Chartered Financial Consultant – Definition

Cite this article as:"Chartered Financial Consultant – Definition," in The Business Professor, updated February 2, 2020, last accessed October 28, 2020,


Chartered Financial Consultant (ChFC) Definition

Chartered Financial Consultant is awarded by the American College. The designation is given on the completion of nine required courses that focus on financial planning strategies which include two application-based courses. The applicant must meet the required experience and pass the examinations that cover investing and finance.

The Chartered Financial Consultant is able to analyze the financial situation of the client and provide extensive financial plans and strategies.

A Little More on What is a Chartered Financial Consultant (ChFC)

One of the requirements is a 3-year minimum work experience in the financial industry and also a 30-hour continuing education at least once every two years. A finance or business-related undergraduate or graduate degree is also recommended. Topics taken in the program range from asset protection planning, financial planning, tax planning to application of comprehensive financial consulting.

Why Chartered Financial Consultant Designation Matters

The program entails a series of core and elective courses. The professionals who are granted such designation are equipped to provide comprehensive financial planning for clients thereby making it desirable to employers, which has led to an increase in income.

This is a recommended program for finance professionals who want to boost their career, mid-level professionals who want to augment their other certification and other professionals who want to have a strong foundation in finance.

Although the designation Chartered Financial Consultant is different from the one given by the Certified Financial Planner (CFB) Board. The CFP designation is considered premier when it comes to financial planning designation. The Board acclaim that its exams are more thorough compared to the CHFC program.

The Chartered Financial Consultant training allows for specialization in areas such as investing, estate planning and retirement planning. The training includes courses on the financial planning process, fundamentals of insurance planning, investments and risk management strategies.

Therefore such professionals can render financial advice on asset management, tax planning, and preparation.

The professional is required to maintain continued education over the years so as to be up-to-date with all national and international financial laws. The advisor may work with an individual or a firm to assist with budget planning or investment strategies. A Chartered Financial Consultant is expected to have a thorough knowledge of financial planning, handle complex transactions and give the advice to meet the client’s needs.

Reference for “Chartered Financial Consultant (ChFC)” › Investing › Financial Analysis…

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