Financial Advisor

Chartered Consultant on Aged Living (CASL)

What is a Chartered Consultant in Senior Living (CASL)?

A Chartered Consultant for Senior Living (CASL) is a professional designation for individuals who help senior clients achieve financial security. CASL certifications are typically held by financial advisors who are committed to helping middle-aged and elderly clients achieve and maintain financial security through wealth management, wealth preservation, and wealth transfer planning. CASL name, although still American Institute of Financial Services (CASL issuer), no longer available to new students.

CASL is one of several legacy programs at American universities. The College continues to support existing CASL holders. The American Academy has decided to stop enrolling new professionals into the program as of September 1, 2015, but continue to offer existing candidates the courses and exams required to complete their designation by March 21, 2017.

According to the American Academy, the CASL designation “indicates a commitment to helping senior clients achieve financial security now and in the future. CASL helps advisors lead clients from middle age through retirement and assists them in managing, preserving and transferring wealth.”

key takeaways

  • A Chartered Consultant for Senior Living (CASL) is a professional designation for individuals who help senior clients achieve financial security.
  • The designation is still recognized by the American Institute of Financial Services (the issuing body), but is no longer offered to incoming freshmen.
  • CASL certification is considered a rigorous certification requiring 250 to 300 hours of study, five college-level courses, and 3 to 5 years of relevant full-time work experience, in addition to the biennial continuing education exam.
  • CASL Designated Holders are tasked with providing age-appropriate income and investment strategies, including long-term health insurance and estate planning.
  • Retirees and those nearing retirement face many complex decisions related to their finances, so it often makes sense to hire an expert with a CASL designation.

How the Chartered Consultant on Senior Living (CASL) works

CASL Designated Holders are tasked with providing age-appropriate income and investment strategies, helping clients understand long-term care and health insurance, and providing estate planning guidance. Required courses successfully go into the details of aging; family relationships and living arrangements for seniors; health care needs; health insurance until age 65; Medicare; Medicaid; types of property ownership; trusts; estate taxes; and transfers way of assets.

It also covers types of investments; the risks and returns associated with different types of securities; how investment markets work; portfolio management; planning for retirement distributions; applying for Social Security; continuing investing throughout retirement; and retirement housing.

Chartered Advisor for Senior Living (CASL) Requirements

While there is no uniform standard for evaluating the usefulness of many financial advisor designations to consumers, the CASL designation is considered a strict designation. This designation is due to the fact that it requires 250 to 300 hours of study; completion of five specific university-level courses; three to five years of relevant full-time work experience or experience requirements specified by CLU, ChFC, REBC or CFL. In addition, there are five closed-book exams, two-hour exams and 15 hours of continuing education every two years.

Clients can check the status of CASL Advisors and any complaints against CASL Advisors online or by phone. The five compulsory courses that take an average of 18 months to earn in order to earn the CASL designation are:

  1. Get to know old customers
  2. Seniors Health and Long Term Care Financing
  3. Financial Decisions for Retirement
  4. Invest
  5. The Basics of Estate Planning

The Importance of Becoming a Chartered Advisor for Senior Living (CASL)

Since there are multiple financial advisor designations that allow advisors to claim expertise in managing seniors’ finances, consumers need to be cautious and investigate the requirements behind the certification before they can trust advisors financially. Some designations have no required courses and are not accredited. Others, including CASL, require extensive coursework or self-study with regional or national recognition.

Retirees and prospective retirees face many complex decisions related to their finances, so it often makes sense to hire experts who can analyze individual circumstances and provide detailed, personalized advice. Books and articles can provide general advice, but they can’t tell a married 70-year-old with $500,000 in a 401(k) and moderate health exactly what decisions should be made to maximize financial security and quality of life.

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