When seeking a financial advisor, you may have encountered various combinations of letters following their names. With over 100 different financial advisor certifications available, it can be challenging to understand these designations and select the best advisor for your needs. Here, we explain some of the most common financial designations and their implications for you.
CFP® - CERTIFIED FINANCIAL PLANNER®
The CERTIFIED FINANCIAL PLANNER® certification or CFP® mark is one of the most prevalent financial certifications, indicating substantial expertise in personal financial planning, portfolio management, budgeting, estate planning, and taxes. A CFP® professional must complete an extensive education program, a rigorous exam, and possess three years of relevant experience. They must also fulfill 30 hours of continuing education every two years and adhere to ethical standards, prioritizing clients' interests. Typically, CFP® professionals work with individual investors to develop a comprehensive financial plan, addressing both short-term and long-term goals. This certification is highly respected and often seen as a benchmark for financial planning excellence.
CFA® - Chartered Financial Analyst®
The Chartered Financial Analyst® or CFA® designation is an internationally recognized certification issued by the CFA Institute. It involves completing a self-study program and three increasingly difficult six-hour exams over several years, typically requiring 700-950 hours of study. A CFA® charterholder must also acquire four years of relevant work experience and follow strict ethical guidelines. CFA® professionals often work in corporate investing, providing high-level investment counsel and financial analysis. They are known for their deep understanding of complex investment strategies and financial markets, making them valuable assets in both advisory and managerial roles within the finance industry.
CIMA® - Certified Investment Management Analyst®
The Certified Investment Management Analyst® or CIMA® certification demonstrates an advisor's proficiency in evaluating investment managers and financial products. Earning this certification involves nine months of study, 250 hours of coursework, and passing two exams at a top business school, followed by three years of industry experience. CIMA® professionals possess expertise in investments, portfolio management, behavioral finance, and economics, often working with larger financial consulting firms to advise high net worth clients. This designation emphasizes strategic management of investments and a thorough understanding of various asset classes, contributing to informed decision-making and tailored investment solutions.
CPA - Certified Public Accountant / PFS™ - Personal Financial Specialist
Certified Public Accountants (CPAs) are more likely to serve as auditors or tax professionals, though some work in financial advisory roles. CPAs must stay current on accounting rules and regulations for both individual and corporate taxes. A CPA with additional expertise in financial and wealth management can earn the Personal Financial Specialist (PFS™) credential, requiring a separate exam and two years of financial planning experience. This combination ensures that CPAs with the PFS™ designation can offer comprehensive financial advice, integrating tax planning with broader financial strategies. Their in-depth knowledge of tax laws and financial regulations makes them particularly valuable for clients seeking holistic financial guidance.
ChFC® - Chartered Financial Consultant®
The Chartered Financial Consultant® or ChFC® certification is similar to the CFP® certification but does not require a board exam. ChFC® professionals focus on financial planning areas such as investments, tax, estate planning, and insurance. To obtain this certification, one must pass an education program through the American College and have three years of business experience, along with completing 30 hours of continuing education biennially. ChFC® designees are equipped to handle complex financial scenarios and provide personalized advice that encompasses a wide range of financial needs. Their training prepares them to address diverse client concerns, from retirement planning to risk management.
CDFA® - Certified Divorce Financial Analyst®
A CDFA® professional is a financial planner, accountant, or legal expert trained to provide guidance on the financial issues of divorce. They offer advice on property division, pension and retirement plans, tax matters, and insurance needs during a divorce, aiming to find innovative solutions in complex situations. This certification requires professionals to complete a comprehensive course of study and have two years of experience in a financial or legal capacity. CDFA® professionals play a crucial role in helping clients navigate the financial intricacies of divorce, ensuring fair settlements and financial stability post-divorce. Their expertise is invaluable in mitigating the financial stress associated with marital dissolution.
AAMS® - Accredited Asset Management Specialist℠
An Accredited Asset Management Specialist℠ (AAMS®) professional is a financial planner certified in asset management after completing a self-study program and a comprehensive exam. AAMS® professionals must also undertake 16 hours of continuing education every two years, specializing in asset allocation, policy changes, risks and returns, and investment strategies. This certification equips advisors with the skills needed to manage client portfolios effectively, balancing risk and return to meet financial objectives. AAMS® designees are well-versed in the nuances of investment management, providing tailored advice to help clients achieve their financial goals.
AIF® - Accredited Investment Fiduciary®
An Accredited Investment Fiduciary® (AIF®) designee earns the title by completing Fi360’s ethics and fiduciary services course, passing an exam, and engaging in six hours of continued education annually. An AIF® designee is trained to prioritize clients' best interests, aiming to optimize client service and build trust. This certification emphasizes the importance of fiduciary responsibility, ensuring that advisors uphold the highest standards of care and loyalty. AIF® professionals are committed to ethical practices and transparent communication, fostering long-term client relationships based on trust and integrity.
CLU® - Chartered Life Underwriter®
A Chartered Life Underwriter® or CLU® specializes in life insurance and estate planning, demonstrating a deep understanding of personal risk management and insurance planning. To earn the CLU® designation, individuals must complete five core courses, three elective courses, and pass eight examinations. CLU® professionals are adept at assessing clients' insurance needs and structuring policies that provide financial security. Their expertise in estate planning also enables them to help clients protect and transfer wealth efficiently, minimizing tax burdens and ensuring that assets are distributed according to their wishes.
FPQP™ - Financial Paraplanner Qualified Professional™
A FPQP™ professional has completed the Foundations in Financial Planning program, enhancing their expertise in financial planning and advising clients. The FPQP™ certification often serves as a foundation for obtaining the CFP® designation. FPQP™ designees assist financial planners by managing client data, conducting research, and preparing financial reports. Their role is integral to the financial planning process, ensuring that advisors have the information needed to make informed decisions. This certification signifies a solid understanding of financial planning principles and a commitment to supporting client success.
CRPC® - Chartered Retirement Planning Counselor℠
A CRPC® professional has undergone specialized training focused on retirement planning. This certification involves extensive training, examination, and continuing education on pre-and post-retirement needs, asset management, estate planning, and retirement processes. CRPC® designees are equipped to guide clients through the complexities of retirement, helping them develop strategies for income generation, investment management, and legacy planning. Their expertise ensures that clients can enjoy a financially secure retirement, tailored to their unique circumstances and goals.
What Advisor Certifications Don’t Tell You
While a financial advisor’s certifications reveal their expertise and specialties, it is crucial to ask about their continuing education and typical clientele when meeting an advisor. Understanding an advisor's compensation structure is also important, as it may not be evident from their designations. Visit our team and their credentials or contact a Wealthspire office to begin finding the right advisor for you. By taking the time to understand these factors, you can ensure that you select an advisor who aligns with your financial objectives and offers the level of service you require.
Wealthspire Advisors LLC and its subsidiaries are separately registered investment advisers and subsidiary companies of NFP, an Aon company. © 2025 Wealthspire Advisors
This material should not be construed as a recommendation, offer to sell, or solicitation of an offer to buy a particular security or investment strategy. The information provided is for informational purposes only and should not be relied upon for accounting, legal, or tax advice. While the information is deemed reliable, Wealthspire Advisors cannot guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with regard to the results to be obtained from its use.
Please Note: Limitations. The achievement of any professional designation, certification, degree, or license, recognition by publications, media, or other organizations, membership in any professional organization, or any amount of prior experience or success, should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results or satisfaction if Wealthspire is engaged, or continues to be engaged, to provide investment advisory services.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Investments & Wealth Institute® (the Institute) is the owner of the certification marks “CIMA®” and “Certified Investment Management Analyst®.” Use of CIMA®, and/or Certified Investment Management Analyst® signifies that the user has successfully completed the Institute’s initial and ongoing credentialing requirements for investment management professionals.
PFS™ is a trademark of the American Institute of Certified Public Accountants.
The ChFC® and CLU® marks are the property of The American College, which reserves sole rights to their use, and are used by permission.
Certified Divorce Financial Analyst® or CDFA® professionals must develop their theoretical and practical understanding and knowledge of the financial aspects of divorce by completing a comprehensive course of study approved by the Institute for Divorce Financial Analysts. CDFA® professionals must have two years minimum experience in a financial or legal capacity prior to earning the right to use the CDFA® certification mark.
ACCREDITED ASSET MANAGEMENT SPECIALIST℠, AAMS®, Financial Paraplanner Qualified Professional™, and FPQP®, CHARTERED RETIREMENT PLANNING COUNSELOR℠, and CRPC® are trademarks or registered service marks of the College for Financial Planning in the United States and/or other countries.
The Center for Fiduciary Studies owns the mark AIF®, which it awards to individuals who successfully complete initial and ongoing accreditation requirements.
