Experts and novices in the financial service industry have struggled to get the public to view the industry on the same level as doctors or lawyers. It usually through years of experience, or who you do business with, that has legitimized financial services & insurance practices. Should further education standards be put in place, in order to make sure that the financial service industry gets more respect?

Let's face it, the financial service industry has respect among the public, but not as much as a doctor or lawyer. Doctors and lawyers go through a rigorous education program to be certified to practice law or medicine. In the financial service industry, you may have to attend an insurance class for an insurance or financial securities test.

In defense of the financial service industry, the securities licensing process; especially the Series 7, is a test as hard as most advanced college courses. Actually, some who have taken the test, who majored in business or economics at top colleges have failed. It is a rough test, only approximately 66% of all applicants taking the test pass (a NASD statistic). So in order to become a full fledge broker or registered representative, there is definitely a test in place, which will keep some individuals from ever trading a stock or bond. However, this is not the purpose of the test, but to give you an overview of what you should know, in regards to rules and regulation and information about securities and trading.

The CFP designation requires you to take several courses and a test to be certified by their board. You must also have three years of practical experience in the financial and or insurance industry to use the marks. This is one education standard that the public equates with knowledge of the financial service industry. The CFP is not the only one the public knows, but it seems to get the most attention. Years of service and referrals in the financial service industry can also take your practice to the next level.

If the financial service industry wants more respect, it should probably require a degree or a two year certification program, so that education is a major commitment to work in the industry. There are few universities around the country, which already offer this education. Designations later on in your career are great, but we need more competent people in the field. Sales should not be put ahead of education, even though paying the bills is a must. However, if all who come into the financial service industry have a greater understanding of the products, and how they can better serve their clients; then, there would probably be less lawsuits, or fewer uninsured people due to negligence.

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