Those four little letters signify so much. “Chartered Financial Consultant.” What does that title really mean? When you search for a financial consultant, it means everything. Let me explain why the ChFC designation is so important.
Today, the financial world is full of credentials and designations. Some are respected, some aren’t. The ChFC designation is one of the most respected. You really have to earn it. (Some financial credentials are simply conveyed to people after the completion of a glorified sales course. The ChFC designation is definitely not one of them.) It denotes education.
To become a Chartered Financial Consultant, you have to study the same core curriculum that you do to become a CERTIFIED FINANCIAL PLANNER™ … plus three additional university-level courses that focus on specific personal finance topics (retirement planning, estate planning, investment management and insurance).
The ChFC designation is conveyed by The American College, an accredited college for financial services education which grew and evolved out of the University of Pennsylvania’s internationally admired Wharton School of Business. It is now regarded as a national leader in financial services education.
It reflects ethical and experiential standards. To become a ChFC, you must have a minimum of three years of experience in financial services and employee benefits, insurance and health care, or a combination of university education and real-world experience in economic or financial disciplines. You must also uphold a strict eightpoint code of ethics.
You must maintain these standards. A ChFC must be recertified every two years. That requires at least 30 hours of continuing education, to keep up with the latest developments affecting his or her profession. The ethics must be upheld, or the designation will be lost.
This is why the ChFC designation is so respected. Knowing all this, would you settle for any less qualified financial advisor? I doubt it.
The critical difference. Today, many people call themselves “financial consultants” or “financial advisors” without having this kind of experience and knowledge. Many of them work with a sales-based mentality. Often, they will suggest an investment product as a financial solution. Quite often, they get a nice commission off the sale of that product.
On the other hand, Chartered Financial Consultants know that investments are simply components in an overall financial strategy, not financial solutions in themselves. We have the education and experience to create integrated financial strategies using not only investments, but also methods for tax reduction, wealth accumulation, wealth preservation and tax-efficient wealth transfer. We have the knowledge to help our clients pursue their long-term goals, and the experience to implement, oversee and revise these strategies through the years.
Choose a ChFC. If you are searching for a financial consultant, contact a ChFC. Talk to a Chartered Financial Consultant today, and enjoy the confidence that comes from meeting with a truly educated and qualified financial advisor.