The Registered Financial Consultant is a professional designation awarded by the International Association of Registered Financial Consultants to those financial advisors who can meet the high standards of education, experience and integrity that are required of all its members.

The IARFC is a nonprofit professional credentialing organization of proven financial professionals formed to foster public confidence in the financial planning profession, to help financial advisor exchange planning techniques, and to give deserved recognition to those practitioners who are truly committed to ethical standards and continuous professional education.

Because there are no consistent licensing requirements for the various persons who call themselves financial planners the public has a critical need for a method of distinguishing the qualified and dedicated financial advisor.

The IARFC provides the public with a convenient access to a pool of well-qualified practitioners from which to choose a financial advisor. It is the only professional organization that requires all of its members to meet and document seven stringent requirements of education, experience, examination, integrity, licensing, ethics and a significant amount of continuing professional education.

By offering practice management tools and high-level professional education, the IARFC elevates the advice and service delivered to the public.

With the large number of Charted Financial Consultants, Certified Public Accountants and Certified Financial Planners, and the refrain heard for "one profession - one designation" why is there a need for the IARFC and RFC designation? This is a valid question, and one that deserves a considered response. First, there is no clear "one designation". There are at least 80 designations in the financial services field and over 72 associations. The mission statement of each organization generally included two purposes: to identify qualified persons who can serve the public and to uplift the quality of professional through educational events. Nearly all of these associations have a code of ethics and will expel a designee who violates that code or who fails to provide evidence of continuing education.

Those are the similarities - what are the differences? Many designations require that educational criteria be obtained from a specific institution or commercial organization. Some required expertise only in a narrow aspect of financial services. What differentiates the RFC from the three "financial advisor" designations, CFP, ChFC and CPA/PFS? The first in the education to acquire the designation and the second is the ongoing professional education required to maintain it. The ChFC required 8 courses offered only the American College . These courses are accepted by IARFC for both the education and CE, but the American College is the only route to the ChFC designation. The Personal Financial Specialist (PFS) is offered only to the CPA designation plus AICPA study course and exams. New entrants into the CPA rank must have a Masters Degree, which will significantly limit CPA/PFS expansion.

The Certified Financial Planner designation initially was granted by the College of Financial Planning , founded in 1972 by Loren Dunton. In 1986, this designation was transferred to the CFP Board of Standards, which now accepts over 140 academic programs. Although it evaluates and approves these curricula, the CFP Board requires applicants to take its own exams, even though every program it accepts already puts graduates through exams. The IARFC does not believe in the need and expense ($695 plus $300) for ten additional hours of examination when qualified graduates have already spent more time undergoing exams. Every year over 10,000 people complete academic financial services curricula, but in 2002, less than 3,000 from all these institutions passed the CFP Board's two-day exams.

There are always some students who can cram for an exam, but whose ability to use the tested subjects later in significantly lacking. No matter how rigorous an exam might be, a practitioner might be incapable of delivering comprehensive advice. The best solution for providing the qualified practitioner that the public is entitled to is continued professional education. The scope of personal financial planning is so broad that many topics must be covered and must be repeated periodically with changes in regulation, legislation, economics, and technology and product development.

Most associations require only 15 hours of CE yearly. That's only two days! The IARFC is convinced that far more CE is required of a professional advisor who is guiding all aspects of a family's financial future. Fifteen hours might be adequate for a specialty area, such as health insurance, but not for comprehensive field such as personal financial consulting. Furthermore, the IARFC believes that the practical delivery of financial advice and service, such as technology, internet applications, compliance, financial ethics and the generic application of financial products are not only acceptable - but also essential. The IARFC does not require pre-submission of CE events or charge a CE provider fee and generously accepts eight methods for the RFC to record 40 CE units yearly.

As an association the IARFC does not feel that it is a competitor - but a colleague - of the other associations and institutions in the financial services industry. As Thoreau would put it, we are simply responding to "the beat of a different drummer".

The primary purpose of the IARFC is to provide the public with a convenient access to a pool of well-qualified practitioners from which to choose a personal financial advisor. It is the only professional organization that requires all of its members to meet and document seven stringent requirements of education, experience, examination, integrity, licensing, ethics and a significant amount of continuing professional education.

We hold the RFC designation to be different and perhaps more encompassing. However, the IARFC does not assert that many other professional designations or their organizations are inferior. The public is not served by divisive criticism, but rather by dedicated and well-prepared professionals. Our goal is to encourage professional conduct and collaboration between advisors, with strong emphasis on the importance of continuing education.

A Registered Financial Consultant applicant must have a minimum of four years experience as a full-time practitioner in the field of financial planning.

Applicant must have earned a baccalaureate or graduate degree in financial planning with a strong emphasis on subjects relating to economic, accounting, business, statistics, finance, and similar studies; or have earned one of these professional degrees or designations: AAMS, AEP, CEP, CFA, CFP, ChFC, CLU, CPA, CPA/CFS, EA, JD/LLB, LLM, LUTCF, MBA, MS, MSFS, MSFM, Ph.D or completed a CFP equivalent or IARFC approved college curriculum at an accredited college, university or educational organization.

The educational curriculum must have included a stringent examination process, such as an IARFC or approved CFP preparation course. If not, an experienced self-studied candidate may pass an RFC challenge examination.

Applicant must have met licensing requirements for securities and life and health insurance; or an applicant who is a fee-only planner and is not licensed must provide information on the applicant's Registered Investment Advisor affiliation.

Applicant must have a sound record of business integrity with no suspensions or revocation of any professional licenses.

Applicant must subscribe to the IARFC Code of Ethics.

If you have met the minimum requirements for membership, you can apply now by following the instructione on our Membership page.

If you have not met the minimum requirements for membership, you may opt for an RFA designation instead.

If you have not achieved either an under graduate or graduate degree in personal financial planning or counseling, completed one of the required designations, or completed an approved curriculum, you must pass the RFC Challenge Examination.

The comprehensive RFC examination covers a wide range of subject matter: Principles of Personal Finance, Debt and Cash Flow Management, Employee and Government Benefits, Annuities, Securities, Investments and Asset Allocation, Life, Health and Casualty Insurance, Education and Special Needs Funding, Estate Planning, Survivor Income Needs Analysis, and Retirement Income. The exam consists of 150 multiple choice questions. There is no time limit for completion. Currently this facility is only availble in USA.

The IARFC recognizes the need for more qualified financial planners in the Philippines and has introduced the five-day financial planning conversion course to train and qualify competent and ethical professionals. Each and every graduate of the course is subjected to a compact but comprehensive session and made sure that they are qualified to become an RFC.

Introduction To Financial Planning

Basic Concepts of Risk Management

Risk Exposures, Needs Analysis & Premium Pricing

The Role of Insurance in Financial Planning

Types of Insurance Needs

Types of Life Insurance Policies

Investment Planning

Time Value of Money

Tax Planning

Retirement Planning

Estate Planning

Financial Plan Construction

Each year the RFC must complete a minimum of 40 units (hours) of professional continuing education. This may include college courses, educational symposiums, credentialed courses, distance learning programs and practitioner conferences. Many RFCs are instructors at colleges and conferences.

The IARFC removes the designation from anyone who fails to maintain proficiency through substantial continuing education, or who betrays the public trust by failing to live up to its Code of Ethics or by having a professional license revoked or suspended for misconduct or any reason.

The Registered Financial Associate (RFA) is a designation granted only to recent graduates of an approved academic curriculum in financial services.

You must have earned a baccalaureate or graduate degree in financial planning with strong emphasis on the subjects relating to economics, accounting, business, statistics, finance and similar studies. This institution must offer an IARFC approved or CFP equivalent college curriculum and be an accredited college or university.

When the RFA completes the four years of experience and provides evidence of having met license requirements for securities and life and health insurance or submits RIA affiliation information, the RFA designation will then be automatically converted to RFC. If the RFA attends an IARFC national conference, a year is removed from the experience requirement of each year attended (maximum two).

The applicant must have a sound record of business integrity with no suspensions or revocations of any professional licenses.

The applicant must subscribe to the IARFC Code of Ethics.

All members must agree to devote a minimum of 40 hours per year to continuing professional education in the field of personal finance and professional practice management, commencing the first full year after graduation.

The RFA designation continues up to four years, while the designee completes continuing education requirements. Thereafter, it converts to the Registered Financial Consultant (RFC) designation.

Experience and Licensing. During undergraduate school, a student is not normally employed on a full-time basis, and therefore cannot have the experience to fully serve the public, despite having all the technical knowledge. However this professional education, which may include internship, is deserving of recognition.

Current fees as $100 annually. The initial fee is only $25! Which each renewal notice you will attest to completion of professional CE fulfillment and continued ethical business conduct.

If you don't renew your membership you will forfeit the right to use the designation in any fashion, such as on stationery and advertisements, and you must remove any framed RFA certificate from public display.

You may frame and display your handsome 8" x 11" parchment designation certificate. You may affix your designation on your stationery and on business cards. You should add the RFA designation to your resume. When you have completed the experience and CE requirements, you should apply for the RFC designation.

The association website: www.iarfc.org has a resume service where you may post your qualifications and attach a full resume. Employers will also post job opportunities. There is no fee for RFA and RFC members. You may also specify that you are seeking internship on a part or full-time basis.

Perhaps of most importance to you, you can post your resume online and reach thousands of prospective clients and employers!

Your designation is granted immediately provided your application contains institution verification.

Financial Planning Magazine. The oldest and most respected publication in the industry. The magazine includes timely articles about investments, practice techniques and valuable industry surveys.

Financial Planning Interactive. A powerful website of Securities Data Publishing to compliment the Financial Planning Magazine. FPI has many features - current financial events and powerful links to valuable resources.

Financial Planning E-New. A periodic e-mail with current events and information. We will register you for receipt, provided we have your e-mail address.

Financial Insider. A very well written financial newsletter for financial advisor and consumers, produced by Liberty Publishing. The articles are consumer oriented and present a wide variety of topics.

Financial Service Advisor. A bi-monthly publication for financial advisors on marketing and sophisticated uses of investment and insurance products, estate planning and financial techniques to solve client needs.

Financial Services Journal Online. A monthly electronic magazine with marketing, technical and practice management content.

Professional Website. Once you are in practice, you may establish a full-featured website at a cost of only $99 for setup, plus $24.95 per month.

Annual Educational Cruise/Conference. A professional event with top quality programs in beautiful, surroundings. Organized by IARFC members at very affordable prices. CE credits are provided.

In a society that grows more complex every day, consumers are presented with the constant pressures of family, career, community responsibilities and personal enrichment. The financial marketplace is ever-changing with new laws, regulations, economic events, market changes, product offerings and conflicting media messages. Making the right financial moves at the right time is critical to achieving security and accomplishing personal objectives.

A personal advisor guides the financial planning process: goal identification, data organization, analysis, problem identification, recommendations, and most important - plan implementation and results monitoring. Your advisor will help you save, spend, invest, insure and plan wisely for the future.

A Registered Financial Consultant has met the qualifications required to serve the public effectively, and moreover, is committed to essential professional continuing education. You can't delegate your job, career, civic or responsibilities - but you can obtain qualified, professional financial advice and service.

Maybe! The decision process is a bit like a sick person visiting a physician. Often a doctor recognizes the problem and provides a prescription or treatment. Other times a complete exam and many tests are required to properly arrive at the diagnosis that leads to surgery, medication, recuperation and long term improved health. You must have confidence in the skill, education, ethics and dedication of any professional you consult. You also want confidence that comes from knowing your advisor is committed to on-going professional education. When a comprehensive approach is required, then an instant remedy might be a serious mistake.