Here is some insight on what they all mean.
At Varra Financial Associates, we serve a variety of clientele. We tend to specialize with retirees, business owners, and those with life altering events. To better serve our clients, we are always looking to build upon our education, and part of this is reflected through our designations. Recently, I just attained my CRPS® to better serve our business owners and specifically their group retirement plans. To be honest, I’m sure most of our clients regard these letters at the end of our names to be alphabet soup. With so many different designations, it’s hard to know how they could potentially help you as the client. I will highlight each designation that our team has with the hope of illuminating how and why we have constructed our team.
CFP® Certified Financial Planner® -Perhaps the most widely recognized credential in the financial planning industry. The CFP program is known for teaching the financial planning process and being very comprehensive in the planning realm. The academic requirement consists of core courses covering insurance, estate, retirement, education, tax, and investment planning plus ethics and the financial planning process. Applicants must also complete at least three years of professional experience and get a bachelor's degree in order to obtain the CFP designation.
CPWA® Certified Private Wealth Advisor® -An advanced professional certification for advisors who serve high-net-worth clients. It’s designed for seasoned professionals who seek the latest, most advanced knowledge and techniques to address the sophisticated needs of clients with a minimum net worth of $5 million. Unlike credentials that focus specifically on investing or financial planning, the CPWA® program takes a holistic and multidisciplinary approach.
CIMA® Certified Investment Management Analyst®- This is a technical portfolio construction program for investment consultants, analysts, financial advisors and wealth management professionals. This program puts emphasis on the combination of theory and practical application.
CLU The Chartered Life Underwriter -The CLU designation requires the same five core courses as the CFP designation, plus three additional elective courses.
ChFC® Chartered Financial Consultant- The ChFC designation has the same requirements as the CLU, except that it tends to embrace general financial planning issues as opposed to the CLU which focuses more closely on life insurance and its laws and regulations. There is no comprehensive board exam required for either the CLU or the ChFC.
CRPS® Chartered Retirement Plans Specialist® - A credential awarded by the College for Financial Planning for those who create, implement and maintain retirement plans for businesses. This designation has a concentration on business clients.
LUTCF Life Underwriter Training Council Fellow® -integrates four practice specialties: life insurance and annuities, health and employee benefits, multiline, and financial advising and investments.
At Varra Financial, we use the training and education we have gained to provide value to every client’s unique situation. Everyone in our office works together as a team, so you have access to our collective years of experience and training. We welcome opportunities to engage with our clients and are happy to answer any questions you may have on these designations or how we may best serve you.
The content is developed from sources believed to be providing accurate information and are not intended to provide specific advice.