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This designation is awarded to committed financial professionals or advisors who meet high standards and strict requirements within the financial services industry. The International Association of Registered Financial Consultants (IARFC) created the MRFC designation. The National Commission for Certifying Agencies (NCCA) awards it.
The Master Registered Financial Consultant (MRFC) designation has a number of prerequisites. Candidates must have four years of professional experience within the financial services industry. That experience can include financial services. investment planning/securities, insurance planning, retirement planning, tax preparation, and estate planning.
They also must have all required licenses to practice in the financial planning profession. That experience will be verified by checking state licensing and/or Financial Industry Regulatory Authority (FINRA) licensing history. Without that verification, candidates must provide a detailed resume or CV. They’ll also provide contact information for their current supervisor or human resources personnel. The IARFC will verify a candidate’s experience by contacting the supervisor or HR personnel. Candidates. can also submit letters of recommendation verifying the experience.
Candidates can’t have “black marks” on their records, such as a revocation of any professional license or designation.
From an educational standpoint, candidates must either hold one of the following: a professional designation of AAMS, CFA, CFP, ChFC, CLU, CPA, EA, or LUTCF; a Series 65 license or Series 6 and a 63, a Series 6 and a 66, a Series 7 and a 63, or a Series 7 and a 66; a life insurance license; or a bachelor’s or graduate or advanced degree in business, economics, finance, or another related field.
MRFC candidates must also pass a certification exam and complete 40 hours of continuing education in the personal finance or professional practice management fields annually. Additionally, every two years, they must dedicate four of these continuing education hours to ethics.