What do all the Letters Mean After a Financial Advisor’s Name?

CFP, RICP, EA, CLU, and ChFC Explained

Choosing a financial advisor can be overwhelming when you see a string of letters after their name—CFP®, RICP®, EA, CLU®, ChFC® — but what do they actually mean? These credentials show that your advisor has specialized knowledge in different areas of financial planning. But more importantly, these designations show they can help you solve specific problems.

Here’s a breakdown of five common financial certifications—and how they can help you:

1. What Does CFP® Mean?

Your Holistic Financial Planner

A Certified Financial Planner (CFP®) is your all-around financial coach. They help you create a complete financial game plan that covers everything from retirement to taxes, investments to insurance.

How can they help?
Whether you're wondering if you can retire early or how to lower your taxes, a CFP® helps you look at the big picture, making sure every part of your financial life works together.

2. What Does RICP® Mean?

Retirement Income Expert

If you're close to retirement or already there, a Retirement Income Certified Professional (RICP®) can help you figure out the best way to turn your savings into a steady income.

Why it matters:
They’ll help you avoid running out of money in retirement by creating a plan that includes when to start Social Security, how to manage healthcare costs, and how to make sure your money lasts as long as you do.

In the end, inflation is real and will continue, even when we don’t know how much of it there will be. The key is to build a plan that incorporates elements that are designed to fight inflation but also to include assets that protect you from a market decline. The balance of such components is what will ultimately determine how your retirement income planning will perform financially. Inflation is real, whether modest amounts or extreme, and isn’t going away anytime soon, so consider how adjustments to your planning may help you navigate the rise in inflation so you can enjoy a reduction in anxiety.

3. What Does EA Mean?

Your Tax Expert in Your Corner

An Enrolled Agent (EA) is a tax professional licensed by the IRS, specializing in tax preparation, audits, and appeals. Unlike a general financial advisor, they focus exclusively on tax issues.

How can they help?
If you're dealing with a complicated tax situation—whether it's a business, an audit, or maximizing deductions—an EA can step in to help you navigate the tax world, ensuring you're not leaving money on the table.

4. What Does CLU® Mean?

Your Go-To for Insurance and Estate Planning

A Chartered Life Underwriter (CLU®) is the insurance expert in the financial world. If you’re focused on using life insurance for wealth transfer, estate planning, or business protection, a CLU® has the expertise you need.

Why it matters:
They’ll help you ensure your family or business is financially secure through smart insurance strategies, making sure your loved ones are protected, and your assets pass on smoothly.

5. What Does ChFC® Mean?

Your Comprehensive Financial Planner with Extra Depth

The Chartered Financial Consultant (ChFC®) designation is similar to the CFP®, but with a deeper dive into estate planning, insurance, and business strategies.

How can they help?
If you want to focus on growing your wealth while also thinking about protecting it for the next generation, a ChFC® gives you detailed, specialized advice on everything from retirement to taxes, plus advanced estate and insurance planning strategies.

Bringing It All Together

Each of these designations represents a different area of financial expertise. By understanding the meaning behind these credentials, you can choose the advisor who is best suited to help you meet your unique financial goals—whether that’s minimizing taxes, protecting your family, or planning for retirement.