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What is a Chartered Federal Employee Benefits Consultant?

What is a Chartered Federal Employee Benefits Consultant?

March 09, 2021

If you are a federal employee looking for a financial consultant, you need a Chartered Federal Employee Benefits Consultant (ChFEBC ℠). This is a financial services professional who can help you address your financial concerns. A Chartered Federal Employee Benefits Consultant has a thorough understanding of CSRS and FERS annuities, FEGLI, the Thrift Savings Plan, and other benefits available only to federal government workers.

When it comes to retirement planning for federal employees, the ChFEBC ℠ designation is the most respected. Why? Because a financial advisor who wants to become ChFEBC ℠ needs to earn it. The average financial advisor has to face a learning curve to understand the retirement issues and federal benefits that concern federal government employees.

We’re honored to say that Charles Pettit, co-founder and CCO of CSP Financial Group, has earned this designation.

Chartered Federal Employee Benefits Consultant Explained

A Chartered Federal Employee Benefits Consultant is a designation obtained by financial advisors, federal employees, attorneys, and other financial professionals. As mentioned, to become a ChFEBC ℠, a person has to undergo an intensive training course covering the FERS transferee annuity, the CSRS offset annuity, Special Provisions FERS (for firefighting and law enforcement personnel, and air traffic controllers), the Thrift Savings Plan, Federal Employee Group Life Insurance, the Federal Long-Term Care Insurance Program, and more.

Chartered Federal Employee Benefits Consultant also has to be a great factfinder. They have to know how to ask federal employees the right questions to get an accurate picture of their financial situations.

How to Become a Certified Chartered Federal Employee Benefits Consultant?

To become a Chartered Federal Employee Benefits Consultant, the candidate must meet the prerequisite experience and education requirements and complete an examination. Even after the candidate achieves the certification, he has to take continuing education courses to keep his/her designation current. The standard requirement is ten hours of coursework every two years.

The first requirement is to meet prerequisite education and experience criteria. A candidate must have either three years of financial experience or hold a Series 6, Series 7, Series 24, Series 66, Investment Advisor, or Investment Advisor Representative designation. Many candidates also hold one of the following designations:  Chartered Financial Consultant (ChFC ℠), Chartered Financial Analyst (CFA), Chartered Life Underwriter (CLU), Certified Financial Planner (CFP), master’s degree in finance, business, or economic, Attorneys License (JD) or Certified Public Accountant (CPA).

In addition to this, a candidate has to complete sixteen modules of self-study or a two-day classroom course. Upon completing these courses, the candidate must complete and pass a two-hour exam covering all topics.

Do You Need a Chartered Federal Employee Benefits Consultant?

As a federal employee who needs help planning for retirement, you might want to work with a ChFEBC ℠. The financial Industry is full of financial advisors; however, they may not suit your specific needs. The average financial advisor might not understand your retirement issues and federal benefit offerings. On the other hand, ChFEBC ℠ has extensive training and knowledge specific to federal employees. Working with one might help you solve some of the more complex federal benefits issues.

As professional financial advisors, we strive for every client to realize all of their financial dreams. Whether your goal is to save for your retirement, a new home, or managing your portfolio wisely, we have the experience and resources to meet your needs.

Federal Employees will benefit from our free Financial Foundations program. Learn more and contact us to register.