How important are credentials in a financial position?

[Mounds]

I'm curious what the thoughts are here...
My brand of personal finances is a mish-mash of things that I've found to work well and tips that I've collected over the past couple years. I've developed it into a system that just can't seem to fail, mainly because there is zero emotion involved. Every aspect of my finances is covered, from bill payments to investments to savings to debt repayment. I invested a bit of my time and now I'm reaping the benefits. I'm talking about waaaaay more time. I simply never worry about money. I'd like to teach other people to do the same thing.
Now heres the thing... society taught me that the ONLY way that people are going to listen to me is if I go out and get some credentials. I love studying and I love finances! There's just one problem. My techniques are far from what financial planners tell you to do. In fact, I think that often times what financial planners teach simply doesn't work or it's unsustainable. Why would I spend thousands on something I don't even believe in?
Now, could this be a case of "you don't know what you don't know"? But then, what is there that I can't learn from a couple of financial textbooks?
Discuss!

[CoolBee]

I would say the main point is to check the LEGAL position in your state/country!

It might be that you are breaking the law without certain qualifications in this area. That would certainly be the case in the UK and you could end up in prison!

[Mounds]

Originally Posted by CoolBee

It might be that you are breaking the law without certain qualifications in this area. That would certainly be the case in the UK and you could end up in prison!

I was actually thinking about that! I'm not planning on saying, "Invest here, go for this mortgage, file bankruptcy". I'm planning on teaching my own style of personal finances. Like, "Here's some a step-by-step plan for setting up your money so it's waaay easier to handle".
But ya, I'll look into that

[moonrambler]

I think you can easily sell your idea presenting it similarly as you have here. You've done it real-world. The ideas of credentialed financial planners simply don't resonate or work for a lot of people.

[CoolBee]

Also check out the liability insurance position.

In the UK, it is virtually impossible to get cover to do financial coaching (where you are NOT advising anyone to do anything but just getting them to consider their finances, much as I think you are thinking of doing) because of the danger of inadvertently slipping over to the wrong side of that fine line between coaching and advising.

I'm given to understand that it's quite normal in the UK for non-customer-facing admin staff working in financial organisations to have to do the basic qualification as well!

[Piercetheveil]

Verifiable results get you a loyal audience. I have done it. I got the credentials later (I got a series 6). If you make the right connections your connections can have the credentials.

[SnerpGoodWord]

I think it would be very dangerous legally to do what you want to do in the US without FINRA/SEC credentials. Even if technically legal, you're walking a very fine line and risking huge liability.

FINRA - Investor Information - Understanding Professional Designations

has information that might be of interest.

[Mounds]

Phew! I'm up in Canada and were not too trigger happy on suing so I guess I'm ok!

[LostMyMap]

Originally Posted by Mounds

I'm curious what the thoughts are here...
My brand of personal finances is a mish-mash of things that I've found to work well and tips that I've collected over the past couple years. I've developed it into a system that just can't seem to fail, mainly because there is zero emotion involved. Every aspect of my finances is covered, from bill payments to investments to savings to debt repayment. I invested a bit of my time and now I'm reaping the benefits. I'm talking about waaaaay more time. I simply never worry about money. I'd like to teach other people to do the same thing.
Now heres the thing... society taught me that the ONLY way that people are going to listen to me is if I go out and get some credentials. I love studying and I love finances! There's just one problem. My techniques are far from what financial planners tell you to do. In fact, I think that often times what financial planners teach simply doesn't work or it's unsustainable. Why would I spend thousands on something I don't even believe in?
Now, could this be a case of "you don't know what you don't know"? But then, what is there that I can't learn from a couple of financial textbooks?
Discuss!

OK, I've got your plan. You say you've collected this mish-mash of things and made a system. How solidly is this system defined? Is it tuned too much to your particular life, or have you got it generalized enough?

So what you do is this. You solidify that system as much as you can. Then you give it away. That's right, give it away. Set up meetings for your friends and family. Have them invite people. Give them the presentation for your plan. Powerpoint it. Get some of these people to agree to follow your plan, with your coaching. You will probably learn a lot from that, and have to make some adjustments. Eventually you have a set of people, besides yourself, that have successfully used your plan and will endorse it. Voila, credibility. Now you can start charging.

Oh and while doing this, you are writing your book. The book covers the plan in detail. But people need the coaching. So the book basically lays it out, but people need to be led. The book leads to the free one hour sessions where you give an overview of what you are doing, sell the concept, and hook people in to the paid sessions or paid coaching. And of course there is the web site with the newsletter and all the usual marketing stuff.

That's how guys like Robert Allen, Kiyosaki, Tony Robbins etc. got going. Give some of it away to generate interest, get cred. with actual client endorsements and your own experience, present your ideas in multiple formats, marketing.

Probably not a bad idea to sit down with an attorney and figure out the legal limits of what you can say and what disclaimer text you have.

Hey, I'm interested in your system.

[Brutha]

Phew! I'm up in Canada and were not too trigger happy on suing so I guess I'm ok!

I wouldn't be to sure. This is about customer protections laws.