It requires passing seven courses on financial services and ethics and costs $3,230.Īn advisor with a CPRM is focused on the insurance needs of affluent people. Financial services certified professional (FSCP) is a general insurance certification offered by the American College of Financial Services.It requires passing five courses, including four that are specific to the CIC designation and an additional course from the alliance’s curricula for either the CPRM or the certified risk manager designation. Chartered insurance counselor (CIC) is another designation from the National Alliance for Insurance Education and Research.Earning one requires passing three courses, each eight weeks long and followed by a course-specific exam. Life underwriter training council fellow (LUTCF) is a designation offered by the National Association of Insurance and Financial Advisors (NAIFA).The insurance industry has a proliferation of certificates and designations, including a few that are appropriate for beginning agents and others in the insurance field. It doesn’t give holders any specific powers or privileges. Anyone can acquire one by taking the required courses and passing the final exam. The CPRM is an entry-level financial professional certification with no prerequisites. Depending on the class, the CPRM holder may be exempt from paying the annual dues to be a member of the alliance. The time to complete the entire set of classes varies, but applicants have five years from the time of taking the first class to complete the series.ĬPRM holders have to keep their education and certification current by taking one additional class from the alliance each year. When all five classes and class exams have been taken, the education component is complete.Įach class costs $525, so the total cost for the five required classes is $2,625. The webinars are delivered over two to four weeks, while the classroom instruction takes two days for each course.Īpplicants for the CPRM also have to pass proctored, closed-book final exams after completing each course. Face-to-face classroom sessions are, however, temporarily being postponed until the pandemic subsides. Each of the five courses requires 16 hours of instruction. The courses can be delivered through live, instructor-led webinars or via in-person classroom instruction. For example, the class on protecting clients’ lifestyles includes lessons on insuring boats and aircraft, domestic servants, risks of kidnapping for ransom and business ownership. The course material is specifically tailored to serve risk mitigation needs of HNWI clients. The five topics include personal client risk management, understanding coverage differences indicated for affluent clients, how to protect HNWI clients’ lifestyles, practical risk management and delivering successful sales presentations. Each class covers a specific topic related to insurance protection for HNWIs. The CPRM curriculum includes five courses. The National Alliance also sponsors several other insurance-related designations, including the certified risk manager (CRM). The certificate was created in 2014, and candidates include insurance agents and brokers and other employees of insurance companies who service wealthy individuals. The CPRM program is overseen by the National Alliance for Insurance Education and Research, a for-profit professional training organization that was founded in 1969.
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