Designations: What do they mean?

Designations:  What do they mean?

Chartered Life Underwriter

A designation granted by the American College in Bryn Mawr, Pennsylvania to individuals who have completed training in life insurance and personal insurance planning. To obtain the designation, individuals have to complete advanced courses and exams in several topics including insurance, investments, taxation, employee benefits, estate planning, accounting, management and economics.

Chartered Financial Consultant

A financial planning designation for the insurance industry awarded by the American College of Bryn Mawr. ChFCs must meet experience requirements and pass exams covering finance and investing. They must have at least three years of experience in the financial industry, and have studied and passed an examination on the fundamentals of financial planning, including income tax, insurance, investment and estate planning.

One of the cornerstones of earning the CLU®  and ChFC® from The American College is the emphasis that is placed on ethics and commitment to clients. The following standard of care is mandated for each CLU®  and ChFC®:

In all my professional relationships, I pledge myself to the following rule of ethical conduct: I shall, in light of all conditions surrounding those I serve, which I shall make every conscientious effort to ascertain and understand, render that service which, in the same circumstances, I would apply to myself.

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LUTCF

The LUTCF designation is jointly conferred by the National Association of Insurance and Financial Advisors (NAIFA) and The American College. The LUTCF designation represents accomplishment and professionalism, helping [life insurance professionals] to establish strong and lasting client relationships. Since its inception, the LUTCF designation has been awarded to more than 63,000 individuals--including designees who earned it since the College assumed ownership of the designation curriculum from the Life Underwriters Training Council." (The American College)

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Associate, Customer Service™

Associate, Customer Service™ (ACS®) is conferred by Life Office Management Association, Inc.  (LOMA).  The ACS® program prepares the designees to run a life insurance and financial services office concentrating on customer service.

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The Mission and Ethics of MDRT

Steve – Qualifying and Life Member of MDRT
Aaron – Qualifying Member of MDRT

MDRT's mission is to be a valued, member-driven international network of leading insurance and investment financial services professionals who serve their clients by exemplary performance and the highest standards of ethics, knowledge, service and productivity.

Ethics

Members of the Million Dollar Round Table should be ever mindful that complete compliance with and observance of the Code of Ethics of the Million Dollar Round Table shall serve to promote the highest quality standards of membership. These standards will be beneficial to the public and the insurance and financial services profession.

  1. Always place the best interests of your clients above your own direct or indirect interests.
  2. Maintain the highest standards of professional competence and give the best possible advice to clients by seeking to maintain and improve professional knowledge, skills and competence.
  3. Hold in strictest confidence, and consider as privileged, all business and personal information pertaining to your clients' affairs.
  4. Make full and adequate disclosure of all facts necessary to enable clients to make informed decisions.
  5. Maintain personal conduct which will reflect favorably on the insurance and financial services profession and the Million Dollar Round Table.
  6. Determine that any replacement of an insurance or financial product must be beneficial for the client.
  7. Abide by and conform to all provisions of the laws and regulations in the jurisdictions in which you do business.

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The Vision and Mission of NAIFA

Vision Statement

The National Association of Insurance and Financial Advisors protects and promotes the critical role of insurance in a sound financial plan and the essential role provided by our professional agents and advisors.

Mission Statement

The mission of the National Association of Insurance and Financial Advisors is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of our members.

NAIFA Code of Ethics

PREAMBLE: Helping my clients protect their assets and establish financial security, independence and economic freedom for themselves and those they care about is a noble endeavor and deserves my promise to support high standards of integrity, trust and professionalism throughout my career as an insurance and financial professional. With these principles as a foundation, I freely accept the following obligations:

  • To help maintain my clients’ confidences and protect their right to privacy.
  • To work diligently to satisfy the needs of my clients.
  • To present, accurately and honestly, all facts essential to my clients’ financial decisions.
  • To render timely and proper service to my clients and ultimately their beneficiaries.
  • To continually enhance professionalism by developing my skills and increasing my knowledge through education.
  • To obey the letter and spirit of all laws and regulations which govern my profession.
  • To conduct all business dealings in a manner which would reflect favorably on NAIFA and my profession.
  • To cooperate with others whose services best promote the interests of my clients.
  • To protect the financial interests of my clients, their financial products and my profession, through political advocacy.
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