That is an excellent question. We may have determined that "standards" aren't really standards at all but a phrase that refelcts on the current situation only.

There are a myriad of factors that can be used in determining a persons qualifications. You do need to find someone who is right for you and by that I mean has experience or training in the areas that you need assistance with.

Imagine a world where there are no credentials and it is just a career path. You have two distinct choices available and one would be to use a Registered Investment Advisor which would afford you the protection of the "fiduciary" umbrella or go the route of the Registered Rep or insurance agent. Under the latter your legal recourse may not be quite as strong as under the former however I hope that you are not a person who expects the worst outcomes!

Recommendations from people are always helpful but you do have to do your own diliigence. You want someone who has not run afoul of securities or insurance laws I would imagine. Someone who is educated? Been around a few years?

The educational requirements for the CFP designation and for the ChFC are so similar and fungible that I am not sure that you can say that either are smarter or have learned more.

You do want someone who will work for you and in my opinion, give you undivided loyalty. That means that you come before them, not that you are their only client.

If you are looking for an answer that says one credential over the other then I am not biting!