Hello:

just want to say a quick thanks for such an informative reply, and
all the time you took to write it. Appreciate it.

Regards,
Bob Rose
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"Brent D. Gardner, ChFC" <bgardner20[at]cox.net> wrote in message news:<7fYQb.27411$ii6.2054[at]okepread05> ...
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"Robert11" <rgsxrose[at]comcast.net> wrote in message
newstOdnSQYNLcCkYnd4p2dnA[at]comcast.com...
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This depends on what you're looking for in an advisor. =)

It is worth noting that some people are experts without having any letters
after their name, and some people have an alphabet soup, but aren't very
good at their job.

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This varies, even within a designation. For example, many CFPs tout their
two day exam, while more than HALF of CFPs have NEVER sat for this exam.
They used to require 6 courses, but nearly a decade ago, they shortened it
to 5. In the future, they want a college degree as a prereq. The FPA and CFP
BOS have alienated so many people, that many CFPs wonder why they started
with this one.

A CLU or ChFC used to require 10 courses (3 hour college equivalent each),
with 10 comprehensive exams. To have both designations, one needed 14
courses. Today, the first one requires 8 courses, with 11 to get both.
Having examined the curriculums before and after, they didn't just cut
courses, they combined a lot of elective material into the core courses,
which are more comprehensive than ever before. They are only available at
one place: The American College, the oldest correspondence college in the
USA. It's next door to Wharton, and their professors cross-polinate, which
is great, IMO. The text books are first rate, and serve as excellent
reference material long after one is finished with the courses.

There are two really good university programs for people who want to be a
financial planner: Kansas State University and Texas Tech. Interestingly
enough, KSU has won several national competitions, yet they were the first
university to put the CFP program in...get this...the College of Human
Ecology (read: Home Economics!). Clearly, the decision impacted the quality
of the work product of their undergrads. Most universities put the program
in the Finance Department, which was a mistake, in my opinion. Few finance
majors can cut the mustard when it comes to intangible product sales,
without which, a financial planner isn't likely to be successful.

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A couple of diploma mills use this phrase in financial services. They are
relatively new, and aren't quite on the same level as The American College
and The College of Financial Planning. Not many people are board certfied in
anything in financial services.

For financial planning:
1. The CFP is a good entry level designation. It has more name recognition
among the lay public than others, except maybe CPA.
2. ChFC requires more course work. The core curriculum is the same as the
CFP.
3. CPA/PFS is slowly dying on the vine. The AICPA doesn't seem to promote it
much anymore.

A CFA, or Chartered Financial Analyst, is often a mutual fund manager, or
separate account manager, or investment advisor. This one has been around a
LONG time. You can examine past tests and see that people who pass all three
exams aren't dumb.

A CIMA, or Certified Investment Management Analyst, is an up and coming
alternative for the investment advisor that deals with the public.

The most common designations in the financial services industry are going to
be CFP, ChFC, and CLU. The CLU is the origional, dating from 1927, and while
it focuses on life insurance, it deals with the whole concept of financial
planning (some argue the FP movement was created by some CLUs). The CFP was
next -- over three decades later, followed closely by the ChFC.

There are some good designations that are very focused, such as:

RHU -- Registered Health Underwriter -- for agents specializing in health
insurance.
REBC -- Registered Employee Benefits Consultant -- for people who deal in
the benefits area, such as pensions, group insurance, etc.
AEP -- Accredited Estate Planner -- for lawyers, accountants, and life
insurance agents that specialize in estate planning.

Finally, the LUTCF, or Life Underwriting Training Council Fellow. This is
really a sales course, and it used to be primarily about life insurance, but
since The American College has taken over the curriculum, it is starting to
cater towards sales training of financial planners from all areas of
specialty. I'm moderating these courses, and most agents/planners/advisors
who are struggling would benefit greatly from this "hands on" type of
course.

Now, there are probably a hundred other designations, but most are rare, or
not applicable.

Brent D. Gardner, ChFC
Chartered Financial Consultant
http://members.cox.net/brentdgardner1378/

"Be ever questioning. Ignorance is not bliss. It is oblivion. You don't go
to heaven if you die dumb. Become better informed. Learn from other's
mistakes. You could not live long enough to make them all yourself." - Hyman
George Rickover (1900-86), Admiral, US Navy, advocated development of
nuclear subs & ships

The Chartered Life Underwriter (CLU) and Chartered Financial Consultant
(ChFC), designations owned and exclusively offered by The American College,
signify the highest standards of academic study and professional excellence
in the financial services industry.

"Robert11" <rgsxrose[at]comcast.net> wrote in message
newstOdnSQYNLcCkYnd4p2dnA[at]comcast.com...
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I would suggest a good book: Getting Started in Financial Consulting, by
Edward J. Stone. It's available on Amazon as well as, I'm sure, many other
places.

Hello:

Might someone describe the hierachy for the various "financial planner" type
designations ?

I understand there's a "Financial Planner," "Financial Advisor," "Chartered
Financial...,"
and a few more.

Which is the most qualified ?

Which has the most certifications and schooling ?

Which are Board Certified ?

etc.

Thanks,
Bob