The IARFC was established in 1984 as the International Association for Registered Financial Planners, lead by the first president, Jack Gargan - a prolific author, financial advisor and later an independent politician. The early association was focused on planners that met stringent education, licensing and continuing education requirements. Management was transferred to Texas in 1990, and became quite disorganized under the successor director, and membership declined.
In 1993, a new board of directors was organized by Roy Henry and they re-chartered the association, modifying the name to avoid conflict with an Ohio organization. The association was housed in the First Financial Planners building in Chesterville, Missouri. The new board started with less than 400 members and over the next six years reached 850. The IARFC is the only financial planning professional association that requires its members to meet seven stringent requirements.
The maintenance of proficiency with a minimum of 40 hours per year of continuing education in the field of financial planning distinguished the RFC from other professionals. The IARFC is convinced that extensive on-going professional education is essential for an advisor to serve the public effectively.
While serving a number of needs for its members, the primary purpose of the IARFC is to provide the public with a pool of well-qualified practitioners from which to choose a personal advisor. The RFC designation is removed from anyone who fails to maintain proficiency through substantial continuing education, or who betrays the public trust by failing to live up to its Code of Ethics or by having a professional license revoked or suspended for any reason.
In 1995, the IARFC participated in its first professional Cruise/Conference, and these events have been successful in providing continuing education in a very attractive venue. Each year, the cruise/conference provides the members with an excellent opportunity to network with leading financial professionals. An example, in 2001, the venue was the Western Caribbean and in 2002, there was one to Scandinavia and Russia.
In 1996, the organization launched its website IARFC.ORG, which is a steadily growing portal for association members and the public. A new licensing exam was developed to allow in applicants who met all other requirements except having completed academic courses that included exams.
In 1997, the association held its first Financial Advisors Forum professional education conference on a university campus at Yale University in New Haven.
This was followed in 1998 at Stanford where the attendees paid homage to the founder of the financial planning movement, Loren Dunton.
Also in 1998, the IARFC created the Registered Financial Associate (RFA) designation for the benefit of recent graduates of financial services curricula who had not yet accumulated the four years of experience required. An RFA converts to an RFC designation after several years and the completion of 160 hours of professional continuing education.
At the end of 1999 the association offices were moved to Middletown, Ohio, under the leadership of Ed Morrow, and an independent accounting and membership tracking system was installed. The charter was revised to include additional directors from academia. Membership was then 850.
In 2000, the IARFC decided to partner with a new Division of Financial Advisors formed by the National Association of Insurance and Financial Advisors. Jointly they produced the first Financial Advisors Forum, held in Dallas. Subsequently the NAIFA organization closed its Financial Advisor Division, to focus its energies more closely on the life insurance agent. The association also began to offer a self-study program using ten volume prepared by Keir Educational Resources, with a proctored exam.
In 2001, the membership ranks of the IARFC reached 1,600, reflecting a 60% increase in just two years. A great many of the new RFCs already have either the CFP or ChFC designation, reflecting a growing use of multiple professional designations. A successful Forum was held in Philadelphia. The IARFC launched an outstanding professional website program for its members, by partnering with Financial Visions. The set-up fee is only $99 (including domain registration) and the monthly fee is $34.95. Already, the website platform has been enriched with new features, at no additional cost to IARFC members. A monthly newsletter was introduced, The Register. Shortly before the end of 2001 an affiliate office was established in Malaysia, under the leadership of Dr. Jeffrey Chiew, RFC to promote memberships in the Far East.
In 2002, the association formed a relationship with the IMM Group, lead by Liang Tien Lung, RFC, to promote membership in Taiwan, Hong Kong and China. The association was represented at the International Dragon Award conference in Dalian, China. A relationship was announced with Kaplan College for on-line professional education and the RFC designation. The Forum returned to Dallas. During 2002, two new consumer brochures designed for distribution by association members were published for use in the U.S. A new Strategic Plan was developed and published by the Board of Directors. The organization also published the first issue of the Journal of Personal Finance, edited by Dr. John Grable, RFC on the campus of Kansas State University.
In 2003 association membership reached 3,000 - a compound growth rate of 36% per year since moving to Ohio. The IARFC was represented at Financial Forums in Kuala Lumpur and Xi'an, China. The RFC consumer brochures have been subsequently revised for use in Malaysia, and published in Chinese for use in Taiwan and China. RFC classes were initiated in Taiwan, China and Indonesia. A revised RFC certificate was introduced, and a cooperative relationship was established with the National Association of Certified Estate Planners.
The 2004 Financial Advisors Forum was held in New Orleans, and featured a one hour live broadcast of the Talking Money radio show hosted by Fred Siegel, RFC. RFC classes were now being taught in Hong Kong in cooperation with GAMA-HK. They were scheduled to commence this year in the Philippines, Singapore and Malaysia. The IARFC.ORG webste continues to expand, and a new Financial Advisor Profile has been developed, with each advisor's qualifications and services. The association, in cooperation with the National Institute of Certified Estate Planners, is developing a national database of attorneys that wish to work in a collaborative basis with financial advisors. Membership reached 4,000.
The 2005 Financial Advisors Forum was held in Middletown Ohio, and the attendees praised both the program and the accomodations and facilities at the Manchester Inn & Conference Center. The monthly Register Magazine is completely revamped, and increased in size.
In 2006 the Forum will again be held in Middletown Ohio, and the IARFC will present a special program at the International Dragon Awards Conference, in association with the World-wide Chinese Life Insurance Congress, August 11-14 in Chengdu, China.
The IARFC maintains a computer bank of members and their website links are maintained on this website ( Search for an RFC ) to provide the general public with information on the nearest Registered Financial Consultants.
he IARFC was established in 1984 as the International Association for Registered Financial Planners, lead by the first president, Jack Gargan - a prolific author, financial advisor and later an independent politician. The early association was focused on planners that met stringent education, licensing and continuing education requirements. Management was transferred to Texas in 1990, and became quite disorganized under the successor director, and membership declined.