Designations
CERTIFIED FINANCIAL PLANNER ™ (CFP®)
A CERTIFIED FINANCIAL PLANNER™ is a highly credited financial advisor who completes 4,000 – 6,000 hours of rigorous training. They must have a bachelor’s degree or higher and a minimum of 5 years of experience. They successfully pass challenging coursework and a final exam, while also committing to ongoing education post-certification. With a fiduciary duty, CFPs prioritize their clients' best interests in all decision-making processes.
Chartered Life Underwriter (CLU)
The Chartered Life Underwriter designation showcases expertise in life insurance, business planning, and estate planning. This prestigious credential, established in the late 1920s, demonstrates a deep understanding of risk management and life insurance planning issues. Achieving the CLU requires completion of five core courses, three elective courses, and successfully passing a comprehensive two-hour exam.
Chartered Financial Consultant ® (ChFC)
Chartered Financial Consultant (ChFC) designation, granted by the American College, is reserved for individuals with a minimum of three years of full-time experience in the financial industry. To achieve this designation, candidates must complete seven required courses and two elective courses covering vital topics such as retirement planning, estate planning, insurance planning, asset protection, and more. ChFC holders are also required to complete 30 hours of continuing education every two years to uphold their designation.
Retirement Income Certified Professional® (RICP)
The Retirement Income Certified Professional® program, provided by the American College of Financial Professionals, equips experts to assist those nearing retirement and retirees in making the most of their assets for long-term financial security. To earn the RICP designation, individuals must have at least three years of business experience, complete three specialized courses, pass each course exam, and commit to 15 hours of continuing education every two years.
Certified Divorce Financial Analyst® (CDFA)
The Certified Divorce Financial Analyst specializes in addressing unique financial challenges associated with divorce to facilitate fair and just settlements. Candidates must hold a Bachelor's degree along with three years of work experience, or five years of experience without a degree. Maintaining the CDFA designation entails reporting 30 hours of divorce-specific continuing education every two years.
Resources:
https://www.forbes.com/advisor/investing/financial-advisor/what-is-a-cfp/
https://www.investopedia.com/terms/c/cfp.asp
https://www.investopedia.com/terms/c/chartered-financial-consultant-chfc.asp
https://institutedfa.com/learning-center/what-cdfa-professional/
