CLU Disciplinary Board

[bluemarlin08]

Does the American College monitor the activities of those with the CLU designation. Are any of you aware of a CLU losing their designation for improper behavior? Over the years I have known CLU's that have been found guilty of fraud, securities violations etc and they never lost their designation.

 

[xrac]

Does the American College monitor the activities of those with the CLU designation. Are any of you aware of a CLU losing their designation for improper behavior? Over the years I have known CLU's that have been found guilty of fraud, securities violations etc and they never lost their designation.

I do not think that there is a regulatory function to the CLU like there is to the CFP. There are no annual fees for the CLU are there? Don't pay your dues and you lose the CFP.

 

[DHK]

There are bi-annual fees if you obtained a designation from The American College after 2007.

There is no disciplinary board. The American College is a college... not a regulator.

However, both the CFP and RFC designations have monitoring, should a complaint arise.

You can find this information here as well:
FINRA - Investor Information - Understanding Professional Designations

 

[xrac]

Are there continuing educational requirements for the CLU?

 

[DHK]

Yes. 30 hours every 2 years.

 

[xrac]

There are bi-annual fees if you obtained a designation from The American College after 2007..........

Are fees becoming a racket for all of these educational bodies? It is amazing we do not get charged a fee to maintain our academic degrees.

 

[somarco]

Yes. 30 hours every 2 years.

Did I feel a tug on my leg?

(Bob Vineyard, CLU . . .)

 

[DHK]

Are fees becoming a racket for all of these educational bodies? It is amazing we do not get charged a fee to maintain our academic degrees.

I think so. I think The American College has been feeling pressure (either internally or externally) to have its designations compete better in the marketplace compared to the CFP Board.

What both of these organizations don't seem to understand is that it's not about them... because nobody cares! No one ever has and never will search me out because "I'm a ChFC". As such, I still haven't sent in my renewal for my ChFC that I earned in 2008.

The education is great... but there has been next to nothing since then. (Okay, there's the quarterly or semi-annual edition of "Wealth Channel" magazine.)

I think I'd get much more 'bang for the buck' if I re-activated my IARFC membership. Lots more marketing and branding support from that organization to help brand ME to my prospects and clients.

"No one cares how much you know until they know how much you care."

 

[scottstreet]

"No one cares how much you know until they know how much you care."
I like it!

 

[CaptiveBroke(r)]

There is no regulatory CLU board. All of the requirements must be met "before" receiving the designation and afterwards, is somewhat like earning a college degree. Degree cannot be taken away for an indiscretion committed afterwards.

As far as the ongoing accreditation, you must complete 30 hours of continuing education every two years...unless you are like me, that I am grandfathered into it prior to that requirement.

During the war of 1812, we were not subject to the mandatory CE requirement.