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My family needs to buy so many insurances like Car, Condo, Critical Illness, Dental, Disability, Expat, Life, Homeowner, Landlord, Pet, Renter, Travel.

We need an insurance agent and I stumbled on a profile. I'm just curious, because my family's very impressed to see all these designations! They make him look like smart guy!

Credentials:

CFP® ChFC® CIMA® MSFS RICP® CMFC® CLU® AAMS® CRPC® CFS® AWMA® CRPS® BCAA CAP® AEP® CFBS CAS® AIF® CDFA™

My questions:

  1. How cerebral are they to earn? Not as scholarly as a PhD right? But compared to MBA? Master in Finance?

  2. How are we supposed to judge them? Do they mean the holder is brainy?

  • What kind of insurance? – D Stanley May 5 at 12:57
  • @DStanley added to post! thanks. – Tamara Milanovic May 10 at 7:46
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None of those certifications compare with a Ph.D. nor a masters in finance. As far as the relevant knowledge they probably jointly compare with the relevant part of an MBA, but an MBA is really a business leadership degree, not a finance/insurance degree per se. MBA students learn some finance, financial planning, and insurance, but not enough to be intimidated by.

Most of those certifications require a nontrivial amount of time, work, and money to get. You don't have to be incredibly smart to get them, but it certainly would help. What those really tell me is that he is self-motivated and values certifications a great deal. No one required him to do those and they probably didn't gave him time off work for them. He did them on evenings and weekends because he really wanted to show his clients that he's a go-getter. Message received.

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If all you need is some life insurance (I'm assuming), then all of those designations are overkill. You can buy term life insurance online pretty easily and cheaply. If you need something more complex like trusts, estate planning, etc. then some of those designations might be helpful, but unless you're a multi-millionaire you're probably going to pay more than you need to.

To answer the question, all designations are different. Some require many years of study and multiple exams, some only require a weekend seminar (and probably a large check). He may be very smart - but being smart and passing an exam doesn't necessarily mean that he's the best choice for you.

That's not to say that this person couldn't be helpful. Schedule a meeting with him and see what he has to offer. If he immediately tries to sell you stuff that you don't understand - walk away. If he listens to understand your needs and explain to you what you need and why you need it, then it might be worth spending a little more to get a more effective product.

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  • "If all you need is some life insurance" we need a lot more! just edited post. – Tamara Milanovic May 10 at 7:47

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