CFP experience rule for unpaid advising?

[kim dong seong]

So basically I have been investing for my family for over a decade and manage their retirement and trust accounts but I really don't charge anything. Is that gonna work? I mean, it's a sizable portfolio worth over $4 million total. I'm going through CFP prep now and wondering if that kind of informal work could count for the experience requirement. Has anyone had a similar situation approved?

 

[lemmonludes]

Managing $4M in family accounts could count to CFP experience, even unpaid, if it meets their criteria. Make sure tho to document everything and check with the CFP Board, others have had similar cases approved

 

[Cloudcatcher11]

They'll go through everything with a fine tooth comb, so you'll need to have a full documentation of what you've done, how you've done it and they'll consider your case. Like @lemmonludes mentioned, there are people who had their cases approved, but there are also many that didn't Reach out to them and ask about the specific requirements.

 

[Marriot_]

If the CFP Board counted unpaid family work, half the industry would be experienced overnight. They want documented, professional roles, free labor for relatives rarely makes the cut, no matter the portfolio size.