Practice Management Insights
Choosing the Right Financial Certification
For those looking to take the next step in their financial services career, choosing the right first financial certification is key. With a wide range of options available — each offering different areas of expertise, time commitments, and long-term benefits — choosing your first designation or certification is a critical yet often difficult decision to make. This guide offers a comprehensive comparison of some of the most recognized credentials in the industry, helping you understand what they cover, how to earn them, and the impact they can have on your professional growth.
Foundational Licenses
Series 65 License
Best for: Advisors who want to become investment advisor representatives (IARs) quickly.
The Series 65 isn’t a professional designation, but a required license for individuals planning to give investment advice for a fee. There are no prerequisites to take the exam, which tests knowledge of laws and regulations, ethics, and key investment strategies, making it a quick path toward advancing your career in financial services, specifically the area of investment management.
While a necessary threshold for many roles in financial services, the Series 65 alone does not establish the deep planning expertise that many potential clients want. It is a stepping stone toward success, but certainly not the end of the road for most.
Comprehensive Financial Planning
CFP® Certification
Best for: Advisors who want a respected, comprehensive financial planning credential.
The CFP® certification is considered by many to be the “gold standard” of financial planning credentials. It covers an extensive range of foundational financial planning topics, including retirement, tax, estate, insurance, investments, and more. To earn your CFP® mark, you must hold a bachelor's degree or higher from an accredited college or university and complete coursework on financial planning through a CFP Board Registered Program, like the programs from the College for Financial Planning, The American College of Financial Services, and others.
With exam pass rates 5% above the national average, The College’s CFP® Certification Education Program stands out against other CFP® education programs. The flexible e-learning format allows advisors to learn at their own pace, with most learners completing the program in about 12 months, and the live, on-demand access to instructors fostering more thorough retention.
As a respected and well-known certification, the CFP® commands trust from potential clients and signals a high standard of professionalism, ethics, and general financial planning knowledge.
Chartered Financial Consultant® (ChFC®)
Best for: Advisors seeking applied skills in financial planning and a flexible path to the CFP®.
The College’s Chartered Financial Consultant® (ChFC®) designation covers similar content to the CFP® curriculum — but with more case studies, greater real-world application, and built-in flexibility. It also fulfills the education requirement for the CFP® exam, allowing learners to earn two valued certifications at once.
The ChFC® curriculum’s strong focus on practical application empowers learners to go beyond theory and apply their knowledge in advanced areas such as behavioral finance, non-traditional family structures, and small business planning. With this strong foundation in applied financial planning, ChFC® advisors see a 75% higher growth in client retention and a 32% higher growth in earnings.1
Unlike the CFP® mark, a bachelor’s degree is not required to enroll in the ChFC® program, making it an ideal first certification choice for advisors who want foundational and practical financial planning knowledge while preparing to eventually earn the CFP® mark. The 100% online format allows learners to study and complete courses on their own time, with most completing the program in under 18 months.
Applied Knowledge Paths
Wealth Management Certified Professional® (WMCP®)
Best for: Advisors who want to deepen their investment management knowledge early in their careers.
The College’s Wealth Management Certified Professional® (WMCP®) designation covers goal-based planning, creating efficient investment portfolios, and wealth management — designed for professionals aiming to understand the intricacies of the wealth management industry and serve clients with comprehensive financial strategies, knowledge, and expertise.
The program is a strong option for those who wish to position themselves as an investment expert, especially early on in their financial services career. Compared to those without designations, WMCP® designees report:
- 32% higher growth in earnings
- 28% higher growth in number of clients
- 144% higher growth in client retention1
Like the ChFC®, the WMCP® does not require a bachelor’s degree to enroll and features a flexible online learning format that enables advisors to learn at their own pace — with most completing the three-course-curriculum and exam in under 12 months.
Financial Services Certified Professional® (FSCP®)
Best for: Advisors who want to focus on growing a successful practice.
Unlike many credentials that focus solely on technical planning knowledge, the Financial Services Certified Professional® (FSCP®) Program delivers practical strategies for running a financial services practice. On top of fundamental financial services knowledge and skills, the FSCP® curriculum emphasizes product knowledge, prospecting and marketing, and business planning principles — all areas of need for those building a practice.
The FSCP® program is a strategic first step for advisors early in their career looking to build client relationships, business skills, and, eventually, their own practice. The results speak for themselves: 69% of FSCP® designees note significantly increased client conversations, with a reported 129% increase in client retention to match.1
To successfully complete the five-course program, which has no prerequisites, learners must pass each course’s final exam with a 70% or higher.
Advanced or Niche Credentials
Chartered Financial Analyst® (CFA®)
Best for: Professionals pursuing deep expertise in investment management.
The Chartered Financial Analyst® (CFA®) demonstrates a strong foundation in advanced investment analysis, expert portfolio management, and strict ethical principles.
CFA® charter-holders are held to high ethical standards and must satisfy a number of requirements, including holding a bachelor’s or equivalent degree, 4,000 hours in a minimum of three years of work experience, multiple referrals letters, and more. Individuals must also pass three exams, which often require extensive preparation and can be taken more than once if needed.
Given the time, effort, and money that goes into meeting its requirements, the CFA® is a respected designation in the industry for its rigor. However, it may not be the most strategic first step for individuals focused on comprehensive financial planning with client-facing value.
Certified Public Accountant (CPA)
Best for: Professionals with an accounting background aiming to advise on tax and financial planning.
The Certified Public Accountant (CPA) license is necessary for public accountants and highly respected as a tax planning credential. Requirements vary by state, but all candidates must have a minimum of one year of work verified by a licensed CPA, a bachelor's degree and a total of 150 hours of post-secondary education, and have passed four sections of the CPA exam.
Many CPAs also become financial planners, but for most financial professionals, it isn’t a likely first certification unless already on an accounting track. For professionals who want to focus on incorporating applied and tax-informed financial planning into their existing business model, an alternative certification is The College’s Tax Planning Certified Professional® (TPCP®) designation program.
Certified Investment Management Analyst® (CIMA®)
Best for: Advisors working with high-net-worth clients.
The Certified Investment Management Analyst® (CIMA®) integrates practical client-focused skills with advanced investment knowledge to help advisors meet the investment needs of their affluent clients.
The curriculum covers numerous areas of interest for professionals focused on investment management, including advanced portfolio construction, accounting and risk management, and more. The CIMA® takes about six to nine months to complete, and learners must pass a final exam to achieve the certification.
According to the Investments and Wealth Institute, 94.5% of surveyed individuals rate the CIMA® as highly valuable, and CIMA® advisors are 20% more likely to work with ultra-high-net-worth clients than those without the certification. However, the CIMA® is best suited for individuals who are already working with high-net-worth clients — not those just starting out in their career.
Finding the Right Fit
If you’re early in your career, the most impactful credential is one that builds foundational knowledge, gives you the tools to serve clients confidently, and opens the door to future specializations. The College’s programs — the CFP® Certification Education Program, ChFC®, WMCP®, and FSCP® — are designed with those goals in mind. Whether your desired focus is comprehensive planning, investment strategies, or building a thriving practice, these designations are built to grow with your career.
More From The College
- Learn more about the programs mentioned: CFP® Certification Education Program, ChFC®, WMCP®, TPCP®, and FSCP®
About The College Press
Industry Executives Join College Board of Trustees
KING OF PRUSSIA, Pa. — August 6, 2025 - Virendra and Stamp will provide governance oversight of and work closely with The College’s executive leadership team as it continues to expand its footprint and impact in financial services and the communities it serves.
Virendra is senior vice president and head of agency at New York Life, where she oversees the company’s career agency distribution system. In this role, she leads a network of over 12,000 agents and advisors throughout more than 110 general offices nationwide and manages the business units that deliver strategic support to the field. Virendra was selected to join New York Life’s executive management committee in January 2025. She has received The College’s Chartered Life Underwriter® (CLU®), Chartered Financial Consultant® (ChFC®), and Chartered Leadership Fellow® (CLF®) designations as well as the Life Underwriter Training Council Fellow® (LUTCF®).
Stamp is chief executive officer of Cary Stamp & Co., which he established more than 20 years ago to meet the growing need for expert financial advice and advocacy. He advises high-net-worth individuals, business owners, executives, and affluent multigenerational families, providing them with independent analysis and planning for all aspects of their financial lives. Stamp holds The College’s Retirement Income Certified Professional® (RICP®) and Chartered Advisor in Philanthropy® (CAP®) designations as well as the CFP®, AIF®, AEP®, and CDFATM.
“As College alumni, deep believers in the power of lifelong learning, and executive leaders within financial services, Sonali and Cary have long embodied our mission: to educate financial services professionals, empower and champion their growth, and support their competence and confidence to uplift millions of families across America,” said George Nichols III, CAP®, president and CEO of The American College of Financial Services. “As members of our board of trustees, their experience and perspectives will be invaluable to helping us expand our impact nationwide.”
For more information about The College’s board of trustees and its executive leadership team, please visit this page.
For more information, contact:
Sarah Tremallo
908-967-0381
Stremallo@jconnelly.com
Jared Trexler
610-526-1268
jared.trexler@theamericancollege.edu
About The American College of Financial Services
The American College of Financial Services is the nation’s largest provider of financial planning education through its CFP® Certification Education Program* and ChFC® designation program. The College goes beyond foundational education with rigorous programs, ethical standards, and experience requirements for professionals who wish to specialize in areas such as retirement income planning, tax planning, philanthropic planning, and more.
Connect with The College on LinkedIn, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities.
*Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
Practice Management Insights
Cyber Awareness for Advisors
In a recent conversation, Ken Smith, Offensive Security Certified Professional (OSCP), Offensive Security Wireless Professional (OSWP) spoke on the importance of cybersecurity in the financial services industry and provided useful insights that financial professionals can leverage to ensure they’re taking all the necessary steps to safeguard their clients’ sensitive data.
Throughout his career, Smith has lived in the intersection of cybersecurity and financial services, notably serving as the vice president on the red team at Bank of America. In this role, Smith simulated the role of a malicious threat actor, working to compromise the organization’s security controls and gain access to sensitive data. Smith has served in similar roles throughout his career, frequently working on behalf of clients in the financial sector.
Security Insights for Advisors
When discussing the threats that face advisors and their practices, Smith said, “My biggest concern is assuming you’re not a target…the truth is those types of businesses (RIA firms) are handling the same type of information as all these big businesses are, but they’re working with fewer people in security, a smaller knowledge base, and usually significantly less budget. And so if anything, they’re bigger targets.”
Small firms and big firms alike handle personal identifiable information (PII). This information is the exact type of data attackers will target when trying to compromise an organization. Anything that can be used to steal someone’s identity is desirable to a threat actor.
However, customer data, data and acquisitions, and compliance data are all desirable to hackers as well. These can all lead to stolen data, fines, and more if a compromise occurs.
Smith emphasized that the best step financial professionals can take in the scenario that they are responsible for their firm’s cybersecurity is promoting awareness and preventing the firm from becoming a target of opportunity. He believes this starts with education, stating, “In terms of general education, community groups and user groups are really good. Groups like InfraGard can help you get tapped into groups like the FBI, and there’s a lot of knowledge sharing that goes around.”
Smith also suggested that advisory firms working with third-party service providers or network service providers regularly meet with these third-parties to discuss what sort of risks they face and take part in developing the necessary security controls: “You want to have skin in the game to have ownership over those security outcomes.”
Understanding Social Engineering
On the less technical side of cybersecurity, financial professionals will also have to learn how to deal with social engineering. One of the most common forms of social engineering is “phishing,” a technique likely known by most. However, social engineering can refer to a variety of methods used by a threat actor to trick their way into obtaining sensitive information.
Smith began this conversation by distinguishing the difference between a phishing email and a spam email. According to Smith, a large amount of the education on social engineering suggests that inconsistencies or obvious mistakes such as a suspicious domain name indicate a phishing email. However, Smith says these emails really fall more under the category of spam. Phishing emails have grown in sophistication and tend to look more real. These are also highly prevalent, as the tools to make a phishing email require a fairly low effort and little to no cost.
In this scenario, Smith highlighted the importance of having a well-established and rehearsed policy on how to handle a compromise, “It’s not just the technology, it’s not just educating people. You have to have a process in place to respond when something goes wrong.”
Security for Independents
When working at a smaller firm, the security considerations of an advisor are often different than those of an individual at a large corporate firm. With employees often having to perform multiple roles and handle a greater variety of responsibilities, managing risk can be a challenge.
In this scenario, Smith encourages advisors to leverage third-parties to assist in a managed detection response solution, as well as the importance of cyber insurance, “You can’t do that after the fact. Once you get breached, you’re not saying, ‘Oh by the way, I need insurance.’”
In order to avoid compromises, Smith promotes diligence. Attackers often are only interested in the path of least resistance. In the event of a breach in which a threat actor is able to compromise a set of user credentials, a control as simple as multifactor authentication can be enough to dissuade a potential attacker from turning a breach into a large-scale compromise of sensitive data.
Smith also issues a warning to firms that serve high net-worth clients, stating that this can be similar to a supply chain attack. “You are a means to an end if you work with high net-worth clients. There are scenarios in which you can be the best means of compromising your clients and you need to be diligent against that.”
However, there are also some benefits that come from working at a smaller firm. The biggest security weakness of any organization is the personnel. As such, firms with a smaller staff, when well-educated, can actually leverage their size to their advantage. Smith shared, “With phone phishing, you can call and they all know each other in the office. So being at a small business can absolutely reduce the attack surface. That does mean though that your existing attack surface has to be that much more secure.”
Security When Leveraging Artificial Intelligence
Smith also discussed the prevalence of AI in the modern business world and said that this was another element that advisors would need to consider when securing their environment. “The business benefit of using these tools outweighs the risk, but it is another piece of the attack surface that is new and needs to be locked down.”
Smith emphasized the criticality of not sharing any identifiable information with AI tools, as generative AI will use all given information in training its future responses.
He also reiterated the necessity of having a structure in place that is used to establish an organization’s guidelines on the use of AI. “It’s that combination of people, processes, and technology to make sure you’re secure.”
Conclusion
Ultimately, the onus of cybersecurity falls upon all individuals within an organization, and it’s important that everyone does their part to ensure client data is being kept secure and out of the hands of malicious threat actors.
More From The College
- Explore The College’s RIA Thrival Guide
- Get key insights for uncertainty with our Advising Through Uncertainty Study
- Learn more about client trust with the Trust Certificate Program
Allison Quintanilla Plattsmier
CAP®, Ed.D., DBA
Ethics In Financial Services Insights
Championing Financial Advisors to Build Client Trust
The financial landscape is constantly evolving. As regulations shift and client needs change, building strong stakeholder relationships remains an ongoing priority. The Trust Certificate Program equips financial advisors with the tools to navigate these challenges and build the skills to address future complexities as a resilient, effective leader.
This program goes beyond theory, applying frameworks developed by the American College Cary M. Maguire Center for Ethics in Financial Services to help participants build deeper connections, address barriers to trust, and create trust-based relationships that drive long-term success.
Essential Program Highlights:
Strategies for Building Trust: A Practice-Based Certificate Program TRST 101 Box
- Next Cohort: October 24, October 31, and November 7, 11:00 a.m. -1:00 p.m. ET
- Live program designed for financial advisors
- Program provides six hours of fully remote education, with CE credits
- Available for open enrollment via The College’s student enrollment portal
The Center for Ethics in Financial Services is dedicated to raising the level of ethical behavior in the financial services industry — and this program is your best investment in a successful future! Enroll today to equip yourself to guide your organization in fostering trust-based relationships that translate into long-term success.
More from The College
- Learn more about the Center’s Trust Certificate Program, including enrollment information.
- Access information on the Center’s research on trust's role in financial services.
- Examine how a deeper understanding of stakeholder dynamics can help financial firms build lasting trust in this recent article.
- Alliance for Ethics in Financial Services corporate supporters receive an exclusive discount on this program.
About The College Press
Welcome Paul Caspersen
KING OF PRUSSIA, Pa. — June 23, 2025 - The American College of Financial Services is proud to announce the appointment of Paul M. Caspersen, CFP®, AEP®, MS, as program director for the Chartered Advisor in Philanthropy® (CAP®) Program, and managing director of the American College Center for Philanthropy and Social Impact. Caspersen has spent nearly three decades at the intersection of philanthropy, financial planning, and advisor education, with a proven track record of innovation and leadership in charitable giving strategies.
In his dual role, Caspersen will lead curriculum development and thought leadership for the CAP® program, one of The College’s premier specialized designations, which is focused on advancing philanthropic planning excellence among advisors, nonprofit leaders, and wealth professionals. He will also oversee the American College Center for Philanthropy and Social Impact, which aims to elevate the field through research, strategic partnerships, and the development of next-generation tools and insights.
“Paul’s appointment is a transformational step in expanding our leadership in philanthropic education,” said George Nichols III, CAP®, president and CEO of The American College of Financial Services. “He is a visionary in charitable strategy and financial planning, and his expertise will ensure that both the CAP® program and the Center for Philanthropy and Social Impact continue to empower philanthropic planning professionals to help create meaningful and impactful legacies. With Paul at the helm, The College is positioned to become the definitive voice in philanthropic advising for the financial services industry.”
Caspersen founded Planned Giving Interactive (PGI), where he develops innovative software to help advisors and nonprofits engage with donors more effectively, and is an advisor with Charitable Solutions, LLC. His prior roles include senior philanthropic advisor and assistant vice president of gift and estate planning at the University of Florida, where he played a pivotal role in securing over $1 billion in deferred gifts during the university’s $4.2 billion campaign. Caspersen also served in strategic leadership positions with the Iowa State University Foundation, TIAA-CREF, and Wells Fargo.
“I’m honored to join The American College of Financial Services and help expand its already strong reputation as a beacon of excellence in financial education,” said Caspersen. “Philanthropy is an essential part of wealth conversations and client values, making the CAP® program more vital than ever. I look forward to equipping advisors with the knowledge and confidence to lead complex, values-based giving conversations with clients that shape their futures.”
The College’s investment in the CAP® program and philanthropic planning comes at a pivotal moment, as clients increasingly seek to align wealth with purpose and as advisors are called upon to navigate increasingly complex philanthropic and tax landscapes. Under Caspersen’s leadership, The College will continue advancing its mission to raise the bar in financial education and inspire a generation of advisors to guide giving that transforms lives and communities.
For more information, contact:
Sarah Tremallo
908-967-0381
Stremallo@jconnelly.com
Jared Trexler
610-526-1268
jared.trexler@theamericancollege.edu
About The American College of Financial Services
The American College of Financial Services is the nation’s largest provider of financial planning education through its CFP® Certification Education Program* and ChFC® designation program. The College goes beyond foundational education with rigorous programs, ethical standards, and experience requirements for professionals who wish to specialize in areas such as retirement income planning, tax planning, philanthropic planning, and more.
Connect with The College on LinkedIn, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities.
*Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.