Alphabet Financial Planners #2

Yesterday I covered a few of the 210 different professional designations for financial advisers. Here are a few more.

CLU (Chartered Life Underwriter) This is generally thought of as the highest professional designation for a life insurance agent. They must have extensive experience and courses from The American College.

ChFC (Chartered Financial Consultant) These are typically insurance agents with several years of experience. They have passed courses in financial planning from The American College and want to expand their business into other kinds of financial planning.  They may also have a CLU credential because the academic requirements are the same.

CDFA (Certified Divorce Financial Analyst) These folks have to pass an exam and take 20 hours of continuing education every two years. I have this designation. It focuses on the sub-specialty of divorce financial planning. On its own, it is not a heavy weight credential. Look for a certificate holder who is also a CPA, CFP or both.

CSA (Certified Senior Advisors) To get this, you need to pass a 150 multiple choice question exam and have some experience or training in working with seniors. According to the WSJ report, in 2007, the Society of Certified Senior Advisors “began requiring CSAs to disclose to clients that ‘the CSA designation alone does not imply expertise in financial, health or social matters,’ among other things.”

And more to come…