention for your content. It may be mostly other holders of the designation, but get enough views and you never know whose head you’ll turn.
Publishing on the Internet is never neatly self-contained. People share things they like, so use the CFA audience as a jumping off point to reach other audiences.
Network with CFA candidates
I have a voracious following of CFA candidates on my YouTube channel. Literally all I need to do is post a video about the top 10 study tips you need know to pass the CFA this June and the thing practically goes viral.
Remember how intense you were about the exam when you were taking it?
Hyper-focus and attention are your allies in marketing. So befriend these candidates and offer them a tip or two. Stay in touch and as the years pass, they’ll remember your kindness.
And, eh hem, remember that not everybody who takes the exam is going to pass. Ever.
Did I say that? Whoooops.
Let’s be real. Some will take it once, fail, and run screaming. Others will come back again and again until they collapse in exhaustion. Either way, a fair amount of candidates simply decide to go in other directions and end up making a very good living working for the electric company or their state government’s benefit division.
Who knows?
Sara’s upshot
The CFA® designation is a powerful achievement that many advisors don’t maximize it as a prospecting tool. There are many more ways to leverage your credentials – if you’re curious, please connect with me on APViewpoint!
For more creative marketing ideas, follow my podcast here.
Sara Grillo, CFA, is a top financial writer with a focus on marketing and branding for investment management, financial planning, and RIA firms. Prior to launching her own firm, she was a financial advisor and worked at Lehman Brothers. Sara graduated from Harvard with a degree in English literature and has an MBA from NYU Stern in quantitative finance.
Read more articles by Sara Grillo
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives
