As you have been looking at the profiles of the MQFP® Professionals we have listed on the site, you have probably noticed they nearly all have either the CFP® or AFC® certification in addition to the MQFP® credential. (Some have both!)  While both AFC® and CFP® Professionals can help you manage your money more effectively, they serve different purposes and have different training and areas of expertise. Here’s a breakdown of how they compare across several key areas to help you decide who among our MQFP® Professionals may be the best fit for your needs.

Scope of Services Offered

CFP® Professionals: Certified Financial Planners typically offer comprehensive financial planning services, including military financial planning, veteran financial advisor services, and military retirement planning. This can also encompass investment planning, estate planning, tax planning, insurance needs, and college savings plans. They are trained to create long-term financial plans tailored to your goals and often work with clients who have investable assets or are planning for major life events like retirement.

AFC® Professionals: Accredited Financial Counselors focus more on the day-to-day aspects of money management for military families and veterans, such as financial counseling, coaching, and education. They can help with budgeting, managing credit, and improving financial behaviors. AFCs are particularly useful for people who are trying to regain control over their finances or build a strong financial foundation.

Credentials and Training

CFP®: To become a CFP, an individual must complete college-level coursework in financial planning, hold a bachelor’s degree, pass a rigorous exam, and gain at least 4,000 to 6,000 hours of financial planning experience. They must also adhere to ethical standards and complete continuing education every two years.

AFC®: To become an AFC, candidates must complete coursework covering topics such as credit, debt, savings, and behavioral finance. They must also pass a certification exam and complete 1,000 hours of relevant experience. To keep their credentials, AFCs are required to uphold a code of ethical standards set forth by The Association for Financial Counseling & Planning Education (AFCPE®) and complete a minimum of 30 hours of Continuing Education every 2 years.

Expected Fees

CFP®: CFP® professionals may charge in a variety of ways: a flat fee for a financial plan, hourly fees, or a percentage of assets under management. Fees can range widely depending on the services provided and the planner’s pricing model. It’s important to ask for a clear explanation of how you’ll be charged. 

AFC®: AFC professionals usually work on an hourly or flat-fee basis and may charge lower fees compared to CFPs, which makes them more accessible to clients with limited income or significant financial challenges. They may also be employed by nonprofit organizations or government agencies, sometimes offering services at reduced rates or even for free.

The MQFP® Advisory Committee requires all MQFPs to adhere to the NAPFA definition of ‘fee-only”.

Fiduciary Obligation

CFP®: The CFP Board of Standards requires CFP® professionals to act as fiduciaries when they are engaged in financial planning or providing financial advice. Being a fiduciary means they must put the client’s interests ahead of their own. This is a critical safeguard that ensures you’re receiving unbiased, client-focused recommendations.

AFC®:  The AFCPE requires AFCs to always act as fiduciaries, committed to following a strict code of ethics, and prioritize their clients’ best interests above their own. Many AFCs, especially those affiliated with nonprofit or educational organizations, operate with a strong client-first approach, ensuring that their guidance is always focused on the well-being and financial stability of their clients.

The MQFP® Advisory Committee requires all MQFPs to sign an oath to always act in a fiduciary capacity.

Specialization

CFP®: CFPs often specialize in complex financial issues such as estate planning, retirement planning, and investment strategy, and will integrate military retiree and veterans benefits into their investment and retirement planning strategies. They may also work with high-net-worth individuals or those with specific financial goals requiring sophisticated planning techniques.

AFC®: AFCs typically specialize in helping individuals build healthy financial habits, such as military budgeting tips and financial education for service members and veterans. They often work with people in financial distress, those with limited financial education, or individuals trying to navigate financial life changes like divorce, military deployment, or transition.

Experience and Reputation

CFP®: Because of the higher education and experience requirements, CFPs are generally seen as high-level financial planning professionals. Many work at financial firms or run their own businesses, and their certification is widely recognized in the financial industry.

AFC®:  AFCs bring valuable real-world knowledge to their clients, especially in helping clients manage basic financial challenges. They also help clients at all income levels learn how to better manage their money so that they can reach their financial goals.

Personalized Service

CFP®: CFPs often build long-term relationships with their clients, offering personalized plans that evolve with major life changes. Their services are generally more tailored and strategic, focusing on helping clients reach long-term goals.

AFC®: AFCs also provide personalized guidance, especially around creating financial goals and immediate financial concerns. Their approach is more hands-on, aiming to empower clients to make better financial decisions and develop healthy habits.

Conclusion

Choosing between a CFP® and an AFC® depends largely on your current financial needs. If you’re looking for in-depth, long-term financial planning, especially involving investments, retirement, or estate planning—a CFP might be the right choice. If your focus is on budgeting, debt reduction, or building basic financial skills, an AFC could be a better fit. Understanding these differences can help you make an informed decision and select the MQFP® Professional that’s right for you.

Summary of the Key Differences: