What is a Fiduciary and why is it important that I work with one?
Federal pension and tax law protects investors by imposing fundamental standards on their investment advisers. Individuals and firms that are held to these standards are called "fiduciaries". The department of labor states that fiduciaries are required to act impartially and provide advice that is in their clients' best interest. Additionally, fiduciaries are not permitted to receive payments creating conflicts of interest unless they comply with certain conditions of exemption that minimize the effects of a conflict. Choosing a Certified Financial Fiduciary® (CFF) as your advisor is important because, under the DOL’s regulatory package, the CFF Code of Conduct, and the strict guidelines of the NACFF, they are required to give you advice that is in your best interest, not their own.
Certified Financial Fiduciary® (CFF) is a professional designation for financial professionals, namely those who have successfully completed a rigorous certification and training process established by NACFF and AFEA (The American Financial Education Alliance), and who agree to uphold the highest moral, ethical and fiduciary standards of service when providing investment advice to potential and existing clients.
The NACFF has established very strict criteria for becoming a Certified Financial Fiduciary® (CFF). CFF is not for everyone, and all fiduciaries are not the same. The CFF designation was established to identify the new standard of excellence amongst financial professionals who act as fiduciaries. For more information on becoming a CFF, please see the Qualifications page or contact us.
How do I report a violation of the CFF Code of Conduct by a CFF designee?
All CFF designees have sworn to uphold the CFF Code of Conduct at all times. Regardless of the type of advice being given. If you feel that a CFF designee has violated the terms of the CFF Code please visit our complaint procedures page here https://nationalcffassociation.org/complaint-procedure or you can submit your complaint to: report@nationalCFFassociation.org. We will investigate the matter and respond accordingly.
Do I have to be a financial advisor or securities licensed to become a CFF
No, the CFF designation is for anyone who provides investment advice under the new DOL and ERISA guidelines. This includes insurance agents and non-securities licensed financial professionals who provide advice on ERISA plans and IRAs.
Are there other requirements other than passing the exam?
Who can become a CFF (qualifications)?
Financial professionals seeking to obtain the CFF designation must meet the following criteria:
- Successfully complete 1-day in-person training at one of our training facilities or locations, or complete the online training course
- Pass a 100-question exam with a score of 75% or better
- Candidate must meet one of the following prerequisites:
- Possess a professional financial certification/designation or
- Professional financial license (securities, insurance, accounting, etc.), or
- A combination of education and experience deemed satisfactory by the NACFF Advisory Council
- Must pass a full background check and be in good standing with all state and federal license requirements
- Allow NACFF to audit/review their business office (via survey) for best practices and compliance.
- Exemplify highest standards of morals, ethics, and fiduciary standards of service
- Must swear to uphold the CFF code of conduct
What makes CFF better of different than other designations that claim to include being a fiduciary?
CFF was designed to specifically address what it means to be a financial fiduciary. Each designee must complete extensive training and subject matter that covers the origination of the fiduciary rules established by ERISA and what the fiduciary standards are today. There is no other designation training that focuses solely on understanding and being the best fiduciary one can be. We have found this to be one of the most important concerns potential and existing clients have: "Are you working in my best interest or yours?" For these reasons and many more, the CFF designation stands apart from all the rest.
What if there are no classes in my area?
Please check our website often as we are constantly adding new class dates. You can also send us a message and tell us where you are located. If there is enough interest in your area, or if you have an agency with 10 or more advisors/agents we may be able to arrange a special class date. Click the link below to find classes in your area.
Upcoming Classes
Or You can take the course On Demand in the comfort of your own home or office here:
On Demand Course
Can I earn CE credits for attending this class?
Yes! When you attend the live class you can receive up to 7 hours of general CE credits.
If you are a Certified Financial Planner (CFP) you will also qualify for 7.5 CFP credits.
CE credits are not offered for Live Webinars or On Demand classes.
