Final answer:
The financial professional who charges a fee to advise clients about insurance must be licensed as a consultant. The purpose of occupational licensing is to ensure quality and protect clients by verifying the professional's education and competence.
Step-by-step explanation:
The individual who needs to be licensed as a consultant is D. the financial professional who, for a fee, advises a client on the benefits or disadvantages of purchasing insurance. This licensing requirement is in place because the individual is providing expert advice for a fee, which falls under the category of occupations that typically require licensing in order to ensure a standard of quality and protection for clients. For example, most states require licenses for various professionals such as insurance agents and real estate brokers, who must demonstrate their knowledge and competence through education and testing. Licensing not only establishes the credibility of professionals but also helps prevent fraud and protects the public by ensuring that license holders meet certain standards.