A CFP and a ChFC are both financial planning credentials, and they cover much the same ground: retirement, tax, insurance, investments and estate planning. The CFP asks more of the person who earns it. It needs a bachelor’s degree, one comprehensive exam and a fiduciary duty that CFP Board enforces in public. The ChFC is earned course by course, with no final exam across the whole curriculum. Of the 24,501 fee-only advisors in the public graph, 9,930 list a CFP and 673 list a ChFC.
If an advisor holds either one and is fee-only, the credential is a starting point, not the decision. This guide covers how the two differ. Our guide to CFP vs CFA vs CPA covers the investment and accounting credentials.
The two side by side
| CFP | ChFC | |
|---|---|---|
| Granted by | CFP Board | The American College of Financial Services |
| Degree required | Bachelor’s degree | High school diploma or equivalent |
| Education | Planning coursework, plus a capstone course | Eight required courses |
| Exam | One exam, 170 questions, covering everything | A final exam for each course, no cumulative exam |
| Experience | 6,000 hours (or 4,000 as an apprentice) | Three years |
| Ethics | Fiduciary duty when giving financial advice | The College’s Code of Ethics |
| Continuing education | 30 hours every two years | 30 hours every two years, including one of ethics |
| Public discipline list | Yes, by state | None published |
| Accepted in place of the Series 65 | Yes, in most states | Yes, in most states |
| Check it at | cfp.net/verify | youradvisorguide.com/verify |
Where they really differ
The exam. The CFP exam is 170 multiple-choice questions over one day, including case studies that mix tax, retirement and insurance in one household. ChFC candidates take a closed-book, proctored exam at the end of each course, and The American College says there is no high-stakes cumulative exam. Passing eight separate exams shows knowledge of each topic. Passing one exam that combines them shows the person can connect them, which is most of what planning is.
The degree. CFP Board requires a bachelor’s degree from an accredited school. FINRA lists the ChFC’s prerequisite as a high school diploma or equivalent, plus three years of full-time business experience.
The duty. CFP Board’s standards require a CFP professional to act as a fiduciary when giving financial advice, and the Board publishes a list of disciplined individuals by state. ChFC holders agree to The American College’s Code of Ethics. FINRA’s summary of the ChFC notes there is no published list of disciplined designees. Neither credential is a law: whether an advisor is a fiduciary under federal law depends on how they’re registered, which our guide to whether your advisor is a fiduciary explains.
Where they overlap. Most states accept either one in place of the Series 65, the exam an investment adviser representative normally passes, according to NASAA. And a ChFC can move toward the CFP through CFP Board’s Accelerated Path, which waives the CFP coursework but still requires a capstone course, the exam, the experience hours and a bachelor’s degree.
The counts come from the credentials advisors list on their records, so an advisor who holds one but doesn’t list it isn’t counted.
When each is the better choice
A CFP is the safer default when you want one person to plan the whole picture and you’re comparing people you don’t know. The single exam and the public discipline list give you two things to rely on before the first meeting.
A ChFC can be the better choice when the person behind it is clearly a better fit for your situation: years of work with clients like you, a fee you can understand, and a plan that addresses your real questions. Some ChFC holders add The American College’s RICP, a retirement income credential, which can matter more for a retiree than the difference between the two planning marks.
Look harder when an advisor lists a ChFC alongside the CLU, an insurance credential, and their main product is insurance. That’s not a problem in itself. It is a reason to confirm how they’re paid before you take their recommendation on a policy.
Both is common among experienced planners. Holding the two together mostly tells you someone has taken a lot of planning education.
What each costs
The credential doesn’t set the price. Fee-only advisors in the public graph charge a median $4,500 a year for ongoing planning (middle half $2,400 to $7,200), $2,000 for a one-time plan and $300 an hour, and those prices come from firms with every mix of credentials. Our guide to what a financial advisor costs breaks those prices down.
What it costs the advisor to earn each credential gives a sense of the commitment, though not of the quality:
- CFP: the exam alone costs $925 at the standard rate for the October 2026 sitting ($825 early, $1,025 late), on top of coursework from a registered program. Keeping it costs $575 a year, CFP Board’s certification fee since October 2025.
- ChFC: The American College lists single courses from $985, and eight are required. It also sells discounted course packages.
How to check either one
- Confirm the credential. Search the name on CFP Board’s Verify a CFP Professional tool, which also shows any public discipline. For a ChFC, use The American College’s Verify a Designation page. Our glossary entries for the CFP and ChFC cover what each requires.
- Check how they’re paid. Neither credential means fee-only. Our guide to telling whether an advisor is fee-only shows where to look on Form ADV.
- Check the record. Search the SEC’s adviser search and BrokerCheck for complaints and past firms. Our guide to checking a financial advisor walks through each database.
Then ask, in the first meeting, which parts of their training they use most with clients like you. A CFP or ChFC who mostly does retirement income will answer differently from one who mostly sells insurance, and either answer tells you more than the letters do. For a retirement plan, retirement planning specialists are a good place to start.