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Killexams : Financial Accredited history - BingNews Search results Killexams : Financial Accredited history - BingNews Killexams : CFP Board launches scholarship in honor of LeCount R. Davis

LeCount R. Davis, the first Black certified financial planner, said many doors in his long, successful career have been opened by the CFP credential. A scholarship program launched by the CFP Board on Tuesday aims to open many more in the future.

The CFP Board Center for Financial Planning has created the LeCount R. Davis CFP Scholarship, a $5,000 award to help Black and African American students who are seeking to complete an undergraduate-level or certificate-level CFP program. Following the coursework, students can take the CFP test and continue toward certification.

In an event Monday night at the CFP Board headquarters in Washington, D.C., Davis recalled pivotal moments as an adviser that were directly linked to the mark he held.

“I would never have gotten anywhere near that meeting if it hadn’t been for the CFP,” Davis told the audience gathered to celebrate fundraising achievements of the Center for Financial Planning.  

Now Davis wants to help young Black people attain a CFP designation.

“My task for the rest of my days: I’m going to prepare the next generation of financial advisers,” said Davis, the inaugural recipient of the InvestmentNews lifetime achievement award for excellence in diversity and inclusion. “That’s what I’ve dedicated my life to because I believe that there’s a lot of promise out there. It could be a ‘win, win, win situation’ for financial firms looking for talent and future advisers of color looking to break into the business.

The Center promotes diversity in the profession through an annual summit and other initiatives. The Davis award is its first endowed scholarship. The endowment is currently about $195,000, and the organization’s goal is to reach $250,000.

CFP Board CEO Kevin Keller launched what looked like an impromptu bidding process at the reception, collecting several pledges of $25,000 to support the scholarship.

“If we’re going to serve the entire country, we need to look more like the clients that CFP professionals serve,” Keller said in a statement Tuesday. “This scholarship in honor of LeCount Davis supports both his mission and ours — creating a more diverse and sustainable financial planning profession.”

The CFP Board sets and enforces the competency and ethical standards related to the designation. Last year, there were 92,055 CFPs in the United States. That community included a record number of women and significantly higher numbers of Black and Hispanic CFPs, although the latter two categories represent a small fraction of CFPs.

Kamila Elliott is serving this year as the first Black CFP Board chair. As she travels around the country speaking at conferences, she said she is receiving positive feedback from Black and Hispanic CFPs about the organization’s diversity efforts.

“I cannot tell you the line of diverse CFP professionals — Black men, Black women, Hispanic men, Hispanic women — who come up to me and say, ‘Thank you,’” Elliott said at the reception. “They say, ‘I received a scholarship from the Center for Financial Planning. I’m a CFP professional because of the work that you’re doing. I love the imagery in all of your handouts, your online resources. I can see myself in this profession. I never saw myself before.’”

She also told of meeting a Black woman CFP candidate who said she loved seeing Elliott as a Black woman working with a diverse clientele. She said she wants to do the same.

“I cannot be more elated with the progress that we’re making,” said Elliott, who founded Collective Wealth Partners, an RIA in Atlanta comprised of four Black CFPs, three of whom are women.

Davis wasn’t aware he was making history in 1978 when he became the first Black CFP. Over his 50-year career, he has done accounting, tax planning, financial planning, financial management and investment consulting.

“I didn’t know I was the first anything,” Davis said in a video shown at the reception. “I just did what was necessary — go to school, learn, pass the exams. The CFP has propelled me into areas that I would never have gotten into if I had not done a CFP.”

[Read more: Insurers to suppliers: Time to get with the DEI program]

Tue, 09 Aug 2022 07:14:00 -0500 en-US text/html
Killexams : What Kind of Financial Advisor Do You Need?

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Hiring a financial advisor is a great way to help you manage your money, set financial goals and plan for retirement. But if you’re just beginning your search for a financial advisor, you may need some help understanding the different types. Let’s take a look at the most common titles and what they can do for you.

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What Is an Investment Advisor?

An investment advisor is a company or an individual who provides clients with advice and manages their investments. Whether you’re just starting out with a modest amount of money or you’ve already built up a six- or seven-figure portfolio, an investment advisor can help you choose the right securities and then manage them for you.

An investment advisory firm is called a Registered Investment Advisor (RIA), and employees of a RIA who work as advisors are called Investment Advisor Representatives (IARs). While “advisor” with an “o” is the most common spelling, the laws regulating these professionals generally use the term “adviser” with an “e,” so you may see either when researching RIAs.

Investment advisors who manage $110 million or more in client assets must register with the U.S. Securities and Exchange Commission (SEC). Those who manage less than $110 million in client assets register with the securities regulator in the states where they do business.

How Do Investment Advisors Work with You?

Investment advisors provide you with personalized advice tailored to your goals and risk tolerance. They can help you select investments, rebalance your portfolio or manage your entire investment portfolio. Most offer brokerage services, too.

RIAs have a fiduciary duty to their clients, meaning they must act in their clients’ best interests. In other words, a registered investment advisor must recommend the best investment products and services for each individual, not the products that pay them the highest commissions or fees.

Typically, an investment advisor charges an annual advisory fee that is a percentage of the assets they manage for you. As of 2019, the average investment advisor fee was 1.17% of assets under management. However, some investment advisors offer flat fees or hourly rates for clients who only need more limited advice.

According to Brian R. Littlejohn, a Certified Financial Planner (CFP) and fiduciary financial advisor with Sherwood Investment Management, there are certain designations you should look for when searching for an investment advisor.

“A person who is looking for investing expertise should seek out a Chartered Financial Analyst (CFA),” he said. “This designation is the gold standard for investment management. It takes an average of 1,000+ hours of study, along with four years of professional experience and successful completion of three rigorous exams, to earn the distinction of being called a CFA.”

If you’re looking for broader financial advice speaking to your whole financial life, check out a financial planner.

What Is a Financial Planner?

Financial planners take a holistic approach, providing advice about every aspect of their clients’ financial lives. A financial planner aims to build a plan that encompasses budgeting, emergency savings, college funds for your kids, insurance needs, retirement planning and estate planning.

Some financial planners sell investment or insurance products, and some may also be brokers. There is a very wide variety of different services and offerings among financial planners—and there are no federal or state authorities who directly regulate them. Basically anyone can call themselves a financial planner and begin taking on clients.

For these reasons, when evaluating financial planners it’s best to look for ones who are Certified Financial Planners (CFPs). The CFP designation is the highest professional standard in the financial planning industry. CFP denotes that a financial planner has extensive training and knowledge, as there are rigorous education requirements and a lengthy certification test to earn the certification. In addition, CFPs are now required to always act as fiduciaries for their clients.

To find out if a financial planner is a CFP, you can search for their name on the Certified Financial Planner Board of Standards’ database.

How Do CFPs Work for You?

Like investment advisors, CFPs have a fiduciary responsibility to their clients. They must recommend financial products or plans that are best for the client; they can’t recommend products simply because they would benefit themselves financially.

Many CFPs are fee-only, meaning you’ll pay a rate for their services but they won’t profit off any of the recommendations they provide you. Others are fee-based, so they might earn a commission based on certain recommendations. Even these CFPs, however, cannot recommend a product over another simply because it would net them a higher commission. Still, many CFPs believe that fee-based pay structures can influence their recommendations, so they opt for fee-only payments.

What Is a Wealth Manager?

A wealth manager is a financial advisor that caters to high-net-worth individuals. Wealth managers offer similar services as financial planners—retirement planning, insurance and investment management—but they also specialize in areas like philanthropic planning and estate planning, areas of need among wealthy people with lots of assets.

“A high-net-worth individual should consult a CFP since their situation is likely to be more complex and require knowledge in several different areas of personal finance,” says Littlejohn. “CFP professionals are adept at devising creative solutions that meet the needs of those with significant wealth.”

In addition to professional distinctions, also ask potential wealth managers if they are fiduciaries. As with financial planners, anyone can call themselves a wealth manager, meaning some—but not all—wealth managers are fiduciaries. To find a fee-only wealth manager who has a fiduciary duty to clients, visit the National Association of Personal Financial Advisor’s website or use the SEC’s advisor search tool.

What Is a Broker?

Securities exchanges only allow designated individuals and firms to place orders. When you want to buy or sell securities for your portfolio, like stocks and bonds, you need a broker.

A broker is an individual or brokerage firm that serves as the intermediary between individual investors and a securities exchange. Brokers are usually paid commissions when you buy or sell securities through them. There are two main types of brokers:

  • Full-Service Brokers. Full-service brokerages are more expensive than discount brokerages, but they generally provide personalized investment advice.
  • Discount Brokers. Discount brokerages charge lower fees and commissions, but you typically have to select investments on your own. Increasingly, discount brokers are discontinuing self-directed trading fees entirely.

Before working with a broker, make sure they are licensed in your state. For information about the brokerage, including to see whether there have been any formal complaints filed against your prospective broker, visit BrokerCheck.

Note that many RIAs, financial planners and wealth managers may also be brokers or be affiliated with them. This means you may not have to find a separate broker on your own.

What Is a Robo-Advisor?

Rather than picking investments on your own, robo-advisors simplify the process. Robo-advisors are brokerage firms that provide automated investment portfolios based on your financial goals, timeline and risk tolerance.

When you sign up with a robo-advisor, you typically will have to answer a few questions about your investment needs and comfort with risk. The robo-advisor uses your answers to create a portfolio to help you achieve your goals, usually investing in a mix of exchange-traded funds (ETFs), mutual funds, stocks and bonds.

The robo-advisor monitors your account for market changes and rebalances your portfolio as needed. Some robo-advisors have financial professionals you can meet with to talk about your investment and financial needs and create a plan, though this is not standard. Robo-advisors typically do not charge trading fees, only an advisory fee of usually around 0.25%, which may make their costs lower than other brokerage firms’ and financial advisors’.

Other Things to Consider When Choosing a Financial Advisor

Before selecting a financial advisor, it’s important to do some research to make sure you choose the right one for your needs. When evaluating financial advisors, ask the following questions:

Are They a Fiduciary?

Not all financial advisors are fiduciaries. A fiduciary financial advisor is required to keep your best interest in mind when making recommendations. If a financial advisor is not a fiduciary, they can make recommendations that may profit them. For example, they may recommend certain investment or insurance products that deliver them a higher commission, even if a similar product might offer you similar performance at a lower cost to you. A fiduciary advisor, in contrast, could not do this.

What Is Their Typical Client Like?

When screening potential advisors, look at their materials and ask about what their typical client is like. You want to select an advisor who has experience with clients in a similar financial position as you. For example, CFPs work with clients at varying income levels while wealth managers usually only work with people with a high net worth.

What Is Their Fee Structure?

Before entering into an agreement with a financial advisor, review their fee structure. The most common types of payments are fee-only, fee-based and commission-based.

  • Fee-Only: A fee-only advisor charges a flat fee, hourly rate or percentage of the assets they manage for you for their services. The fee-only structure is preferred by many CFPs.
  • Fee-Based: Fee-based payments are a mix of commissions and fees. You’ll pay a base fee, but you might also pay a commission on investment trades or other financial products.
  • Commission-Based: With a commission-based structure, the financial advisor makes a commission based on the financial products they sell you. This doesn’t necessarily mean the products they sell you aren’t the best products for you, simply that they don’t have to be.

Do They Have a Disciplinary Record?

You can view a financial advisor’s background, fee structures and disciplinary actions with BrokerCheck. When looking at an advisor’s profile, look for any disciplinary actions or complaints that were lodged against them.

Are They Certified?

While many people may use “financial advisor” as their title, there are professional designations that set some advisors apart. For example, CFPs are required to undergo extensive training and have years of experience before they’re certified.

You can find an advisor and then research their credentials using the following databases:

Be sure to double check an advisor’s credentials and history using BrokerCheck before entering into an advising relationship with them.

Looking For A Financial Advisor?

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Thu, 14 Jul 2022 19:32:00 -0500 Kat Tretina en-US text/html
Killexams : Financial Forensics

What Is Financial Forensics?

Financial forensics is a field that combines criminal investigation skills with financial auditing skills to identify criminal financial activity coming from within or outside of an organization.

Financial forensics may be used in prevention, detection, and recovery activities to investigate terrorism and other criminal activity, provide oversight to private-sector and government organizations, and assess organizations' vulnerability to fraudulent activities.

In the world of investments, financial forensics experts look for companies to short or to try and win whistleblower awards.

Key Takeaways

  • Financial forensics is a field that combines criminal investigation skills with financial auditing to uncover criminal activities carried out by individuals or companies.
  • Financial forensics is used in the prevention, detection, and recovery related to criminal activities, such as money laundering, tax fraud, terrorism, and financial schemes.
  • To become certified in financial forensics, an individual must be a certified public accountant (CPA), pass the Certified Financial Forensics (CFF) exam, and meet certain requirements.
  • Financial forensics is also used by investors and traders to find investment opportunities.

Understanding Financial Forensics

Financial forensics is similar to forensic accounting, which utilizes accounting, auditing, and investigative skills to analyze a company's financial statements for possible fraud in conjunction with anticipated or ongoing legal action.

Forensic accountants analyze the financial statements of companies and individuals to look for tax fraud, money laundering, insider trading, scams, market manipulation, and other financial crimes. The goal is to discover these crimes, report them, prevent them if possible, and prosecute the individuals responsible. If financial theft has taken place, financial forensics is also used to recover any stolen funds.

Financial forensics is significantly used by intelligence agencies as well, such as the Federal Bureau of Investigation (FBI) and the Central Intelligence Agency (CIA) to uncover terrorism. As terrorist groups need funding to exist, this is a very effective measure in discovering terrorist cells.

Forensic accountants can be employed by companies, the government, and agencies like the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS).

Forensic accountants can also help companies design accounting and auditing systems to manage, identify, and reduce risk. This has become increasingly popular as companies are looking for ways to prevent crime before it happens rather than discover it after the fact.

How to Become Certified in Financial Forensics

An individual wishing to become a forensic accountant must first be a certified public accountant (CPA). They would then need to take and pass the Certified Financial Forensics (CFF) test offered by the American Institute for Certified Public Accountants (AICPA) to be a certified accountant in the field of financial forensics.

The test focuses on two areas: core forensic knowledge and specialized forensic knowledge. It is offered year-round and has either a pass or fail score.

After passing the exam, an individual must complete the CFF Credential Application. This comes with requirements, which include having a minimum of 1,000 business hours experience in forensic accounting within the five years prior to completing the CFF application and 75 hours of forensic accounting-related continuing professional development (CPD), also within five years of completing the application.

CPAs that become certified in financial forensics are typically paid higher salaries and have more job opportunities open to them than those without the certification.

Real-World Examples

Two forensics experts made their names exposing two of the largest frauds in accurate history.

Jim Chanos, noted short-seller at the helm of hedge fund Kynikos Associates, dug into the financial statements and other filings of Enron Corporation and uncovered irregularities regarding mark-to-market practices of its energy derivatives and violations of generally accepted accounting principles (GAAP) on matching policy in the company's merchant banking operations. Enron eventually imploded, delivering a tidy sum to Chanos's fund.

Harry Markopolos, an obscure securities professional in the early 2000s, attempted for several years to warn the Securities and Exchange Commission (SEC) and others about the Ponzi scheme perpetrated by Bernie Madoff.

Markopolos finally gained recognition as the lone whistleblower when Madoff's scheme collapsed. He details his saga in his 2010 book, No One Would Listen: A True Financial Thriller. Markopolos continues his fraud-seeking craft to the benefit of investors at large. Madoff was sentenced to 150 years in prison, and passed away behind bars in April of 2021, at the age of 82.

Tue, 12 Jul 2022 18:16:00 -0500 en text/html
Killexams : Financial planner on what to do if you win the Mega Millions

LANCASTER, Pa. (WHTM) — The Mega Millions jackpot just keeps getting bigger–now up to just under $1.3 billion dollars, hours before the big drawing. The top prize up for grabs tonight is the second biggest in the history of the game.

What should you do if fate makes you the lucky winner?

Jesse Landis is a certified financial planner at the Landis Financial Advisors in Lancaster.

He says if luck is on your side, you won’t actually go home with a billion dollars.

“Unfortunately not, you do have to consider taxes. It’s about 37 percent for federal taxes so Uncle Sam is going to reach into your pocket for that and then you have Pennsylvania state tax as well which is a flat fee of 3.07%,” said Jesse Landis, a certified financial planner at Landis Financial Advisors.

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Landis says you should do these three things immediately after winning.

“You definitely don’t want to get your phone out and start posting all over social media. That’s just going to open yourself up to fraud and harassments,” Jesse Landis said. “You’re going to want to contact a qualified attorney and then also speak to a certified financial planner such as myself.”

In Pennsylvania, remaining anonymous is not an option, so while it wouldn’t be a bad payday, remember not every lottery win ends well.

“A lot of lottery stories don’t end up positive because people blow threw their money. I think having personal responsibility and also a good team behind you is really essential,” Landis said.

So what would you do if you won the grand prize?

One resident in Lancaster chimed in.

“I would pay a bunch of debt off, buy some real estate, some property and make sure everyone in my family is cool,” said Francisco Ramos, of Lancaster.

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Fri, 29 Jul 2022 11:14:00 -0500 en-US text/html
Killexams : How to choose a financial advisor

Experts create a growth roadmap that can adapt to dynamic monetary situations and help investors successfully secure their family‘s future

By Udayan Ray

Published: Sun 17 Jul 2022, 9:03 PM

Last updated: Sun 17 Jul 2022, 9:04 PM

Type a query on managing your finances on your mobile phone and you will be buried by an avalanche of information and advice. That is where the problems just start.

Why do you need a financial advisor?

First, there is conflicting advice and worse, you are mostly unsure of the quality of information and advice. To this confusion add the off-the-cuff suggestions made by bank staff and uninformed advice from family and friends. Second, such is the range of choices in financial products, making an informed choice becomes a formidable task.

Third, if you are juggling home and work and just about getting some quality time with your family, you do not need a new item demanding your time. Fourth, even if you have the time, you might not have the expertise of making and managing investments, insurance, tax, and making plans to secure your family’s future.

Finally, there is often no one to calm you and ensure that you take the right decisions when things head south, such as during market corrections, or when you are euphoric in booming markets.

Sure, you might be the quintessential do it yourself (DIY) person but then even doctors do not treat their own ailments and lawyers engage their peers. You need quality financial advice delivered by a financial advisor, an individual or an organisation that helps you fulfil your financial ambitions.

How can financial advisors help?

Unlike the common misconception, it is just not the very wealthy who need financial advice. Regular people need it too.

A good financial advisor should help you with credible information and quality advice suited to fulfil your needs. It could be a modest requirement in the form of tools and insights to enhance the returns on your investment and create wealth. It could also be broad in scope with end-to-end solutions for fulfilling financial goals like buying a home, kickstarting your start up, children’s higher education and retirement.

Being professionals, financial advisors base their advice on credible information and data besides insights, and thus take emotions out of your financial decision making. This ensures bad calls you made in the past do not influence your decisions. You not only save time but even in case you are financially savvy, you get another point of view that helps you act with conviction or benefit from a critique.

In case of a broad brief, such as that for financial planners providing financial planning services, financial advisors provide much more than help in making fresh investments. Among other things, they help in tracking and periodically rejigging investments, managing tax, getting protection in the form of insurance besides legacy planning.

In Dubai, for expatriates, financial advisors can help in specific areas such as providing guidance on tax-efficient remittance and investments in home countries. There are also areas such as regulation-compliant financial behaviour in home countries such as for foreign exchange regulations in India.

Determine your requirements

To determine the financial advice and financial advisor you need, first determine your requirements.

If you are financially aware and savvy, and prefer to manage your finances, especially investments, you are likely to need new investment ideas, insights, and tools to enhance returns and grow wealth. On many occasions, it could mean fulfilling a goal such as accumulating Dh10 million. You can opt from available financial advisory options depending on the extent of help you require.

In other cases, you will need greater help and guidance to meet major financial goals such as children’s higher education. In such a situation, you need end-to-end financial planning advice from financial planners for creating a financial roadmap besides its modification on reaching life milestones, such as the birth of a second child.

Choose from three 
major options

Depending on your requirements, you can choose from three major options for financial advisory services.

Robo Financial Advisors

While offerings may vary among providers, Robo Financial Advisors use smart algorithms to generate and recommend investment portfolios based on information provided by customers. They also provide personalised advice and insights using digital portfolio management tools. This option is meant for the financially savvy individuals who have substantial investments and wealth and seek superior performance. Of course, you miss out the human interactions such as guidance during volatile markets or individual advisor insights on tapping short term investment opportunities.

Asset and wealth management services

For those with higher amounts of investments and wealth needing greater help and guidance over time, there are investment or asset management services. They are also often termed as wealth management services. While such services have been provided by individual companies, banks and other financial institutions, the digital landscape has rapidly evolved in accurate years.

How do they work?

In Dubai, you can seek digital financial advisory services that combine automated processes involving digital and in-person interactions with dedicated and highly skilled financial advisors. They provide quality guidance and insights. In such services, many processes like fresh investments and portfolio updates are automated. For specific individual queries and guidance, dedicated financial advisors interact online.

Unlike Robo Advisors, such services provide end-to-end and holistic advisory services with higher personalisation based on goals and considering previous experiences. The financial advisors create a growth roadmap that can adapt to dynamically changing situations and help you successfully execute them for enhanced growth. Research-based insights and guidance helps you stay ahead of the curve.

Digitised processes using financial technologies help make the process of making fresh investments and rejigging investments convenient and seamless. DIY activities of investors are aided by real time updates through alerts, notifications, and other tools. Both Robo Advisors and digital wealth and asset management services deliver significant advantages. Investors receive benefits such as lower service costs, greater transparency of offerings and charges, convenience of easier access to expertise from anywhere.

Financial planning services

Here, the financial advisor provides end-to-end solutions for achieving important financial goals. Not only are you provided with a roadmap for each goal, but you are also informed how much you need and by when. You also get a detailed plan on how to achieve your various goals.

Continuous interaction and guidance with the financial planners ensure that your financial plan evolves and adapts to the numerous changes in your life. Being a 360-degree solution, financial planning services are so much more than just improving the returns of your investments and generating more wealth. They take care of all aspects of your financial life including tax and legacy planning.

Financial planning services are ideal for people who are not well-versed with various aspects of finance and do not have the time or expertise. They need quality advice from professionals of impeccable integrity on a continuous basis to achieve their short term and long-term financial goals.

What to look for in financial advisors

Check for qualifications

Among the first things to check while choosing a financial advisor is their qualifications. This means qualifications like Certified Private Wealth Advisors (CPWA), Certified Financial Planner (CFP), Certified Public Accountant (CPA), members of Chartered Institute of Insurance (CII) and Chartered Institute of Securities and Investment (CISI).

Enquire about regulatory registration

Ensure that the professional or the financial advisory service provider is registered with at least one regulatory or statutory body. In Dubai, this means checking whether the financial advisor has a licence from Dubai International Finance Centre (DIFC). There is also the Dubai Financial Services Authority (DFSA) which focuses on financial advisors and deals with complaints against them. You can check the financial advisor’s registration there. The other important regulators are the United Arab Emirates Insurance Authority and Emirates Securities and Commodities Authority. This step will help you opt for a financial advisor with conviction.

Check credibility and track record

If it is only investment recommendations or strategies that you are seeking from a financial advisor, you should first find out whether the advisor is technically equipped and has a track record that you can trust.

Seek referrals

An ideal way to reach the right financial advisor is to seek references from your circle of family, friends, and relatives. This will help you evaluate the number of services offered, their quality and compatibility with your needs. Importantly, it will also realistically set your expectations. In case a financial advisor approaches you, seek referrals of people with whom you can cross-check.

Find out risks and costs

Insist on detailed disclosures of risks to service quality and outcomes, besides costs. Do not agree to a plan, especially investments, that you do not understand. Understand the risks involved in every product in the plan whether the risks are to the returns or the principal amount.

Find out the charges or costs that you need to pay and what will get deducted from the growth of your investments. Remember, the more the number of costs and larger they are, the less you benefit. That is not to forget the age-old saying about unrealistic promises of returns “If it seems too good to be true, it probably is.”

Get details of fees and charges

Transparency in charges for financial advisory services is crucial. In any case, you need to have a grip on the details to make an informed choice of the financial advisor. Depending on their compensation, financial advisors can be classified into two broad categories.

Commission-based services

First, commission-based financial advisors charge a certain percentage of the value of investments made on their recommendations. They could also take this commission from the financial services company providing insurance, investments, or other products if they are involved or linked in the distribution of financial products.

Fee-based services

Second, the category of financial advisors who have fee-based charges. Their focus is primarily based on providing the best financial advice to the customers and are typically based on the amount of the time spent in making the financial roadmap and subsequently for progress reviews.

The fee can be a flat charge. It could also be according to the size of funds or assets under guidance, such as 1% of assets under management, and so on. There could be hybrid arrangements such as a combination of fee and commission from new investments.

Numerous studies have found reluctance among customers to pay for financial advisory services which makes many financial advisors prefer the commission model. However, such a model risks the danger of delivering biased advice in favour of the products sold by the advisor. In many cases, there can be recommendations of high-cost products providing high commissions. In extreme cases, there can be unwarranted rejig of investments. For unbiased advice, it is better to opt for a fee-based financial advisor and be prepared to pay for quality expert advice.

First steps

For financial advisors providing holistic or end-to-end services, the first meeting with customers is likely to involve a detailed interaction involving a status check of finances along with sharing essential details like financial goals, family’s financial history and money attitudes such as risk appetite.

Next, if you want to engage the financial advisor on a longer-term basis, you could negotiate a lower charge or waiver for developing the initial financial plan, opting for an annual maintenance charge.

Get details of the advisory process

For a long-term relationship, get details of how updates will be provided and how performance reviews will be conducted. Be sure that the financial advisor commits to earmarking time for these periodic interactions and exercises.

Seek a pitch from the advisor

During the selection process, ask the obvious questions to the financial advisor such as the unique elements in the service offerings, differentiating aspects compared to competition and how the advisor can help you achieve your goals.

Qualified and expert financial advisors can fashion a winning financial game plan for your money and help you successfully execute it to achieve your goals.. The key is for you to recognise at the outset, the need for expert financial advice with consistent follow up actions over time to drive home the advantage from the helping hand. No wonder famous American playwright Wilson Mizner once said, “To profit from good advice requires more wisdom than to deliver it”.

Sat, 16 Jul 2022 05:06:00 -0500 en text/html
Killexams : CFP Board Center for Financial Planning Announces First Endowed Scholarship Honoring First Black CFP® Professional, LeCount R. Davis, CFP®

WASHINGTON, Aug. 9, 2022 /PRNewswire/ -- CFP Board Center for Financial Planning ("Center") announced today the creation of its first endowed scholarship program honoring the first Black CFP® professional, LeCount R. Davis, CFP®. Created to support the next generation of diverse CFP® professionals, the LeCount R. Davis, CFP® Scholarship program will assist qualified Black or African American students and professionals who are committed to attaining CFP® certification and to the practice of financial planning.

LeCount R. Davis, CFP®

An advisor for more than 50 years, LeCount Davis is the first Black person to earn the CERTIFIED FINANCIAL PLANNER designation, becoming a CFP® professional in 1978. He had already established his own consulting firm in 1970, specializing in tax planning, small business management, financial planning, financial management and investment consulting. During his long career, Davis's client portfolio included national organizations, international labor unions, pension funds, individuals, small businesses, religious organizations, investment clubs and other entities.

In 2001, Davis founded the Association of African American Financial Advisors, whose mission is to expand the community of successful Black financial professionals. To further inspire and prepare the next generation of financial planners, he published his autobiography in 2020: "One Step Back – Two Steps Forward: The Dance of My Ultimate Plan." The LeCount R. Davis, CFP® Scholarship program is yet another step forward in helping Davis fulfill his lifelong mission of diversifying the financial planning profession.

The scholarship will award up to $5,000 per student seeking to complete an undergraduate-level or a certificate-level CFP Board Registered Program, based on demonstrated merit and financial need. Upon completing the required education coursework, scholarship recipients will be eligible to take the CFP® test and pursue the next steps to attain CFP® certification.

"Everyone can benefit from financial planning," said CFP Board CEO Kevin R. Keller, CAE. "If we're going to serve the entire country, we need to look more like the clients that CFP® professionals serve. This scholarship in honor of LeCount Davis, CFP® supports both his mission and ours — creating a more diverse and sustainable financial planning profession."

"I've enjoyed a rewarding career as a financial planner since achieving CFP® certification, and I believe financial planning is the solution to many of the socioeconomic problems in our community," said Davis. "It all starts with the knowledge of finance, and this scholarship will help students and young professionals see that you don't have to be born with a silver spoon in your mouth to make it in this world."

Further information about the LeCount R. Davis, CFP® Scholarship will be available at Individuals and firms interested in supporting the endowed scholarship should contact Institutional Giving Officer Dan Limbago at or 202-864-5250.


The CFP Board Center for Financial Planning seeks to create a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. The Center brings together CFP® professionals, firms, educators, researchers and experts to address profession-wide challenges in the areas of diversity and workforce development, and to build an academic home that offers opportunities for conducting and publishing new research that adds to the financial planning body of knowledge.


Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public's awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by the public, advisors and firms as the standard for financial planning, CFP® certification is held by nearly 93,000 people in the United States.

CFP Board Center for Financial Planning (PRNewsfoto/Certified Financial Planner Board of Standards, Inc.)


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Tue, 09 Aug 2022 02:00:00 -0500 en-US text/html
Killexams : FP Answers: When should I take CPP?

The timing for collecting benefits is more important than seniors think

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FP Answers has received a mountain of questions about the Canada Pension Plan, from who qualifies to how it is calculated to why Canadians can’t contribute more. But by far the most popular question is: When should I take CPP? We asked Jason Heath, an advice-only certified financial planner to provide an answer to one of the most pressing questions in retirement.

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The standard age for a Canada Pension Plan (CPP) pension is 65, but applicants can begin their pension any time between ages 60 and 70. But the timing is much more important than most seniors think. Indeed, the average 65-year-old entitled to the maximum pension could be forgoing more than $120,000 in future retirement income. Applying before age 65 results in a reduction to your pension of 0.6 per cent per month, or 7.2 per cent per year, while the increase after age 65 is 0.7 per cent per month, or 8.4 per cent per year.

In 2021, 31 per cent of applicants began their pensions at age 60 and another 31 per cent at age 65. The rest applied at different ages, with only 11 per cent waiting to age 70. There was a big shift between 2019 and 2020. In 2019, only two per cent delayed the start of CPP to age 70. The percentage was similarly small in previous years. In 2020, for some reason, it jumped to 10 per cent.

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There are several factors to consider if you are deciding when to start CPP. A key one is life expectancy. A 65-year-old woman has a 50-per-cent probability of living to age 91 and a 65-year-old man has a 50-per-cent probability of living to age 89. As a result, women are generally better off deferring their CPP than men. But both sexes should consider it if they are in good health or have a good family history.

If a 65-year-old woman entitled to the maximum CPP starts her retirement pension right away this year, she could receive about $507,000 if she lives to age 91. By comparison, if she delayed the start of her pension to age 70, she could receive about $641,000 — a difference of about $134,000. For a man who lives to age 89, the difference could be about $110,000.

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These figures do not reflect the time value of money, though it’s important to note that CPP benefits are increased each January based on the change in the consumer price index. Nevertheless, a dollar today is worth more than a dollar tomorrow because it can be invested or, alternatively, receiving it as income today can avoid needing to withdraw another dollar of invested assets.

If we assume a three-per-cent discount rate or after-tax return on invested assets, the age 70 applicant in our example would still be about $62,000 better off if she lived to age 91 compared to starting CPP at age 65, and a man would be about $50,000 better off at age 89.

The breakeven ages range from 77 to 82 using a three-per-cent discount rate, and 79 to 84 using a five-per-cent discount rate. The point is a retiree who lives well into their 80s will likely be better off deferring their pension compared to starting earlier.

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If you have less than 39 years of maximum contributions to the CPP and retire before age 65, delaying CPP has other implications. Years without contributions between 60 and 65 can result in a small reduction in your CPP entitlement of about 2.7 per cent per year on average, a reduction that is less than the 7.2 per cent increase in your pension for delaying it. The same life expectancy logic still applies: the longer one’s life expectancy, the more beneficial it is to consider delaying CPP.

The larger a retiree’s RRSP balance, the more beneficial it may be to draw down their RRSP at lower tax rates in their 60s by deferring optional income such as CPP until age 70.

Self-directed investors may also benefit from CPP deferral since it may become harder to manage their own investments later in life. As a DIY investor ages, their risk tolerance might also decrease, or they may need to pay investment management fees that reduce net returns.

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Low-income retirees can benefit from CPP deferral. This may help them qualify for the Guaranteed Income Supplement (GIS) after age 65 if their income is less than about $20,000 if single or combined income is under about $27,000, and up to about $48,000 if married. Deferring CPP can keep income low and increase GIS entitlement.

Those who are widowed and receiving a CPP survivor benefit should consider deferring their CPP. A survivor is entitled to their own CPP benefits plus a portion of their deceased spouse’s benefits. If the survivor’s retirement pension is high, they may benefit from receiving the survivor benefit as long as possible, potentially deferring the start of their retirement pension up to age 70.

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CPP disability benefits are generally higher than CPP retirement benefits, and automatically convert at 65 to a retirement benefit. A CPP disability recipient may benefit from deferring their retirement pension until at least age 65.

But if you have debt, especially high-interest-rate debt, having more cash flow to pay it down earlier may outweigh deferring CPP. Also, an aggressive investor who expects to earn a high rate of return may be better off preserving their investments and starting CPP earlier. As previously mentioned, using a five-per-cent discount rate compared to three per cent pushes back the breakeven age to benefit from CPP deferral by about two years.

Retirees who have defined-benefit (DB) pensions may be better off considering an early start to their CPP as well. DB pensions already provide protection from the risk of living too long, so it may be less important to those who have them to delay and increase their future CPP.

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If you are an employee who is still working and you have more than the maximum 39 years of contributions, there can be a benefit to starting CPP early. The reason is contributions are mandatory before 65 and optional after 65, but can only increase your CPP beyond the maximum if you are receiving it. This post-retirement benefit (PRB) increases your pension by up to 2.5 per cent of the maximum for each year of maximum contributions. The breakeven point is only six to eight years after contributing towards the PRB depending on age, so contributing while receiving CPP is generally advantageous.

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But life expectancy is probably the biggest factor that impacts the CPP timing decision. My mother was in good health in her early 60s and I encouraged her to defer the start of her pension for this and other reasons. Unfortunately, she developed a terminal illness and died when she was 66. She began her CPP once we knew she was sick. One of her fears, like many others, was running out of money. If you die young, you may be less likely to run out. Those who live to age 100 are arguably more at risk and CPP deferral protects against this risk.

If we knew how long we would live, it would help with decisions such as when to start CPP, as well as other financial and non-financial choices. My best advice to those considering a CPP application is the same advice that I gave to my own mother: consider all the factors and make a personal decision on that basis. If circumstances change, so can your timing decision.

Jason Heath is a fee-only, advice-only certified financial planner (CFP) at Objective Financial Partners Inc. in Toronto. He does not sell any financial products whatsoever.

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Tue, 19 Jul 2022 22:09:00 -0500 en-CA text/html
Killexams : New community partnership offers Louisville residents free financial counseling

Monday marked the official grand opening of a new community-wide service offering free financial counseling for Louisville residents.The Financial Empowerment Center is a new effort in collaboration with the Metro's Office of Resilience and Community Services, the national nonprofit Cities for Financial Empowerment Fund and several local partners including the Louisville Urban League, which serves as a central hub for the public service.AMPED, the YMCA, Family Health Centers and the city's Housing Authority are other locations for FEC counselors.Plans for the city-funded effort began at the height of the pandemic, which Urban League president Sadiqa Reynolds says while a health risk has also been a financial strain that many are struggling to bounce back from."People have really been suffering," Reynolds said. "If you think about some of the weights for unemployment and all the challenges people have financially, their credit reports have felt that. I want people to know that you don't have to be embarrassed about it."Prior to the pandemic, Louisvillians struggled with financial security. Data from Prosperity Now, a national nonprofit, shows that 20% of residents have zero or negative net worth and 40% do not have savings in the event of a financial emergency."The reality is that the impacts of systemic racism throughout the history of our country has created most of these conditions that result in the outcome today," Mayor Greg Fischer said.Mayor Fischer says correcting those policies and practices to provide an equitable boost for residents starts with this model of financial opportunity. On a national scale, it has proven to reduce participant's debt by $192 million when it was first piloted in New York City under Mayor Michael R. Bloomberg in 2008."I'm proud of our city for being flexible and innovate and I think this will help so many people in our community," Reynolds said.The certified financial experts will offer guidance on how to find safe and affordable banking, establish credit, pay off debt and build savings.At the core of the FEC, the model is the integration of counseling into other social services, such as housing and foreclosure prevention, workforce development, re-entry from incarceration, benefits access, domestic violence services, and more.Residents tell WLKY they appreciate the resources to help with fiscal responsibility and that they’re readily accessible."It'll help me learn how to build my credit and how to save money really," Rob Cable said. "It's also in an area where a lot of people live a community where you can catch the TARC down here or walk if you don't have a car."Louisville residents can make appointments with the Louisville FEC's counselors by calling (502) 585-4622 to request their first appointment either in person or virtually.More information about the initiative can also be found online here.

Monday marked the official grand opening of a new community-wide service offering free financial counseling for Louisville residents.

The Financial Empowerment Center is a new effort in collaboration with the Metro's Office of Resilience and Community Services, the national nonprofit Cities for Financial Empowerment Fund and several local partners including the Louisville Urban League, which serves as a central hub for the public service.

AMPED, the YMCA, Family Health Centers and the city's Housing Authority are other locations for FEC counselors.

Plans for the city-funded effort began at the height of the pandemic, which Urban League president Sadiqa Reynolds says while a health risk has also been a financial strain that many are struggling to bounce back from.

"People have really been suffering," Reynolds said. "If you think about some of the weights for unemployment and all the challenges people have financially, their credit reports have felt that. I want people to know that you don't have to be embarrassed about it."

Prior to the pandemic, Louisvillians struggled with financial security. Data from Prosperity Now, a national nonprofit, shows that 20% of residents have zero or negative net worth and 40% do not have savings in the event of a financial emergency.

"The reality is that the impacts of systemic racism throughout the history of our country has created most of these conditions that result in the outcome today," Mayor Greg Fischer said.

Mayor Fischer says correcting those policies and practices to provide an equitable boost for residents starts with this model of financial opportunity. On a national scale, it has proven to reduce participant's debt by $192 million when it was first piloted in New York City under Mayor Michael R. Bloomberg in 2008.

"I'm proud of our city for being flexible and innovate and I think this will help so many people in our community," Reynolds said.

The certified financial experts will offer guidance on how to find safe and affordable banking, establish credit, pay off debt and build savings.

At the core of the FEC, the model is the integration of counseling into other social services, such as housing and foreclosure prevention, workforce development, re-entry from incarceration, benefits access, domestic violence services, and more.

Residents tell WLKY they appreciate the resources to help with fiscal responsibility and that they’re readily accessible.

"It'll help me learn how to build my credit and how to save money really," Rob Cable said. "It's also in an area where a lot of people live a community where you can catch the TARC down here or walk if you don't have a car."

Louisville residents can make appointments with the Louisville FEC's counselors by calling (502) 585-4622 to request their first appointment either in person or virtually.

More information about the initiative can also be found online here.

Mon, 11 Jul 2022 10:51:00 -0500 en text/html
Killexams : Institute for Divorce Financial Analysts (IDFA)

What Is the Institute for Divorce Financial Analysts (IDFA)?

The Institute for Divorce Financial Analysts (IDFA) is an organization committed to educating financial professionals about specific issues relating to divorce. The Institute for Divorce Financial Analysts certifies members who complete its modular study program, which highlights divorce tax law and asset distribution.

People going through a divorce can contact the IDFA, which will help them find a suitable agent to help them through divorce proceedings.

Key Takeaways

  • The Institute for Divorce Financial Analysts (IDFA) educates financial professionals about issues related to divorce.
  • The IDFA trains certified divorce financial analysts (CDFAs) in divorce settlement tax consequences and asset distribution.
  • CDFAs can also act as divorce settlement mediators and consultants for a client's lawyer.
  • CDFAs collect and analyze a client's financial data, making recommendations to the client about budgeting, setting retirement objectives, and determining investment risk levels.
  • To earn the CDFA designation, candidates must meet the prerequisites established by the IDFA and pass an exam.

Understanding the Institute for Divorce Financial Analysts (IDFA)

The IDFA trains certified divorce financial analysts, or CDFAs, who help support the divorce process. These analysts are schooled in the various tax consequences that result from divorce settlements and can help with equitable asset distribution of the divorcing couple's property and estate. The CDFA can also act as a consultant for a client's lawyer or serve as a mediator during the settlement proceedings.

A certified divorce financial analyst (CDFA) is not a lawyer and may not provide legal advice. CDFAs do not replace lawyers in a divorce case but limit their work to the financial analysis related to divorce.

IDFA Activities

The IDFA calls itself "the authority on divorce planning theory and application in North America. IDFA will establish standards for certification of divorce financial analysts that are objective, reliable, and meet the current benchmarks for certifying bodies. The IDFA helps to ensure the financial health and welfare of the divorcing public through the accreditation of individuals as Certified Divorce Financial Analysts."

Practitioners with the certification have an understanding of the short-term and long-term effects of dividing property, analyzing pensions and retirement plans, determining if the client can afford the marital home, and if not, what they can afford, as well as recognizing the tax consequences of different settlement proposals.

Much of the role involves collecting the client’s financial data and performing analysis, then presenting different scenarios and talking through the client’s budget and expenses. They help clients collect financial and expense data, identify their future financial goals, make a budget, set retirement objectives, determine how much risk they are willing to take with their investments, and help identify what kind of lifestyle they want.

According to a 2020 report from the Census Bureau, the U.S. divorce rate fell from 9.7 new divorces per 1,000 women age 15 and over in 2009 to 7.6 in 2019.

Requirements for CDFA Designation

To gain the CDFA designation, candidates must have a minimum of three years of professional experience and a bachelor's degree. If the candidate does not have a bachelor's degree, five years of relevant experience are required.

Experience includes working in financial planning or family law practice, or experience must include three or more in the following areas:

  1. Tax code
  2. Investment advisory or management
  3. Real estate, mortgage lending, and reverse mortgages
  4. Financial therapist or coach
  5. Life and disability insurance

CDFA Examination

To earn the CDFA designation, candidates must pass an test consisting of 150 multiple-choice questions. Candidates will have four hours to take the test and must pass with a score of 75% or higher.

The IDFA offers four methods for CDFA candidates to earn their designation: self-study, self-paced eLearning, virtual classroom, or test only. The IDFA designed the program to be completed in one year, although most candidates complete it in three to four months.

To pass the exam, candidates must study a range of subjects covering the financial aspects of divorce. These subjects include an overview of divorce laws and procedures, marital property, fundamentals of spousal and child support, and tax issues related to selling and transferring property.

To retain the CDFA designation after successfully passing the exam, holders must remain in good standing with the IDFA, pay an annual renewal fee, and obtain 30 divorce-related hours of continuing education every two years. The self-study course has been accepted by the Certified Financial Planner (CFP) board and qualifies for 20.5 hours of CFP board credit.

Mon, 18 Jul 2022 12:00:00 -0500 en text/html
Killexams : Population Genetic Testing: Save Lives And Money, While Avoiding Financial Toxicity

Genetic testing once was offered only to people with rare genetic conditions, or strong family histories of disease that spanned generations. But genetic testing is now being offered to healthy people, to detect if they carry a genetic change (often referred to as a “variant” or “mutation”) that may place them at high risk to develop preventable conditions, including some cancers and cardiac conditions.

In theory, population genetic testing makes sense. Instead of waiting for a person to die of a heart attack at a young age, we can learn of some of those risks ahead of time and mitigate them. This approach works not only for the person having testing and their family members – who may also be at risk – but also for our medical system, employers, and overarching health care costs that we, as a society, want to minimize.

But in practice, are we there yet? Cristi’s story illustrates that we still have a long way to go to make population genetic testing a win for the patient and their family members. Cristi is a certified genetic counselor who, like many of us, knew that several members of her family had developed cancer. But the cancers in Cristi’s family did not fit into a known hereditary cancer syndrome. Cristi’s mom had genetic testing based on her personal history of a brain tumor and melanoma, and family history of breast and prostate cancer, and no mutations were found in her DNA. So when Cristi signed up for genetic testing to check the customer experience of a population-based screening program offered by her company, she was surprised to learn that she carried a pathogenic variant in a gene called RET.

People who carry a RET variant have a syndrome called Multiple Endocrine Neoplasia 2A (MEN2A) and are considered to have an almost 100% chance of developing an aggressive type of thyroid cancer called medullary thyroid cancer. For this reason, people with MEN2A have traditionally been counseled to remove their thyroid gland preventively, often in childhood, before they develop cancer. MEN2A is also associated with a high risk of developing pheochromocytomas (tumors on the adrenal glands) and tumors of the parathyroid glands. Recommendations for people with MEN2A include specialized screening for these tumors each year, consisting of blood work and ultrasound imaging.

At first, Cristi’s healthcare team thought her genetic results must be a mistake. This genetic finding was not consistent with her personal or family history. So, Cristi repeated the testing and confirmed that she definitely carried a RET variant. Another family member subsequently tested positive for the same variant.

Cristi’s healthcare team told her that she had up to a 95% chance to develop cancer. But because Cristi is a genetic counselor and has worked for several commercial laboratories, she dug deeper. Given her family history, which was not consistent with a traditional RET mutation, the results did not make sense to her. Cristi found a published paper in a medical journal showing that her specific RET variant is likely associated with a much lower risk of these cancers. Through her professional network, she obtained data from multiple laboratories on families with the same RET variant that appeared consistent with this journal article, and she scheduled an appointment with the article’s author. She even had a local genetic counselor and patient advocate attend her appointments virtually with the author to ensure that her local healthcare team would have the same information. Cristi was advised by the paper’s author that, in her case, screening for thyroid cancer would be a reasonable approach. Cristi decided to opt for regular blood screening and ultrasounds instead of surgical removal of her thyroid gland, which is the protocol for traditional RET variants. Cristi realized she was unique because most people with her initial testing result would not have access to these extraordinary resources and would have likely proceeded with removal of their thyroid gland, the approach her healthcare team and peers were recommending adamantly.

On its face, Cristi’s story seemed to be a success, although one driven by education, experience, and network. At first, she was understandably relieved. The treatment plan was non-invasive, reasonable, and data driven. Soon, however, Cristi learned that the plan was also financially toxic. We have published two previous papers discussing financial toxicity, including one in the setting of a breast cancer diagnosis.

Cristi had to wait 3 months for an appointment to see a specialist to have her screenings. Overall, the medical costs associated with establishing a screening plan that year and the associated health insurance deductibles cost her over $3,000. The average out-of-pocket costs in subsequent years for her RET specific screening are estimated to be at least $1,700/year, for the rest of her life - and that assumes additional testing is not necessary. If we include the costs she must pay for her at-risk breast cancer screenings, based on her family history, the total out-of-pocket comes to $3,200 a year. It is not surprising that many patients skip healthcare visits they need due to uncertainty around costs.

Ironically, the removal of Cristi’s thyroid gland – which was not necessarily warranted based on her genetic variant, would be covered by her health insurance, as would the lifetime medications needed post-removal, and time off for recovery. The facts beg the question: are patients being pushed to have organ and tissue removal, instead of surveillance, due to the costs of lifetime surveillance? We must answer this critical question before we can move forward with population genetic testing and precision medicine.

Now consider that Cristi’s children and other relatives are offered genetic testing based on her finding and, if positive, must also have undergo similar surveillance every year. If Cristi and/or her family members receive an abnormal, or even borderline testing result, they require more testing and imaging. These procedures may or may not be covered by their insurance given the lack of guidelines for mutations that do not confer the traditional risk.

Another issue to consider is that Cristi must use paid time off (PTO) for her, and her family members’, medical appointments. If we consider 10 days to be the average number of PTO for private sector employees who complete one year of service, this means that between her ‘RET’ visits, routine visits, dental and vision, Cristi will use 9.5 PTO days per year for preventative care. If we consider the average person’s PTO, that equals 9.5 out of 10 days off/year on medical appointments alone. This figure does not include routine appointments needed for her children, such as when they are sick, and of course it does not account for vacation time. This reality is the unfair price one person pays for doing what she can, and should, do to keep herself and her family healthy and cancer free.

Population testing may help people avoid serious diseases and death, which is a worthy goal for patients, employers, payers and our population at large. But if we support this testing, we must also support individuals who test positive for a pathogenic mutation by providing:

· accurate genetic counseling information from a specialist, tailored to that individual test result;

· updated information as we learn more about each genetic variant and recommended management;

· full coverage of both surveillance and prophylactic surgeries appropriate to that genetic finding;

· employer flexibility to support the PTO associated with the medical management pathways;

· clinics that support both high risk appointments and routine screening simultaneously, so that patients avoid multiple appointments at different sites spanning numerous days.

Population genetic testing is coming and will save lives and money, for our health care system and employers. But Cristi’s story is a cautionary tale: before we establish population testing programs, it is essential that we carve pathways for participants, to ensure that they are both covered and supported by their insurers, clinicians, and employers throughout this lifetime journey.

***Co-author Cristi Radford, MS, CGC is a genetic counselor who shifted her career to the payer space to develop programs addressing the unique needs of patients with genetic conditions. She is one of few professionals nationwide with expertise in genetic counseling and testing, the payer space, and financial toxicity.

Thu, 04 Aug 2022 05:00:00 -0500 Ellen Matloff en text/html
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