Financial Services Specialist (FSS): Questions and Answers
Interested in working toward any of these designations?
Contact:
The American College
800-992-4352
TheAmericanCollege.edu
What is the FSS?
The Financial Services Specialist (FSS) designation is a new program from The American College designed to provide professionals with high-impact sales skills and introductory-level technical knowledge to help professionals get their careers off to a fast start.
Who should consider enrolling in the FSS program?
The FSS curriculum is ideal for:
- Sales support staff in financial services firms.
- Individuals new to the financial services industry
- Working financial services professionals in securities firms, banks or insurance companies who are looking to sharpen their sales skills.
How is the curriculum structured?
The curriculum consists of five core courses and an additional ethics course.
Of the five core courses, two courses are required and three of the courses are electives that can be selected by the student based on his or her area of interest and desire for specialized knowledge. Here is an outline of the current curriculum structure.
Required Core Courses
262 Foundations of Financial Planning: An Overview
263 Foundations of Financial Planning: The Environment
Required Ethics Course
290 Ethics for Financial Services Professionals
Elective Courses (Select 3 from the following choices)
- Sales Skills Techniques
201 Techniques for Exploring Personal Markets
202 Techniques for Meeting Client Needs
203 Techniques for Building a Career in Financial Services
- Product Essentials
211 Essentials of Disability Income Insurance
222 Essentials of Multiline Insurance Products
251 Essentials of Business Insurance
252 Essentials of Employee Benefits
255 Essentials of Long-Term Care Insurance
256 Essentials of Annuities
Essentials of Life Insurance Products
Essentials of Investment Products and Services (Future Course)
- Planning Foundations
261 Foundations of Retirement Planning
264 Foundations of Investment Planning
271 Foundations of Estate Planning
281 Foundations of Senior Planning
What will the curriculum cover?
Topics in the program include:
- Basic planning concepts
- Understanding the financial services market
- Communication skills
- Understanding the client life-cycle
- Introductory financial planning concepts including:
- Estate Planning
- Financial Planning
- Investment Planning
- Retirement Planning
- Introductory financial product knowledge including
- Investments
- Annuities
- Insurance
Can individuals who have an LUTCF receive credit toward their FSS?
Yes. Individuals who hold the LUTCF designation can receive two course credits toward their FSS designation. These individuals would then only need to complete four courses - two required core courses, one elective course and an additional ethics course (provided they have not taken an ethics course as part of their LUTCF program).
When will the courses be available?
262 Foundations of Financial Planning: An Overview should be available in June of 2005.
263 Foundations of Financial Planning: The Environment should be available in August/September of 2005.
Other courses will be rolled out over the next 12 – 14 months by December 31, 2006.
Who owns this designation – NAIFA or The American College?
While being an active NAIFA member is required to hold the FSS – just as it is for the LUTC – the designation is wholly owned and administered by The American College.
How will instruction be delivered?
Working together with NAIFA associations and agencies, courses will be delivered in a live classroom instructional format with a moderator at the local level. Exams are administered on a pencil and paper basis at the local level. Individuals must pass both the classroom and exam components of the educational curriculum to receive credit. This is similar to the manner in which LUTC courses are currently delivered.
Who can enroll?
Courses are open to all financial services professionals through local associations of the National Association of Insurance and Financial Advisors (NAIFA). To contact a chapter near you, call The American College at 888-AMERCOL or e-mail studentservices@TheAmericanCollege.edu.
Is there a continuing education component to the FSS designation?
Yes. Once an individual has earned the FSS designation, he or she will be required to complete an American College approved ethics seminar every two years offered through the local NAIFA Association Chapter.
If an individual completes the FSS or LUTCF program, can he or she receive credit toward one of our other Huebner School designation programs?
Any individual who completes the FSS or LUTCF designation programs qualifies for one credit toward four Huebner School designations. Programs that qualify include the ChFC, CLU, RHU and REBC.
What will be the price structure for courses in the FSS program?
The price structure for the FSS program will be similar to the one currently in place for the LUTCF program. Each course is $325 plus a surcharge paid to and collected by the local NAIFA organization not to exceed $50 per course for students who are not NAIFA members. Textbooks and other course materials are included in the pricing.
Will FSS designees participate in conferment?
Yes. Anyone who meets requirements for the FSS designation will be eligible to participate in The College’s annual conferment exercises with other designees.
Who will be the initial target market for the FSS designation?
Individuals who currently hold the LUTCF will be targeted initially. Individuals working in the back office and in the sales force of financial services firms would also be the focus of initial marketing and public relations efforts.
Will the FSS designation reduce enrollments in the LUTCF program?
It is possible that enrollments in the FSS program will result in decreased LUTCF enrollments. Unlike the LUTCF program, the FSS program is not focused solely on the insurance industry. This should make the program attractive to current holders of the LUTCF designation and to individuals who are looking for a more general financial services educational program.
If I want to become a moderator for the new FSS program, whom should I contact?
Moderators are seasoned financial services professionals who help create an interactive classroom learning environment. Individuals interested in becoming moderators for FSS courses can contact The American College at volunteer@TheAmericanCollege.edu for more information.
