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March 17, 2021 10:08 AM Brian O Connell - Forbes Advisor
Posted:
Updated:
March 19, 2021 7:47 AM
For money-minded consumers who need advanced financial planning services, a chartered financial consultant (ChFC) could be a great place to start. While ChFC may be less well known than the certified financial planner (CFP) designation, advisors who earn it actually have even more training designed to enhance their financial planning skills.
ChFC Requirements
The ChFC designation was rolled out by the American College of Financial Services in 1982 as a competitor to the CFP credential. It requires the same core curriculum needed for the CFP, plus additional coursework that further hones an applicant’s skills as a professional wealth manager.
Retire Safe & Secure! with Ed Slott
, a popular public television special that educates viewers on key retirement savings strategies to have more, keep more and make their money last, has recently been updated to include the latest retirement and tax-planning laws and strategies. Amid the global pandemic, Slott, CPA, who is a nationally recognized IRA expert, founder of Ed Slott and Company and creator of irahelp.com, was able to safely update this consumer-centric program with the latest information under the SECURE Act and CARES Act by recording from his home. Retire Safe & Secure! with Ed Slott is currently airing on public television stations throughout the country. Those who wish to tune in should check their local listings to find out when this special will broadcast in their area. For additional information on the show, click here.
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Retirement Income: Key Considerations
Peg Knox, with the Defined Contribution Institutional Investment Association (DCIIA), says DC plans need to evolve to prepare participants to convert their assets into retirement income.
Reported by
Having evolved meaningfully over the past 40 years, today’s defined contribution (DC) plans now enable participants to accumulate and invest retirement assets even more easily than in the past. DC plans also most often allow participants to retain assets in-plan throughout retirement. Yet research indicates that most of them are ill-prepared to convert their assets into retirement income.
The conclusion for DC plan sponsors seeking to assist these participants is clear: The next step is to evolve plan design and investments by adding a benefit distribution focus to offerings and communications and/or by adding services to better address the needs of those near or in retirement. Plan participants have also identified this as an area of need.
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