Chartered Financial Consultant (ChFC)
Financial planning has become increasingly important in today’s environment, yet for many people, the process of establishing personal and financial goals, and finding the best ways to reach them is fairly complex. As a result, the need for knowledgeable and experienced financial planning advice continues to grow. Managing assets today takes experience, commitment and most importantly—knowledge. The American College’s ChFC designation is recognized as the most extensive education available for financial planning professionals. The ChFC program imparts advanced knowledge on the comprehensive financial planning process. Specifically, it provides practical education on a broad range of financial planning topics to help one better serve client needs, including: financial decisions before, at, and after retirement; forecasting the gross estate and settlement costs; income shifting strategies and passive activity rules; the global financial system, commercial banks and money creation, etc.; and determining retirement income and capital needs, etc.
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The
ChFC
Curriculum
HS 300 - Financial Planning - Process and Environment: This course provides an overview of the financial planning process, including the following topics: communication techniques, ethics, risk tolerance, time-value-of-money concepts, financial planning applications, regulatory issues, and the legal and economic environment for financial planning. The goal is to provide the student with an understanding of the role and responsibilities of a financial planner along with some analytical tools to aid in financial decision-making. The course highlights the following aspects:
HS
311
- Fundamentals
of
Insurance
Planning:
Focusing
on
the
role
of
insurance
in
financial
planning,
this
course
covers
basic
concepts
in
risk
management
and
insurance,
insurance
industry
operations,
legal
principles
pertaining
to
this
industry,
and
regulation
of
insurers.
The
course
also
examines
social
insurance,
life
insurance
and
annuities,
and
personal
and
commercial
property
and
liability
insurance.
-
Basic
concepts
of
risk
and
insurance
- Managing
risks
- Types
of
insurers
and
their
marketing
systems
- Insurance
company
operations
- Regulation
and
evaluation
of
insurers
- Basic
legal
principles
and
contract
analysis
- Introduction
to
life
insurance
- Life
insurance
policy
provisions
- Life
insurance
planning
and
purchasing
decisions
- Annuities
- Introduction
to
property
and
liability
insurance
- Homeowners
and
other
personal
property
coverages
- Personal
auto
and
umbrella
liability
insurance
- Commercial
property
and
liability
insurance
overview
- Case
study
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HS 321 - Income Taxation: The application of income tax laws to the transactions of individuals and businesses is important to financial services professionals in planning for the avoidance, minimization, and deferrals of taxation. This course examines the income tax system with particular reference to the taxation of individuals. The income taxation of partners and partnerships, as well as corporations and their shareholders, is also covered. Course highlights are:
- Items
of
gross
income
and
exclusions
- Business
expenses
and
expenses
for
income
production
- Itemized
deductions
- Tax
credits
- Cost
recovery
deductions;
passive
activity
losses
- Sales
and
exchanges
- Capital
gains
and
losses;
alternative
minimum
tax
- Taxation
of
life
insurance
- Taxation
of
corporations,
shareholders,
partnerships,
partners
HS 322 - The Financial System in the Economy: This course provides an overview of the global financial system and its influence on the financial services industry. Included is an examination of financial markets, the principal institutions operating in these markets, the economic functions they perform, and the products and services they provide to clients. The course also examines the rapidly changing regulatory and competitive environment within which financial services professionals work and the major trends that shape the industry. Highlights of this course include:
- The
role
of
the
financial
system
in
the
economy
- Financial
assets,
transactions,
and
institutions
- Interest
rates
- The
money
market
-
Reserve
Bank
of
India
- Commercial
banks
- Thrift
institutions
- Mutual
funds,
pension
funds,
and
insurance
companies
- Businesses
and
consumers
in
financial
markets
HS 326 - Planning for Retirement Needs: This course focuses on retirement planning for the business, the business owner, and the individual. The course emphasizes the practical knowledge needed for choosing the best retirement plan and designing a plan that will meet a client’s needs from a tax and retirement standpoint. Personal retirement planning and retirement distribution planning are also discussed. Course highlights include:
- The
retirement
field
- Choosing
the
best
tax-advantaged
retirement
plan
- Tailoring
plans
to
client
objectives
- Plan
funding
and
investing
- Plan
installation,
administration,
and
termination
- Individual
retirement
arrangements
- Introduction
to
individual
retirement
planning
- Determining
post-retirement
monetary
needs
- Distributions
from
retirement
plans
HS 328 - Investments: The growing importance of money management and the abundance of investment opportunities highlight the significance of this course. With the increasing number and diversity of investment opportunities, financial planners must be aware of the risk-return tradeoffs of the various investments instruments. To this end, this course covers various aspects of the principles of sound investments and their application to financial planning. Course highlights are:
- Return
and
risk
- Types
of
investment
- The
securities
market
- Securities
valuation
- Fixed-income
securities
and
determinations
of
their
yields
- Risk
and
diversification;
efficient
market
hypothesis
- Security
analysis
and
selection
techniques
- Stock
market
forecasting;
individual
security
trading
strategies
- Mutual
funds;
options
and
combination
securities;
futures
HS
330
- Fundamentals
of
Estate
Planning:
This
course
covers
various
aspects
of
estate
planning,
including
the
nature,
valuation,
transfer,
administration,
and
taxation
of
property.
Particular
emphasis
is
given
to
a basic
understanding
of
the
strategies
used
in
estate
planning.
Course
highlights
include:
- Trusts,
trustees
and
other
fiduciaries,
powers
of
appointment
- Transfers
at
death;
estate
administration
- Lifetime
transfers
and
gift
taxation
- Valuation
of
assets
and
buy-sell
agreements
HS 332 - Financial Planning Applications: The course begins with the financial planning process and develops a method for analyzing and recommending a course of action that is appropriate for the client. Using the case analysis method, the course integrates the various planning techniques, tools, and products covered in prior courses. Students receive practical experience in analyzing and solving realistic financial problems of individuals and businesses. Course highlights include:
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ChFC Designation
ChFC Designation: A student is required to complete all of the above 8 courses and pass the final exam in each course in order to earn the ChFC (IN) designation. If a student is deemed to have satisfied all of the requirements for receiving the designation, then s/he receives a joint diploma ChFC (IN) from IAIFM and The American College.
Alumnus
of
The
American
College
and
IAIFM:
Once
a
candidate
has
earned
the
ChFC
(IN)
designation,
s/he
immediately
becomes
part
of
the
alumni
of
both
The
American
College
and
IAIFM.
Also,
as
a
ChFC
(IN),
a
candidate’s
name
is
listed
in
the
relevant
sections
of
both
the
IAIFM
and
The
American
College
websites.
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Easy
Way to
Earn an
Additional
Designation
If
a student
earns
a ChFC
designation,
then
that
student
can
earn
the
CLU
designation
by
completing
just
4 more
courses
as
follows:
- HS
323
- Individual
Life
Insurance
- HS
324
- Life
Insurance
Law
- HS
325
- Group
Benefits
- HS
331
- Planning
for
Business
Owners
and
Professionals
Thus,
in
order
to
earn
both
ChFC
and
CLU
designations,
a candidate
must
complete
a total
of
12
courses. |
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ChFC Designation Leads to Increased Earnings:
A 2003 American College survey of students and designees indicates that ChFC designation holders in the US earn 34% more than their peers. Those individuals who earned both the ChFC and CLU designations earn 40% more.
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