The “Too Numerous to Count” Syndrome

[By Dr. David Edward Marcinko; MBA, CMP™]

The following list of certifications enumerates only a partial exposure of the often nebulous field of “financial planning credentials” that presently exist in the market place. 

Good … and Not So

Some of these professional designations are awarded to individuals in the financial planning or financial “advisory” space after [some] diligent study and [often not so] arduous testing; others not so.

Disclaimer: I am a reformed Certified Financial Planner®, Series 7 [stock-broker], 63 and 65 license holder, and RIA representative who also held all applicable insurance and security licenses.

The individuals hold not only proper education [some only reguire a HS diploma or GED] as evidenced by the credential; the holders are often people of ethics [hopefully] and competence [usually]. But, not all credentials are the same. Some credentialing bodies have higher educational requirements that also require years of experience and a thorough background search. Others are awarded after only a few hours of study and, most all, remain non-fiduciary in nature.

Too Many To Count – Syndrome

In medicine, the abbreviation TNTC is well known. Sometime, I think this term is better applicable to the plethora of “credentials” in the financial services industry.

The Designation Line-up

A brief description for some of these financial designations [not degrees] follows:

• AAMS – Accredited Asset Management Specialist
• AEP – Accredited Estate Planner
• AFC – Accredited Financial Counselor
• AIF – Accredited Investment Fiduciary
• AIFA – Accredited Investment Fiduciary Auditor
• APP – Asset Protection Planner
• BCA – Board Certified in Annuities
• BCAA – Board Certified in Asset Allocation
• BCE – Board Certified in Estate Planning
• BCM – Board Certified in Mutual Funds
• BCS – Board Certified in Securities
• C3DWP – 3 Dimensional Wealth Practitioners
• CAA – Certified Annuity Advisor
• CAC – Certified Annuity Consultant
• CAIA – Chartered Alternative Investment Analyst
• CAM – Chartered Asset Manager
• CAS – Chartered Annuity Specialist
• CCPS – Certified College Planning Specialist
• CDFA – Certified Divorce Financial Analyst
• CEA – Certified Estate Advisor
• CEBS – Certified Employee Benefit Specialist
• CEP – Certified Estate Planner
• CEPP – Chartered Estate Planning Practitioner
• CFA – Chartered Financial Analyst
• CFE – Certified Financial Educator
• CFG – Certified Financial Gerontologist
• CFP – Certified Financial Planner
• CFPN – Christian Financial Professionals Network 
• CFS – Certified Fund Specialist
• CIC – Chartered Investment Counselor
• CIMA – Certified Investment Analyst
• CIMC – Certified Investment Management Consultant
• CLTC – Certified in Long Term Care
• CMFC – Chartered Mutual Fund Counselor
• CMP – Certified Medical Planner™
• CPC – Certified Pension Consultant
• CPHQ – Certified Professional in Healthcare Quality
• CPHQ – Certified Physician in Healthcare Quality
• CPM – Chartered Portfolio Manager
• CRA – Certified Retirement Administrator
• CRC – Certified Retirement Counselor
• CRFA – Certified Retirement Financial Advisor
• CRP – Certified Risk Professional
• CRPC – Chartered Retirement Planning Counselor
• CRPS – Chartered Retirement Plan Specialist
• CSA – Certified Senior Advisor
• CSC – Certified Senior Consultant
• CSFP – Certified Senior Financial Planner
• CSS – Certified Senior Specialist
• CTEP – Chartered Trust and Estate Planner
• CTFA – Certified Trust and Financial Advisor
• CWC – Certified Wealth Counselor
• CWM – Chartered Wealth Manager
• CWPP – Certified Wealth Preservation Planner
• ECS –  Elder Care Specialist
• FAD – financial Analyst Designate
• FIC – Fraternal Insurance Counselor
• FLMI – Fellow Life Management Institute
• FRM – Financial Risk Manager
• FSS – Financial Services Specialist
• LIFA – Licensed Insurance Financial Analyst
• MFP – Master Financial Professional
• MSFS – Masters of Science Financial Service Degree
• PFS – Personal Financial Specialist
• PPC – Professional Plan Consultant
• QFP – Qualified Financial Planner
• REBC – Registered Employee Benefits Consultant
• RFA – Registered Financial Associate
• RFC – Registered Financial Consultant
• RFG – Registered Financial Gerontologist
• RFP – Registered Financial Planner
• RFS – Registered Financial Specialist
• RHU – Registered Health Underwriter
• RPA – Registered Plans Associate
• WMS – Wealth Management Specialist

This list is intentionally incomplete and it is not intended to be an endorsement of any credential by the Institute of Medical Business Advisors, Inc www.MedicalBusinessAdvisors.com

Alphabet Soup

Obviously, these “professional” designations spread across multiple industries. For example there is an alphabet of designations in the brokerage and securities field, another alphabet in the insurance industry and within the insurance industry, designations exist for those who meet face to face with prospective customers, another for those who provide client service and yet another in underwriting the various insurance products. Certainly when the designations are complied in a list such as that above, they present a dizzying array of apparent qualifications.

Assessment

While in general, education for the financial service [and medical] professional is good for everybody, there are certain things that you should do as proper due diligence to protect your family and your financial assets. What are they?

Disclaimer: I am also founder of the Certified Medical Planner™ online educational program in health economics for financial advisors and medical management consultants. www.CertifiedMedicalPlanner.org

Conclusion

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