What is the difference between the CFP and ChFC designation?

CFP stands for Certified Financial Planner and this designation is awarded by the Financial Planning Association of Singapore (FPAS) in conjunction with the CFP Board of Standards. The CFP designation is the most recognised financial planning designation globally and there are approx. 60,000 licensees worldwide. CFP Practitioners are able to practice in other countries since the are recognised globally. The International Standards Organization (ISO) in Geneva, Switzerland is in the process of establishing global standards for personal financial planing and these standards will be based on the CFP six-step financial planning process. CFP Practitioners are recognised as objective advisers as they do not represent any one industry. In fact, CFP Practitioners are composed of leading bankers, fund managers, lawyers, accountants, stock brokers, private bankers and insurance advisors, which is why the designation is so highly recognised. CFP Practitioners are being promoted by FPAS, the CPF Board and the MCDS, through their 3-year public education campaign, as objective professionals that the public should seek out when requiring financial advice.

ChFC/S stands for Chartered Financial Consultant and this designation is awarded by the Singapore College for Insurance in conjunction with the American College. The "S" signifies that the designation is awarded locally in Singapore and holders must display this at all times. The ChFC designation has grown out of the insurance industry and as such, those pursuing it are primarily insurance agents.