Exactly what is a ChFC, or chartered financial consultant? When financial questions abound, it’s this professional that is there to make sense of it all. Read on as we cover the basics of chartered financial consultancy.
First, what is the core purpose of this profession? Today’s ChFC is all about future guidance with regard to money and assets. Whether the client is a private individual or a global trade company, the ChFC is the pro that is hired by that said client for the purposes of financial consultancy with regard to future finances.
How can we maximize future profits? What types of financial accounts are the most lucrative interest bearers? How much of future equities should be relegated between assets and fluid money? These are the types of questions handled by ChFCs for their clients. As such, the daily job duties of today’s ChFC are all about analyzing and utilizing data so as to glean accurate, predictive financial portfolios for their clients’ futures.
Key Knowledge Utilized
Next, let’s take a quick look at what types of knowledge are needed and regularly utilized in this professional’s day-to-day activities. Each specific area of knowledge helps the ChFC in determining some detail or details of their clients’ current and future direction. The following list is just a brief representation of areas of expertise utilized by the ChFC regularly.
Stocks and bonds
IRA and savings accounts
Interest accrual science
Depreciation and appreciation
Tax and financial law
The work environment for the typical ChFC is fairly standard. Virtually all ChFC activities are conducted in a controlled office setting of some sort. On occasion, though, the ChFC may need to go into the field in order to investigate a particular matter or data source in person. This is not a common occurrence but can happen from time to time.
Job Outlook, BLS Stats
The world of financial consultancy and advisory is a vast and rapidly growing one. As world populations, trade, and commerce continue to grow, so does the greater need for the type of financial consultation that the ChFC provides. More clients, more business, and more competition equal strong continued demand for these financial services.
The BLS does not specifically address ChFCs, but rather envelopes many similar professions into the categories of “Personal Financial Advisors” and “Financial Analysts.” As today’s ChFC is truly a hybrid of both trades, we can look to both BLS stat pages for a fairly accurate, combined picture of outlooks in the ChFC profession.
According to the BLS, the world of financial advisors is expanding rapidly, calling for a current growth rate of around 30%, much faster than what is found in most careers. Additionally, a look to the bureau’s financial analyst stats provides much the same story. A growth rate is found here of around 12% – still faster than what is considered to be an average growth rate in most professions. Combine the statistics of both professions – a true representation of the ChFC – and one can deduce that growth in this profession is certainly promising.
Finances are what make the world turn. The role of the ChFC is to be there, steering their clientele clear of oncoming financial hazards and directing them to the sunniest of future horizons.