So the CFP marks are granted by the CFP Board, which oversees what they call the four E’s of Ethics, Exam, Experience, and Education requirements that you have to meet in order to get the CFP marks. Advancing Knowledge in Financial Planning, January 17, 2019 01:03 pm 4 Comments CATEGORY: Personal/Career Development. Now, the one other complication I will note between the CFP and the ChFC is that the CFP Board has since 2006 required all certificants to have a bachelor’s degree while the American College doesn’t have any such degree requirement for the ChFC. While these scenarios characterize a wide array of different clientele, the notable continuity is the set of issues that arise when people face a sudden influx of financial wealth all at once, and the personal/emotional as well as financial decisions they face, for which the CFT designation is designed to help. Now, that being said, it’s also worth recognizing from just a more practical perspective, the CFP marks are also just a far better known and recognized designation by consumers in the first place, driven in large part by the fact that the CFP Board has been conducting a public awareness campaign for years to help promote the CFP marks. About where they spend their dollars, about how they insure and manage potentially catastrophic risks, how they manage their debt, and what they do with their accumulated assets. CLU (Chartered Life Underwriter) – Offered by the American College (in fact, as its first designation almost 80 years ago! Like, that’s what happens when CFP certification continues to get this growing level of public awareness. Certified Financial Planners work closely with individuals to help them in assessing their financial decisions to achieve maximum profits. What is the CIMA (Certified Investment Management Analyst)? This certification requires continuing education of thirty hours every two years. Accordingly, in this week’s #OfficeHours with @MichaelKitces, my weekly broadcast via Periscope, we compare and contrast the two most common comprehensive financial planning designations, the Certified Financial Planner (CFP) and the Chartered Financial Consultant (ChFC), discuss some practical considerations about why advisors might choose to pursue one designation before the other, and why, in the end, it’s not an either/or question, but a pathway to building the competency it really takes to advise clients about potentially life-altering decisions with their hard-earned life savings. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. CPA (Certified Public Accountant) – Technically, the CPA is not a designation but a state license to practice accounting. Two common programs are the CPA and CFP certifications. The RICP curriculum is comprised of three core courses, specifically focused on constructing retirement income strategies and looking at a wide range of approaches from portfolio-based strategies to those using annuities and other guaranteed products.

CFPs usually work with individual clients. Quantifying the Value of Financial Planning Advice, The Psychology of Money: Timeless lessons on wealth, greed, and happiness, “Top 10 Influential Blog for Financial Advisors”, “#1 Favorite Financial Blog for Advisors”. Now, if you do a CFP live review exam prep class, the total costs may come out similar.
CIMA certification is organized by IMCA, which is all about business ethics; hence CIMA ensures that you have undergone a rigorous ethical code of conduct, and if found guilty, then you will be handled by a professional review committee of peers. Financial advisors can live and die by the letters following their name on their business card. Let your clients share their emotions and fears so they can make rational financial decisions. Along with increased financial prospects, one also experiences satisfaction in their career. Sign up now & receive a free copy of The Kitces Report: One-Page Financial Advisor Business Plan Template. someone who has the proverbial “alphabet soup” of designations myself, I am often asked by advisors what they should do next after completing their CFP certification. And if you do your CFP coursework with the American College, you’ll already be most of the way there. In fact, as CFP certification increasingly becomes recognized as a baseline minimum standard for competency for real financial planners, arguably the decision of CFP vs ChFC isn’t an either/or question, but is rather a matter of obtaining a foundational skillset (CFP certification) from which you can build upon with post-CFP designations (like the ChFC).

"Certifications and credentials are often good indicators of expertise and understanding," says Kyle Ryan, executive vice president of advisor sales at Personal Capital Advisors. The following are the high-level core topics. As a result, getting a PhD in financial planning should better be viewed as an alternative to being a practitioner, or as a “second/encore career” after being a financial planner; those who simply want advanced education in financial planning should pursue a Master’s Degree, or one of the other advanced designations listed below. If you are considering one of these certifications to strengthen your resume, the kind of work you want to do should help you decide which to choose, especially if weighing the CPA vs. CFP question.

In other words, by starting with the CFP marks and then layering on the ChFC, CLU, CPWA, CIMA (or any number of the myriad of similarly available high-quality industry designations) as you drill down towards a deeper level of specialization, advisors can better stand out in a sea of other advisor  who might say that they do the same things you do, but haven’t yet earned professional designations to demonstrate that experience and expertise!

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