RFC Designation is Now a Trash Designation

Mar 30, 2016

  1. HARVEY BAILEY
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    HARVEY BAILEY New Member

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    Have you checked out the MRFC? It is accredited by the NCCA ! Also listed as one of the eight Accredited Designations on the FINRA web site!
     
  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    @HARVEY BAILEY
    Mr. H. Stephen Bailey - Chairman & CEO of IARFC:

    Yes, I have. And the MRFC credential is one seriously worth pursuing. I may take the exam by the end of the year.

    I have been a critic of the revised requirements for the RFC and RFA credential. (I've even been banished from the IARFC facebook page for quoting Solomon Huebner when others tried to create an "ALU" designation as a "CLU-lite" equivalent.)

    The problem is that letters after your name have traditionally MEANT something - some kind of additional education above and beyond licensing requirements. The IARFC has "gutted" these by merely requiring either life insurance licensing or securities licensing.

    How can I be affiliated with an organization/association that is willing to compromise what designations mean to the public?

    The RFC USED to mean something. I remember the article over 10 years ago when it was announced that RFC was "approved in Nebraska". There was a lot of questions about the validity of various designations, and the RFC (at the time) passed the test (compared to the ALSO accredited CSA designation).

    Now let's think about it: have the regulators changed their positioning? No.

    Is the CSA designation approved? It's an accredited designation on FINRA's site... but the State of California has BANNED it.

    Senior Designations

    Here's the irony: The CSA requires FAR more coursework than the RFC designation does today... but the CSA is banned, and the RFC is approved.

    The RFC and RFA designations cannot say that you have had any additional training or coursework... but the marketing brochures IMPLY exactly that.

    IARFC Consumer Marketing Brochure, A103

    The IARFC has a cognitive dissonance problem: Are you in the business of credentialing everyone who pays a fee? Or do you have a higher standard? Where is the higher standard on your "lower standard" designations?

    As recently as April, 2018, the IARFC lowered it's requirements (again) for the RFA/RFC CE requirements as well as the experience requirement for the designation itself. The CE used to be 40 hours every year (easy to do), and now it's 30 every two years; and the experience requirement was 4 years... reduced to 3.

    IARFC Revises CE Requirement for Financial Designations


    I KNOW the IARFC wants to grow. The IARFC needs to grow and it's worth growing. The problem is in HOW to grow. The MRFC is a welcome addition... but it came at the EXPENSE of the criteria of your other (once distinguished) designations. You've watered them down... and for what? To attract more members at a lower level?

    My proposal: You need to have SOME kind of requirement in order to obtain the RFC/RFA designations. Make it something that the applicant chooses: Perhaps a sales training course for their particular niche. Some way that shows that they have invested in themselves in order to better serve their clients. Maybe even completing ONE course of an advanced certification - such as CFP, CLU, or even LUTCF/FSCP. It doesn't have to be "planning" related, but it can be related to final expense agents, annuity agents, or even medicare supplement agents. Some kind of additional training and investing in themselves would go further for the credibility and validity of the RFC/RFA credentials. (Heck, for RFA - just be recommended by an existing RFC member - perhaps who are in an MDRT mentorship relationship?)

    These are my thoughts for you.
     
    Last edited: Jul 23, 2018
    DHK, Jul 23, 2018
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  3. HARVEY BAILEY
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    HARVEY BAILEY New Member

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    Thank you, for the all the information you have written to me. It is appreciated ! But first let me make some corrections. We are not a Seniors designation! The second correction is the MRFC is being complied with the NCCA requirements. So their is no reason to discuss this program at present.
    You are correct that the RFC was much easier to get if you had spent time in the Financial Service Business. That is in the process as I write, being changed! It may have five(5) moguls. With one single test along with the work preformed in the Financial Service Industry. This program is being worked on by a University who has a lot of experience, in computer training.
    Now the big change would be the RFA which is the low position on the totem pole. We are looking at changing it to be easier to get into the IARFC. If you have taken an exam through FINRA, STATE INSURANCE DEPT., ACCREDITED ASSOCIATION or UNIVERSITY YOU MAY APPLY TO BE AN RFA. We do understand that these other groups have some difficult exams. So we give them credit for these exams they have given It will have some limitations placed on the status of the membership.
    I would hope that you give me a little time to make the many changes that we as a Board of Directors are making for the future.We just started as new officers the first of January in these new positions.
    I do appreciate the fact that you care enough to take the time to write to us !
     
  4. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    True, and there's no disputing that.
    That is a PERFECT solution for the RFC and I applaud that effort and look forward to that announcement!

    And with RFA being a very "entry-level" designation, I'm pretty good with that direction. I like the notion of it being an "associate" or "apprentice" designation of the IARFC association.

    I appreciate you letting us know the direction you're taking this and "shoring up" the loose ends and my concerns that I've had.

    Thank you.
     
    DHK, Jul 24, 2018
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  5. HARVEY BAILEY
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    HARVEY BAILEY New Member

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    Thank you ! I like the Associate or Apprentice ! Can I use it ?
     
  6. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Absolutely!
     
    DHK, Jul 24, 2018
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  7. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Well, thanks to THIS thread... it appears that new changes will come from it, and that's good! (Just my and this forum's small part for the industry.)
     
    DHK, Jul 24, 2018
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  8. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I just had another thought for you: Have various "focus" tests for different disciplines and let the RFC candidate choose. This can help broaden the base for whom the IARFC can bestow the RFC designation. Perhaps exams on subject matter like:
    - Medicare Supplement & Final Expense Life Insurance
    - Life and disability insurance
    - Indexed Life and Indexed Annuities
    - Wealth management & assets under management
    - Business owner planning & group insurance
    - Retirement Planning
    - Estate Planning

    I'm sure you can come up with various other exam focus topics, but something like this could make it a far more versatile approach. Plus, these RFC credentials can be issued as "RFC with a focus on Medicare Supplement and Final Expense planning".

    Those who would prefer a "major" in multiple areas... well, I think the MRFC would be more appealing to those applicants.

    Just a thought and yes, you are free to use it.
     
    DHK, Jul 24, 2018
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  9. HARVEY BAILEY
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    HARVEY BAILEY New Member

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  10. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I was glad to read this on the IARFC website by @HARVEY BAILEY

    REGISTER

     
    DHK, Jan 30, 2019
    #30
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