The Registered Financial Adviser (RFC) is a professional title granted by the International Association of Registered Financial Advisers (IARFC) to financial planners who pass the IARFC exam, have a degree in financial planning, and comply with the IARFC Code of Ethics. Other professional titles available to financial planners include Certified Financial Planner (CFC), Registered Financial Planner (RFP), Certified Investment Management Consultant (CIMC), or Retirement Planning Counselor (CRPC).
A Registered Financial Adviser (RFC) is a professional designation or title granted by the International Association of Registered Financial Advisers (IARFC). The IARFC is a private non-profit organization. To obtain the RFC, a financial planner or financial advisor must pass the IARFC exam and satisfy other requirements, such as a degree in financial planning. Thereafter, a Registered Financial Advisor must comply with the IARFC Code of Ethics and take continuing education courses to maintain the designation. The RFC is just one type of professional title available to financial planners.
A financial planner who wants to be a registered financial adviser must pass the IARFC test, which covers various areas such as annuities, estate planning, securities and investment allocation. Before a candidate can take the test, they must already have a professional designation, such as a Chartered Life Underwriter (CLU), a Chartered Financial Consultant (ChFC), or another designation acceptable to the IARFC. The American College grants the CLU and ChFC designations. If a candidate does not have a professional designation, a degree in financial planning from an accredited college or university is also acceptable. A candidate must also have four years of experience in financial planning.
A financial planner who becomes a Registered Financial Advisor must comply with the IARFC Code of Ethics. The code of ethics has several mandates, such as complying with laws that apply to financial planning, putting a client’s interests above your own, and charging reasonable fees. A registered financial advisor must also take 40 hours of continuing education courses in financial planning annually. The IARFC may revoke RFC designation if a planner fails to comply with its code of ethics, fails to meet educational requirements, or has a professional license such as selling securities or insurance revoked by another government agency.
A Registered Financial Advisor is just one of the many designations available to financial planners. Examples of other designations include a Certified Financial Planner (CFC), Registered Financial Planner (RFP), Certified Investment Management Consultant (CIMC) or Retirement Planning Counselor (CRPC). As financial planning is an unregulated industry, many private organizations have sprung up and create professional designations. An organization defines its criteria and awards its designation to anyone who meets the requirements. Before hiring a financial planner, it is always best for the consumer to do their homework by investigating a financial planner and the organization that granted the professional designation.
Protect your devices with Threat Protection by NordVPN
