A. CFP and ChFC are two competing designations, both of which cover much the same ground, so it's hard to say which one is better.
CFP stands for Certified Financial Planner, it is the one with the most media recognition, with about 68,000 people in the U.S. holding this mark. It is governed by the CFP Board of Standards in Washington DC. To get the designation, a candidate must take 5 courses and pass a comprehensive board exam.
ChFC stands for Chartered Financial Consultant, it is offered by the American College and competes with CFP. It requires more course work - 8, but there is no board exam required.