Changes to the ChFC Program - 07/16/2014

[DHK]

If anyone is mildly curious, The American College is hosting a webinar on July 16th to outline some changes to the ChFC.

There's apparently a new website too:
ChFC Designation Web Event Sign-Up

I have no idea what it could be, but I like the new tagline: Advanced Planning for Every Person, Every Need.

 

[pfg1]

That designation is on my to do list. I know I don't need it by any means, just something I want to have at some point. Hopefully its good news...keep us posted DHK

 

[DHK]

The website itself says this:

ALL THE FINANCIAL PLANNING FUNDAMENTALS AND SOLUTIONS FOR:

Business owners, LGBT clients, behavioral finance issues, divorced and blended families, special needs situations, estate and retirement income planning. The Chartered Financial Consultant® designation gives you the knowledge for every person, every need.

I can see a new estate planning course being developed for non-traditional families, such as LGBT, divorced, blended, and other applications. However, it seems that developments and laws vary all the time in some of these, particularly for LGBT.

I'm primarily curious if they're going to be doing any significant re-branding strategies, like the new tagline. With a new website URL, I'm just curious as to what else may be coming.

I'm noticing that TAC is really focusing on ChFC and the RICP in their marketing & press releases... and not so much on the others. I'm willing to bet that one day, they'll drop the CLU, just like they dropped the LUTCF. Only time will tell.

 

[DHK]

Looks like it may just be some coursework changes:

"As of 7/1/14, our ‪‎ChFC‬ program will be offering students a revamped curriculum to reflect the current needs of clients today."

 

[DHK]

Academics - Financial Planning - ChFC - Advanced Financial Planning - The American College

Looks like it's just a curriculum change. No electives anymore. Instead of the old 7 required & 2 electives, there are 9 required courses for the ChFC.

The two new courses: Applications in Financial Planning I:

Examines the unique challenges associated with business planning; divorce; blended families; special needs; and non-traditional families including issues that affect the Lesbian, Gay, Bisexual, and Transgender (LGBT) community. Up-to-date content and compelling case studies provide students with a complex yet comprehensive understanding of financial planning in these important areas.

(That's a LOT for just one course. It may be worth taking just as a refresher for me.)

Applications in Financial Planning II:

Examines the unique challenges associated with retirement income portfolios; behavioral finance; ethics; and estate planning. Up-to-date content and compelling case studies provide students with a complex yet comprehensive understanding of financial planning in these important areas.

 

[DHK]

Here's the webinar replay (it's about 25 minutes):
https://www.webcaster4.com/Webcast/ListenPagePreview/108/5045/ac89fd52-4c1f-4943-9f17-f1ce992afb0d

 

[LifeWorth]

The LUTCF designation is being retired. FSCP is now the new title, I think.

I still have a long ways to go before I even worry about CLU or ChFC, but the LUTCF was in my sights.

 

[DHK]

LUTCF will continue with the College for Financial Planning in 2015.

http://www.insurance-forums.net/for...rtification-life-insurance-agents-t58382.html

LUTCF | College for Financial Planning

 

[thomasm]

Do you think the average client even knows what these letters mean?

I think the knowledge gained from the courses are important, but I don't know if putting all the letters after my name will make any difference. Maybe if it's spelled out!

 

[DHK]

Aside from the educational value of designations, if you cannot communicate their value... the letters are worthless, except to those who are "in the know".

But I got to admit - when I saw a physical therapist friend of mine, and I saw 4 sets of letters after HIS name... the impression I got was that this guy was definitely qualified to do what he does. I had no clue what the letters stood for, but they did their job.

The promotional materials done by The American College for the ChFC and CLU... suck.

ChFC® - The Highest Standard of Knowledge and Trust

CLU® - Highest Standard of Knowledge and Trust

These are full of pictures... but no meaningful content. But that's okay... because The American College is an educational institution... not a marketing association.

There are only two designations that I know of, that do a GREAT job of helping the advisor communicate the value of that specific designation: CFP and RFC.

The CFP has its own problems with requiring a fiduciary standard of care. Unless your business model can support that, you may want to look elsewhere.

By contrast, take a look at this simple professional brochure. It's got a great format, and it discusses in detail the requirements to be recognized as a "Registered Financial Consultant". It also includes the association's Code of Ethics on the back. You can explain this, and say that you're proud to be an RFC and that the association would take it away if I did harm to my clients.

A conversation like that, allows the credential to accentuate YOU and YOUR value. It's not like it's up to these organizations to promote themselves for us. It's up to the credential to magnify who we are and what we do for our clients.

The letters themselves mean nothing... until you help your client to see what they mean to you and what it should mean to them.