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ChFC - Recertification Fee is Just a Money Grab

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May 3, 2010 5:08 pm

The American College instituted a new policy a couple years ago to charge an ongoing "Re-certification  fee" every two years of $250.  CHFC holders also have to submit proof of completion of 30 Continuing Education Hours.  If the CHFC holder doesn't pay up, they send a letter saying you are not in compliance and can no longer use the marks.

My Take: As a holder of both the CFP and the CHFC,  I see the $250 ongoing fee as a money grab, pure and simple. The CHFC is not the CFP. It never will be because it lacks the rigorous final exam.  Also, they don't lobby or monitor like the CFP does. The American College says they will use 80% of the fees collected to promote the degree. What about the $5000 spent with them in tuition fees?  So far, they even lack a decent web page where people can learn about the CHFC and what it stands for. The CFP by contrast has an excellent website.

The fee is not justified, or in any way earned by the American College.  It cheapens the CHFC rather than strengthens it. I am dropping plans to complete the CLU (also offered by the American College) and moving on. I think the fee is going to lessen the appeal of the CHFC and reduce the numbers of those earning the degree. 

If anything, this money grab will only increase the shift to the CIMA as the quality degree to have other than the CFP.