Advocis and the Institute for Advanced Financial Education (the Institute) launched a new registry of Chartered Life Underwriter (CLU) and Certified Health Specialist (CHS) designation holders this month, designed to help members of the public verify claims of those who profess to be designation holders in good standing.Created in 1924 by an Act of Parliament, the CLU designation identifies those with experience and education in the area of wealth transfer and estate planning. The newer CHS designation identifies those with specialist health insurance training and experience.
Today, the Institute has plans to market the CLU more broadly, both to the public, and to other professionals who often have a hand in transferring wealth from one generation to the next.
Institute chair, Jim Virtue says fraudulent use of the designations isn’t a problem that he’s aware of. Still, in making the announcement, it was pointed out that individuals who make fraudulent use of the designations will be reprimanded and could be subject to legal action.
“We’re really doing this for increased public awareness,” he says. In addition to the registry, he adds the standards body has been actively working to update its course material and continuing education requirements. “We’ve been doing a lot of work to increase the proficiency of the people who have the CLU, and increase the profile of the designation.”
Work to increase the public and professional profile of the CLU and CHS nationally, meanwhile, is currently in the planning stages. Accountants – Chartered Accountants (CAs), Certified Management Accountants (CMAs), and Certified General Accountants (CGAs) – are among those the Institute plans to target in the future. “There are quite a few accountants practicing in the area of wealth management, but they haven’t really taken any formal training,” Mr. Virtue says. “We think that’s a very good area for us to market our designation.”