Get 100% marks with CFP real questions and practice questions is happy for helping candidates pass the CFP exam with its valid, refreshed and tried CFP dumps. We proceed as an educator in your meeting to get ready and breeze through CFP test. Your insight will be incredibly improved by going through our CFP Dumps. You will be really prepared for a genuine CFP test. Thats all that we do.

Exam Code: CFP Practice test 2022 by team
CFP Certified Financial Planner (CFP Level 1)

The CFP® certification examination is a key requirement for achieving CFP® certification. By passing the exam, you demonstrate that you've attained the knowledge and competency necessary to provide comprehensive personal financial planning advice to your clients. CFP Board is here to guide you with the support, tools and resources you need for a successful test experience.

To develop CFP® test content that reflects the current practice of financial planning, CFP Board conducts regular Job Analyses to identify the important tasks performed by planners and assess the knowledge and skills needed to perform these tasks. This process is conducted by CFP® professionals and led by testing experts to assure the test remains current, reliable, valid and legally defensible.

CFP Board works with volunteer CFP® professionals to develop the exam. These volunteers include Subject Matter Experts (SMEs) who serve as item writers and reviewers, as well as members of the Council on Examinations, which is made up of SMEs with considerable experience with the CFP® test who provide final review and approval of all test questions.

The criterion for passing the CFP® test is established through a process known as Standard Setting, during which CFP® professionals determine the minimal competency level required to pass the exam. CFP Board does not predetermine the pass rate for the test or have an established percentage of questions that must be answered correctly to pass.

The following Principal courses are based on the results of CFP Boards 2015 Job Task Analysis. The Principal Topics serve as a curricular framework and also represent subject courses that CFP Board accepts for continuing education credit, effective January 2016. Each test question will be linked to one of the following topics, in the approximate percentages indicated following the general headings.

A. Professional Conduct and Regulation (7%)
B. General Principles of Financial Planning (17%)
C. Education Planning (6%)
D. Risk Management and Insurance Planning (12%)
E. Investment Planning (17%)
F. Tax Planning (12%)
G. Retirement Savings and Income Planning (17%)
H. Estate Planning (12%)
A.1 CFP Boards Code of Ethics and Professional
Responsibility and Rules of Conduct
A.2 CFP Boards Financial Planning Practice Standards
A.3 CFP Boards Disciplinary Rules and Procedures
A.4 Function, purpose, and regulation of financial
A.5 Financial services regulations and requirements
A.6 Consumer protection laws
A.7 Fiduciary
B.8 Financial planning process
B.9 Financial statements
B.10 Cash flow management
B.11 Financing strategies
B.12 Economic concepts
B.13 Time value of money concepts and calculations
B.14 Client and planner attitudes, values, biases and
behavioral finance
B.15 Principles of communication and counseling
B.16 Debt management
C.17 Education needs analysis
C.18 Education savings vehicles
C.19 Financial aid
C.20 Gift/income tax strategies
C.21 Education financing
D.22 Principles of risk and insurance
D.23 Analysis and evaluation of risk exposures
D.24 Health insurance and health care cost management (individual)
D.25 Disability income insurance (individual)
D.26 Long-term care insurance (individual)
D.27 Annuities
D.28 Life insurance (individual)
D.29 Business uses of insurance
D.30 Insurance needs analysis
D.31 Insurance policy and company selection
D.32 Property and casualty insurance
E.33 Characteristics, uses and taxation of investment vehicles
E.34 Types of investment risk
E.35 Quantitative investment concepts
E.36 Measures of investment returns
E.37 Asset allocation and portfolio diversification
E.38 Bond and stock valuation concepts
E.39 Portfolio development and analysis
E.40 Investment strategies
E.41 Alternative investments
F.42 Fundamental tax law
F.43 Income tax fundamentals and calculations
F.44 Characteristics and income taxation of business entities
F.45 Income taxation of trusts and estates
F.46 Alternative minimum tax (AMT)
F.47 Tax reduction/management techniques
F.48 Tax consequences of property transactions
F.49 Passive activity and at-risk rules
F.50 Tax implications of special circumstances
F.51 Charitable/philanthropic contributions and deductions
G.52 Retirement needs analysis
G.53 Social Security and Medicare
G.54 Medicaid
G.55 Types of retirement plans
G.56 Qualified plan rules and options
G.57 Other tax-advantaged retirement plans
G.58 Regulatory considerations
G.59 Key factors affecting plan selection for businesses
G.60 Distribution rules and taxation
G.61 Retirement income and distribution strategies
G.62 Business succession planning
H.63 Characteristics and consequences of property titling
H.64 Strategies to transfer property
H.65 Estate planning documents
H.66 Gift and estate tax compliance and tax calculation
H.67 Sources for estate liquidity
H.68 Types, features, and taxation of trusts
H.69 Marital deduction
H.70 Intra-family and other business transfer techniques
H.71 Postmortem estate planning techniques
H.72 Estate planning for non-traditional relationships

A. Identify the client (e.g., individual, family, business, organization)
B. Discuss the financial planning process
C. Explain scope of services offered
D. Assess and communicate ability to meet the clients needs and expectations
E. Identify and disclose conflicts of interest in client relationships
F. Discuss responsibilities of parties involved
G. Define and document the scope of the engagement
H. Provide client disclosures
1. Regulatory disclosure
2. Compensation arrangements and associated potential conflicts of interest
A. Explore with the client their personal and financial needs, priorities and goals
B. Assess the clients level of knowledge, experience and risk tolerance
C. Evaluate the clients risk exposures (e.g., longevity, economic, liability, healthcare)
D. Gather relevant data including:
1. Summary of assets (e.g., cost basis information, beneficiary designations and titling)
2. Summary of liabilities (e.g., balances, terms, interest rates)
3. Summary of income and expenses
4. Estate planning documents
5. Education plan and resources
6. Retirement plan information
7. Employee benefits
8. Government benefits (e.g., Social Security, Medicare)
9. Special circumstances (e.g., legal documents and agreements, family situations)
10. Tax documents
11. Investment statements
12. Insurance policies and documents (e.g., life, health, disability, liability)
13. Closely held business documents (e.g., shareholder agreements)
14. Inheritances, windfalls, and other large lump sums
A. Evaluate and document the strengths and vulnerabilities of the clients current financial situation including:
1. Statement of financial position/balance sheet
2. Cash flow statement
3. Capital needs analysis (e.g., insurance, retirement, major purchases
4. Asset protection (e.g., titling, trusts, etc.)
5. Asset allocation
6. Client liquidity (e.g., emergency fund)
7. Government benefits (e.g., Social Security, Medicare)
8. Employee benefits
9. Investment strategies
10. Current, deferred and future tax liabilities
11. Estate tax liabilities
12. Tax considerations
13. Income types
14. Retirement plans and strategies (e.g., qualified plans, IRAs)
15. Accumulation planning
16. Distribution planning
17. Estate documents
18. Ownership of assets
19. Beneficiary designations
20. Gifting strategies
21. Executive compensation (e.g., deferred compensation, stock options, RSUs)
22. Succession planning and exit strategy
23. Risk management (e.g., retained risk and insurance coverage)
24. Educational financial aid
25. General sources of financing
26. Special circumstances (e.g., divorce, disabilities, family dynamics, etc.)
27. Inheritances, windfalls, and other large lump sums
28. Charitable planning
29. Aging and eldercare
30. Mental capability and capacity issues
B. Identify and use appropriate tools and techniques to conduct analyses including:
1. Financial calculator
2. Computer spreadsheet
3 Financial planning software
A. Evaluate alternatives to meet the clients goals and objectives
1. Sensitivity analysis (e.g., factors outside of client control)
B. Consult with other professionals as appropriate
C. Develop recommendations considering:
1. Client attitudes, values and beliefs
2. Behavioral finance issues (e.g., anchoring, overconfidence, recency)
3. Their interdependence
D. Document recommendations
A. Present financial plan and provide guidance
1. Goals
2. Assumptions
3. Observations and findings
4. Alternatives
5. Recommendations
B. Obtain feedback from the client and revise the recommendations as appropriate
C. Provide documentation of plan recommendations and any additional disclosures
D. Verify client acceptance of recommendations
A. Create a prioritized implementation plan with timeline
B. Directly or indirectly implement the recommendations
C. Coordinate and share information, as authorized, with others
D. Define monitoring responsibilities with the client (e.g., explain what will be monitored, frequency of monitoring, communication method(s))
A. Discuss and evaluate changes in the clients personal circumstances (e.g., aging issues, change in employment)
B. Review the performance and progress of the plan
C. Review and evaluate changes in the legal, tax and economic environments
D. Make recommendations to accommodate changed circumstances
E. Review scope of work and redefine engagement as appropriate
F. Provide ongoing client support (e.g., guidance, education)
A. Adhere to CFP Boards Standards of Professional Conduct
B. Manage practice risk (e.g., documentation, monitor client noncompliance with recommendations)
C. Maintain awareness of and comply with regulatory and legal guidelines

Certified Financial Planner (CFP Level 1)
Financial Certified PDF Download
Killexams : Financial Certified PDF obtain - BingNews Search results Killexams : Financial Certified PDF obtain - BingNews Killexams : 10 Best Financial Certifications No result found, try new keyword!"Financial certifications may not offer quite that degree of confidence, but it's the same idea," he says. The CFP certification is one of the most recognized certifications in the industry by ... Tue, 11 Aug 2020 08:06:00 -0500 text/html Killexams : 95. Certified Financial Group

Certified Financial Group, based in Altamonte Springs, FL, is ranked No. 95 on the 2022 CNBC Financial Advisor 100 list. This is the firm's first appearance on CNBC's FA 100 list.

Total AUM: $2.2B

Years in Business: 23

Accounts Under Management: 5,000

Previous appearances on FA 100 List: 0


Sheri Cuff, President

Joseph Bert, Chief Executive Officer


1111 Douglas Avenue, Altamonte Springs, FL 32714

(407) 869-9800

Tue, 04 Oct 2022 02:18:00 -0500 en text/html
Killexams : Financial Planner: Career Path & Qualifications

What Is the Career Path for a Financial Planner?

Financial planning is a career that offers significant earnings potential and excellent prospects for job growth. The median pay for a personal financial advisor in 2020 was $89,330. More than 263,000 people were employed as financial planners in 2019, a figure expected to rise 4% by 2029.

Financial planning is a fairly new niche in the field of investment professionals. Up until a few decades ago, you were more likely to receive financial advice from a stockbroker, banker, or insurance salesperson. Today, financial planners help clients piece together all parts of the financial puzzle.

Key Takeaways

  • Financial planners work closely with clients to help them build an investment portfolio to secure a comfortable future financially.
  • Most financial planners have a bachelor's degree in a finance-related field or a humanities degree that emphasizes interpersonal skills.
  • Many financial planners also attain Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA) accreditation.

Requirements to Become a Financial Planner

A bachelor's degree in a finance-related field is a typical starting point, but some firms also hire graduates in the humanities such as psychology majors. A financial planner requires the ability to build trust with clients, explain complex financial products in lay terms, and obtain client buy-in for a plan of action. Interpersonal skills are often considered more important than detailed knowledge of mutual funds and trading strategies.

A Master of Business Administration (MBA) might help a financial planner climb the corporate ladder toward a management position. Occasionally, you might see doctorates in finance-related fields among managers, but MBA holders are the most common.

Annual wages top six figures for financial planners working in New York, Maine, Montana, Minnesota, and Massachusetts.


Many financial planners obtain accreditation. The gold standards are the Certified Financial Planner (CFP) and Chartered Financial Analyst (CFA). For accountants, a similar accreditation is the Certified Public Accountant (CPA).

To obtain CFP certification, candidates must hold a bachelor's degree and complete courses on financial planning through a CFP Board Registered program. They must also complete 6,000 hours of professional experience related to financial planning, or 4,000 hours of apprenticeship experience that meets additional requirements. The test itself is a 170-question test administered over two, 3-hour sessions.

Candidates must also prove themselves to be a worthy fiduciary capable of serving client interests at all times. All applicants must agree to a detailed background check before the CFP is awarded.

The CFA is often considered a tougher accreditation to obtain than the CFP. It requires four years of experience and the completion of three grueling exams. Either certification significantly improves your employment prospects.

There is also the Chartered Financial Consultant (ChFC) certification. This program does not require a bachelor's degree, but it is recommended. Candidates must complete eight courses in subjects such as insurance planning, income taxation, planning for retirement, and estate planning.


While financial planning does not technically require licensing, some financial planners elect to obtain licenses such as the Series 6, Series 7 or Series 63 from the Financial Industry Regulatory Authority (FINRA). This enables them to sell stocks, bonds, mutual funds, insurance and whatever else the client may need. These licenses may require membership in self-regulatory organizations.

Career Path

Since all of the major certification bodies require a few years of industry experience, most financial planners start out in junior positions working part- or full-time while completing their studies.

After obtaining certification, the financial planner can take clients without supervision. Salaries vary by region, with financial planners in New York, District of Columbia, Illinois, Connecticut, and Massachusetts among the highest paid. Most financial planners also receive annual bonuses and/or profit-sharing that can easily be in the five-figure range.


The median annual wage for personal financial advisors in 2019.

Many financial planners are content to remain in their roles, moving to higher net worth clients and higher compensation levels. A senior financial planner at a large firm can earn a six-figure base salary with a matching annual bonus with a relatively low-stress work situation.

Some financial planners prefer to become self-employed after completing their certifications. Since the cost of doing business is basically the price of a small office space, many find the earnings potential higher than regular employment at a finance firm. The key to independence and self-employment is to build a network of contacts and a stable client base.

Mon, 11 Jul 2022 16:34:00 -0500 en text/html
Killexams : Licenses and Certification

Contact: Controller's Office, (205) 996-1277

Individual Professional Licenses

UAB may pay a UAB employee's annual professional license fee with documentation that all three of the following conditions are met:

  • there is a legitimate UAB business purpose for the expenditure;
  • the official UAB job description maintained by UAB Humans Resources Management requires that individuals holding that UAB job classification maintain that specific type of professional license; and
  • the official practice of that major UAB unit (school, Hospital, or executive level) is to pay that annual professional license for all individuals in that major unit in that official UAB job classification

However, if all three of these conditions are not met, then the cost must be treated as a personal expense.

Each major unit of UAB (school, Hospital, or executive level) should review their professional license policy annually, and contact the Controller's Office to request changes. Upon approval of each revised policy, the Executive Director of Accounting will notify the fiscal officer and update the official list of approved individual professional licenses on the web.

Read a complete list of approved licenses.

Professional licenses should be charged to Oracle Object Code 8705031 "Licenses."

Individual Intern/Resident Professional Licenses

In those instances where a UAB Intern/Resident (Assignment Category 07) requires a professional license beyond the basic license to practice or perform services requires as part of their official training program, UAB may pay both the initial and annual professional license fee provided that the official practice of the school/unit providing the training program is to pay the fee for all Interns or Residents in that training program.

Licensure Exams

Even though UAB will fund the cost of maintaining a professional license once the minimum qualification is met (but only under the conditions stated above), an employee's costs of becoming certified are treated as personal expenses; that is, UAB will not pay the costs of preparing for a licensing certification exam, the test fee itself, travel associated with taking the exam, etc.

UAB Business Licenses

Because UAB is a governmental entity of the State of Alabama, it is exempt from the business license requirements of the City of Birmingham, Jefferson County, and the State of Alabama. This applies to any revenue-generating activity of any organizational unit of UAB, but only if those revenues are appropriately included in UAB's audited financial statements as UAB revenues. Therefore, business license fees should not be paid by UAB.

Thu, 29 Sep 2022 11:59:00 -0500 en-US text/html
Killexams : How to Become a Financial Advisor No result found, try new keyword!In some ways, being a financial advisor is like being a therapist: You share in your clients' biggest life events – such as having a baby, retiring and handling inheritance – and are often ... Wed, 21 Sep 2022 07:58:00 -0500 text/html Killexams : Certified Financial Marketing Professional (CFMP)

Testing Update: ABA and Meazure Learning (formerly Scantron) are offering candidates the option of testing via live remote proctoring (LRP). This allows candidates to take the test at their home or other location with a live, remote proctor.

Important Note: With the Meazure Learning acquisition of Scantron, candidates may see communications from Scantron, Meazure Learning, and ProctorU during this transition period. However, this is one organization.

Sun, 25 Sep 2022 01:12:00 -0500 en text/html
Killexams : A professional financial advisory association for troubling times

Like many sectors, wealth management and financial advice must work hard to keep up with the times. How many shock situations have happened lately on the social and geopolitical scene in Europe that affect investments, pension funds, savings? Off the back of Covid-19 pandemic has come global supply chain collapse, war, inflation, depreciation and the lingering effects of Brexit, to say nothing of ever-tightening regulation. It makes for a perfect storm that will be a huge challenge for any business to weather.

Given all this, it’s no surprise that financial advisory services are in high demand, with overworked advisors and planners expected to meet increasingly higher bars. Let’s look at the skillset that makes a qualified financial planner.

The qualities of the financial planner

The complexity of financial planning today requires perfect dexterity in recommending products and solutions, a high degree of empathy, an ability to present information in an accessible format and exceptional listening skills. Added to this is an unfailing mastery of the regulatory framework in the broadest sense, including MiFID II, AML and many others. The advisor’s role is to have command of their subject, understand their customer’s particular needs and reducing what can be an overwhelming amount of information into an easy and informed choice.

Defining the scope of the job and training advisors and planners who are perfectly equipped to do it is a task of growing importance. Thankfully, there is an institution in Europe which looks after the standardisation of financial advice services and the certification of advisors according to a single, unified European criterion.

A unique European framework for training and certification of financial advisors and planners

EFPA Europe is more than just a professional association of financial advisors and planners, however. It also acts as a think-tank for the financial advice industry, and a certification body dedicated to standardising requirements and levelling the playing field for financial advisers and planners across Europe. Its members are financial advice practitioners who hold some level of EFPA certification.

Today EFPA Europe operates in 12 countries and certifies financial advisors and planners across the entire value chain, from retail banking to private wealth management firms. EFPA is recognised by the European Securities and Markets Authority (ESMA) and by the local regulators in each EFPA country. In this sense, it is quite unique.

EFPA membership is characterised by the annual follow-up on advisors’ qualifications: those who want to prevent their certification from expiring must commit to following a Continuous Professional Development (CPD) programme. A EFPA-certified professional thus is guaranteed to be at the cusp of cutting-edge knowledge and practices for the rest of his or her working life.

The importance of cultivating financial knowledge and professionalising financial advice

Helping investors and individuals navigate through the complexities of the financial world and build sustainable investment practices is critical to the wellbeing of modern European society. recent evolution of the financial industry has been phenomenal and has even become asymptotic since the global financial crisis of 2008. A real in-depth transformation is happening. Managing such major changes makes adequate continuing education crucial. Fortunately, nowadays the individual approach to financial advice is making way to teamwork, with multidisciplinary skills that make it easier to provide customers with holistic and appropriate solutions.

Twenty years ago, anybody in any European country could call themselves a financial advisor and advise clients on wealth management. Thankfully this has changed: today the financial advisory profession in Europe is thoroughly regulated. Perhaps too regulated, according to some, given the paperwork it’s necessary to complete to offer or receive advisory services. But all of it comes for the greater good of the customer.

And since complexity is now the rule and no longer the exception, advising your client without the appropriate knowledge and competencies framework represents a significant reputational risk for the advisor as well as for his employer.

ESMA’s guidelines on knowledge and competences have strengthened the need for professional certification. Only a recognised diploma can ensure a certain level of professional skills.

EFPA Europe’s mission

EFPA Europe exists as a non-for-profit umbrella association at European level, acting as the leading professional standards-setting body for financial advisors and planners in Europe, building public confidence and trust in the profession. EFPA influences the market behaviour of its certificate holders, guiding them in knowledge, skills, lifelong learning, behaviour and ethics.

EFPA achieves this by collaborating with regulators to help further unify standards and requirements and ensure that best practices and policies are adopted at a pan-European level. There is still a long way to go, but continuing expansion into new countries and closer collaboration with local regulators will, hopefully, lead to a ripple effect, as the benefits become more apparent to both certificate holders and participants in the financial sector at large.

EFPA strives to provide continuous education to increase the relative lack of financial culture and knowledge that exists amongst Europeans in general, especially on issues related to ESG and sustainability. Transferring clients’ sustainability preferences in pursuit of the fight against climate change and for greater decarbonisation and biodiversity, is particularly important. And although its focus is on core certification levels, EFPA also pledges to continue participating in financial education programmes, that also includes ESG training, presented in adequate and effective formats.

Flagship EFPA certifications

A deeply European syllabus focused on the essentials and client-centricity make EFPA training practical and practicable, according to its certificate holders.

The highest-level EFPA professional diploma is the European Financial Planner® (EFP) certificate (EQF 6) with a syllabus covering all aspects of financial planning and wealth management for the corporate world as well as private banking. The first step on the road towards EFP is the EFA (European Financial Advisor®) qualification, focused mainly on investment and private banking. Individuals who have successfully obtained the EFA and become EFPA members can feel supported by the EFPA network as they progress further in their career.

Up to date with new regulations

In line with the ESMA Guidelines on the assessment of knowledge and competences, EFPA has created two additional diplomas to cover more basic advisory services, as identified by ESMA guidelines: European Investment Practitioner® (EIP) and European Investment Assistant® (EIA). These certifications are not related to the process of obtaining EFP or EFA, require less training and are designed to meet the needs of professionals who, at whatever stage of their career, aspire to a more straightforward way of gaining a higher level of certification.

EFPA has also launched the EFPA ESG Advisor Certificate, which has proved very popular. ESG is a new field that is still evolving, and investors who ignore its importance would be making a grave error, according to EFPA representatives. Given today’s chaotic energy markets, taking ESG into account will help advisors to stay current and keep their advice relevant.

Providing these different levels of certification, all of which comply with ESMA standards, has proven an effective model. In little more than 20 years of existence, the EFPA name has become a trademark in countries such as Spain, Italy and the Czech Republic. As well as holding qualifications, EFPA professionals abide by a strict code of ethics which is accepted upon certification and provides an important additional reassurance to their clients.

Finally, online training, examinations and continued professional development allows also professionals from third countries to become certified and effectively join the EFPA professional community.

The value of certification to different financial sector participants

The employer benefits from the certainty that his employees are perfectly aligned with ESMA guidelines on knowledge and competences, elements increasingly controlled by external audit and regulations.

To the employee or advisor, EFPA certification represents the best insurance against the risk of obsolescence (through EFPA CPDs), which has never been greater in the financial industry.

For accredited course providers, the EFPA label is a seal of recognition of the quality of their training programmes and ensures quality monitoring over time.

A modern, continuing education

In an ever-more-demanding and restrictive world, continuing education must be flexible and practical and help instead of hinder. As it is the only authentically cross-border financial certification provider within the EU, EFPA’s vision is to work with the right partners to provide efficient and accessible CPD that achieves adequate standards and increases the level of training and competencies across the board.

Future plans

EFPA will continue to support professionals in continuously updating their knowledge and skills and make itself available to assist its members to best fulfil their obligations and remain at the forefront of financial advice to private clients.

To learn more about EFPA Europe, please visit:


Follow on LinkedIn:

Tue, 27 Sep 2022 20:12:00 -0500 En text/html
Killexams : Need help paying rent or buying your first home? Here are financial assistance programs in Miami-Dade No result found, try new keyword!Miami-Dade County residents are coping with a protracted housing-affordability crisis. Finding an affordable home to buy or rent in an area with a dwindling supply of available housing often is ... Sat, 15 Oct 2022 07:22:00 -0500 text/html Killexams : KBRA maintains strong ratings for Bermuda

Bermuda’s excellent longterm KBRA ratings includes expectations for durability in the island’s status as a financial hub (Photograph by David Fox)

Bermuda’s $22 million revenue loss in aircraft registry receipts as a result of the withdrawal of Russian aircraft certification business, can be covered by better than expected tourism receipts, a rating agency has declared.

It was a position taken by Kroll Bond Rating Agency on Friday as it affirmed Bermuda’s stable long-term issuer ratings of A+ and short-term issuer ratings of K1+ which were assigned on, and have been affirmed since October 2018.

Bermuda’s long-term ratings stable outlook reflects the commitment to fiscal restraint, the recovery of tourism and KBRA’s expectations for durability in the island’s status as a financial hub.

David Burt, Premier and Minister of Finance, commented last night on the net effect of the rating affirmation.

He said: “Overall, Bermuda received a positive report from KBRA. The rating affirmation and continuation of the stable outlook demonstrates that the agency believes that the country is on a steady path under the stewardship of this government.

“This rating affirmation from KBRA, who is an independent, well-respected rating agency, will allow Bermuda to continue to have access to capital at relative low interest rates as borrowers will have confidence in Bermuda’s ability to honour our debts in the near and long term. It also helps to support Bermuda’s attractiveness as a good place to conduct quality business.”

KBRA says it expects Bermuda to be largely resilient to moves towards global corporate tax reform and Brexit, although risks exist.

The stable outlook is provided even though there are heightened geopolitical uncertainties, risks of a recession in Bermuda’s most important tourism market (the US), risks around inflation and its impact on economic growth and public finances, but also takes into account Bermuda’s resilience to the energy shock.

KBRA’s economic snapshot of the island reflected a per capita income of more than $85,000, real GDP growth of 3.4 per cent and included a budget imbalance of 1.1 per cent.

Rating sensitivities included this statement: “Positive rating momentum could arise should economic growth and employment creation strengthen, likely through new industries or successful immigration liberalisation.”

Bermuda’s key credit considerations include “large external assets in the government’s Public Service Superannuation Plan and Contributory Pension Fund as mitigation against the ”the burden of a large government gross debt and financing costs [relative to revenues].“

They also include relative wealth, strong regulation, high quality financial services industries including re/insurance.

    But the report also states: “While thus far Bermuda has been (resilient) to international tax reform, progress on the global minimum corporate tax rate could be a challenge, although one that is expected to be manageable.

    “Brexit could create legal and regulatory risks, although these are expected to be muted given the European Union negotiates directly with Bermuda on many matters.”

    The report stated: “Risks appear from inflation – 3.7 per cent in May – and rising yield environment, although they appear manageable given Bermuda’s fixed-rate debt structure and no meaningful refinancing needs until 2027.“

    The Premier said: “The report also mentions the country’s economic and government financial strength, stating that the economy is characterised by very high per capita GDP, strong and stable institutions and a flexible, well-managed and innovative investment environment.

    “It is stated that Bermuda’s success in generating a high per capita income relates to its expertise in international financial services, especially (re)insurance, but increasingly in alternative capital alongside new opportunities in fintech, digital assets and other services.

    David Burt, the Premier and Minister of Finance (File photograph)

    “KBRA also proclaims that the Government of Bermuda has a track record of responsible fiscal policy, including the establishment of a sinking fund to finance debt payments due, multiyear budget planning and reliance on debt ceiling caps.”

    In reference to the report, Mr Burt also said: “Bermuda scored very well in traditional areas such as the economy and fiscal performance.

    “Further, over the last few years rating agencies are giving more credence to Environmental, Social and Governance management. In this regard, the report speaks favourably about Bermuda’s management of extreme weather event risks through our advanced infrastructure, building codes that ensure hurricane resilient structures, insurance on government buildings and responsible planning codes.

    “We also received praise on our efforts to Strengthen sustainability which include reducing our carbon footprint and preserving the marine ecosystem. Special mention was also given regarding the government’s establishment of a Climate Action Task Force in 2021 that includes stakeholders across the spectrum.”

    The Premier added: “Although there were many positive factors contained in the report, there were also a few risks that were discussed. The report stated that Bermuda has been resilient to international tax reform thus far, however the minimum corporate tax rate could be a challenge in the future and Brexit could create legal and regulatory risks in the future. However, it also stated that both of these risks are expected to be manageable.”

    (See related Media)

    Report card: Bermuda retains Long Term currency ratings of A+

Sun, 09 Oct 2022 20:50:00 -0500 en-US text/html
Killexams : Find A Financial Advisor Near You

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

Do you need help managing your money? If you’re like many Americans, you might need a hand. According to the National Financial Education Council, a lack of personal finance knowledge costs the average American $1,200 a year.

Finding a good financial advisor can help you avoid these costs and focus on goals. Financial advisors aren’t just for rich people—working with an advisor is a great choice for anyone who wants to get their personal finances on track and set long-term objectives. Follow these steps to find the right financial advisor for your needs.

Related: Find A Financial Advisor In 3 minutes

1. Decide What Part of Your Financial Life You Need Help With

Before you speak to a financial advisor, decide which aspects of your financial life you need help with. When you first sit down with an advisor, you’ll want to be ready to explain your particular money management needs.

Keep in mind that financial advisors provide more than just investment advice. The best financial planner is the one who can help you chart a course for all your financial needs. This can cover investment advice for retirement plans, debt repayment, insurance product suggestions to protect yourself and your family, and estate planning.

Depending on where you are in life, you may not need comprehensive financial planning. People whose financial lives are relatively straightforward, like young people without families of their own or significant debt, might only need help with retirement planning.

People with complex financial needs, however, may need extra assistance. They could be looking to establish college funds or trusts for their children, navigate aggressive debt payment situations or solve tricky tax problems. Not all types of financial advisors offer the same menu of services, so decide which services you need and let this guide your search.

2. Learn About the Different Types of Financial Advisors

There’s no federal law that regulates who can call themselves a financial advisor or provide financial advice. While many people call themselves financial advisors, not all have your best interest at heart. That’s why you have to carefully evaluate potential financial advisors and make sure they are good for you and your money.

Part of learning about the different types of advisors is understanding fiduciary duty. Some, but not all, financial advisors are bound by fiduciary duty, meaning that they are legally required to work in your financial best interest. Other people who call themselves advisors are only held to a suitability standard, meaning they only must suggest products that are suitable for you—even if they’re more expensive and earn them a higher commission. (The SEC is trying to regulate this, though, by limiting the use of “advisor” to those who hold themselves to a fiduciary standard.)

Regardless of which kind of advisor you choose, you should make sure you know how they earn money. This helps you determine if their recommendations are actually better for you—or for their wallets.

Here’s how to think about the different types of financial advisors:

Fee-Only Financial Advisors

Fee-only financial advisors earn money from the fees you pay for their services. These fees may be charged as a percentage of the assets they manage for you, as an hourly rate, or as a flat rate.

Almost all fee-only advisors are fiduciaries. Generally speaking, they have chosen to work under a fee-only model to reduce any potential conflicts of interest. Because their income is from clients, it’s in their best interest to make sure you end up with financial plans and financial products that work best for you.

Financial Advisors Who Earn Commissions

Some financial advisors make money by earning sales commissions from third parties. Among financial advisors that earn sales commissions, some may advertise themselves as “free” financial advisors that do not charge you fees for advice. Others may charge fees, meaning they derive only part of their income from third-party commissions.

Either way, financial advisors who earn third-party sales commissions derive some or all of their income from selling you certain financial products. If you choose to work with a financial advisor who earns sales commissions, you need to take extra care.

Commission-only advisors are not fiduciaries. They work as salespeople for investment and insurance brokerages, and are only held to suitability standards. In contrast, some fee-based financial advisors are fiduciaries, though it’s important to determine if they’re always acting as fiduciaries or if they “pause” fiduciary duty when discussing certain types of products, like insurance.

Related: Find A Financial Advisor In 3 minutes

Keep in mind, commissions aren’t bad in and of themselves. They’re not even necessarily red flags.

Some financial products are predominantly sold under a commission model. Take life insurance: A fee-based planner who receives compensation for helping you purchase a life insurance policy may still have your best interests at heart when advising on other financial products.

“To be clear, there’s nothing wrong with paying the commission for life insurance,” says Karen Van Voorhis, a fee-based certified financial planner (CFP) and Director of Financial Planning at Daniel J. Galli & Associates in Norwell, Mass. “That’s how the structure of that industry works.”

Purchasing financial products via financial advisors that earn commissions may be a matter of convenience, especially if someone will receive a commission regardless of where you buy the product. What’s important is understanding the difference. And if you work with a fee-based financial advisor, understand when they are acting as a fiduciary, especially when they help you purchase financial products.

Looking For A Financial Advisor?

Get In Touch With A Pre-screened Financial Advisor In 3 Minutes

Registered Investment Advisors

Registered Investment Advisors (RIAs) are companies that provide fiduciary financial advice. RIAs employ Investment Advisor Representatives (IARs), who are bound by fiduciary duty. An RIA may have one or hundreds of IARs working for it.

IARs may call themselves financial advisors, and may be fee-only or fee-based. Some may have additional credentials, including the certified financial planner (CFP) designation.

“The certified financial planner designation is really the gold standard in the financial planning industry,” says Van Voorhis. A CFP designation indicates a financial advisor has passed rigorous industry exams covering real estate, investment, and insurance planning as well as has years of experience in their fields.

Because of their wide range of expertise, CFPs are well suited to help you plan out every aspect of your financial life. They may be particularly helpful for those with complex financial situations, including managing large outstanding debts and will, trust, and estate planning.


Robo-advisors offer low-cost, automated investment advice. Most specialize in helping people invest for mid- and long-term goals, like retirement, through preconstructed diversified portfolios of exchange traded funds (ETFs).

“For younger people who are really tech savvy, a robo-advisor just to manage retirement funds could be a perfect solution,” says Brian Behl, a CFP at Behl Wealth Management in Waukesha, Wisc. “I don’t think they’re going to get as in-depth advice on insurance and retirement and taxes.”

People with complex financial needs should probably choose a conventional financial advisor, although many robo-advisors provide financial planning services a la carte or for higher net worth clients.

“While the robos have really disrupted the industry…I do think there’s still a place for human advisors right now,” says Corbin Blackwell, a CFP at robo-advisor Betterment.

Betterment, for example, allows clients to purchase individual financial advising sessions, and Personal Capital, Wealthsimple, and Betterment provide regular financial planning for clients with higher account balances for a management fee.

3. Choose Which Financial Advisor Services You Want

Services offered by financial advisors vary from advisor to advisor, but advisors may provide any of the following:

  • Investment advice. Financial advisors research different investment options and make sure your investment portfolio stays within your desired level of risk.
  • Debt management. If you have outstanding debts, like credit card debt, student loans, car loans, or mortgages, financial advisors will work with you to chart a plan for repayment.
  • Budgeting help. Financial advisors are experts in analyzing where your money goes once it leaves your paycheck. Advisors can help you craft budgets so you’re prepared to reach your financial goals.
  • Insurance coverage. Financial advisors may examine your current policies to identify any gaps in coverage or recommend new types of policies, like disability insurance or long-term care coverage, depending on your financial situation.
  • Tax planning. Tax planning involves strategizing ways to decrease the amount of taxes you may pay, like by large charitable donations or tax-loss harvesting. Keep in mind that not all financial planners are tax experts and that tax planning is different from tax preparing. You will probably still need a CPA or tax software to file your taxes.
  • Retirement planning. Financial advisors can help you build funds for the ultimate long-term goal, retirement. And then, once you’re retired or nearing retirement, they can help ensure you’re able to keep your money safe.
  • Estate planning. For those who wish to leave a legacy, financial advisors can help you transfer your wealth to the next generation, whether that’s family, friends, or charitable causes.
  • College planning. If you hope to fund loved ones’ educations, financial advisors can craft a plan to help you save for their higher education.

In addition to investment management and financial planning, financial advisors also offer emotional support and perspective during volatile economic times. During the beginning of the coronavirus pandemic in March of 2020, for instance, client demand for financial advisor contact increased by almost 50% .

Related: Find A Financial Advisor In 3 minutes

“I think that during these times, we can be a source of reason,” says Blackwell. “We can weather the storm. We’ve built this portfolio for a reason.”

When choosing a financial advisor, make sure they offer the services you’re looking for in your financial and non-financial lives.

Looking For A Financial Advisor?

Get In Touch With A Pre-screened Financial Advisor In 3 Minutes

4. Decide How Much You Can Pay Your Financial Advisor

It used to be that financial advisors charged fees that were a percentage of the assets they managed for you. Today advisors offer a wide variety of fee structures, which helps make their services accessible to clients of all levels of financial means.

Commission-only advisors may seem free on paper, but they may receive a portion of what you invest or purchase as a payment. These “free” financial advisors typically are available through investment or insurance brokerages. Remember, these advisors may only be held to suitability standards, so they may end up costing what you would pay for a similar financial product suggested by a fiduciary financial advisor—or more.

Fee-only and fee-based financial advisors may charge fees based on the total amount of assets they manage for you (assets under management) or they may charge by the hour, by the plan, through a retainer agreement, or via a subscription model. Common average financial advisor fee rates are listed in the table below:

5. Research Financial Advisors

Because financial advisors come in many forms with many different specialties and offerings, you need to thoroughly research potential advisors. You want to make sure the person guiding your financial decisions is trustworthy and capable.

You can find good financial advisors a couple of ways. Ask friends, family and peers for recommendations. Alternatively, look for financial advisors online. Many professional financial planning associations provide free databases of financial advisors:

When evaluating advisors, be sure to consider their credentials as well as research their backgrounds and fee structures. You can view disciplinary actions and complaints filed against financial advisors using FINRA’s BrokerCheck. And remember, just because someone is a part of a financial planning association, that doesn’t mean they’re a fiduciary financial advisor.

Questions to Ask a Financial Advisor

In your first meeting with a financial advisor, make sure you learn the answers to these questions and that you’re comfortable with their responses.

  • Are you a fiduciary?
  • Are you always acting as a fiduciary? (Some fee-based advisors may not always act as fiduciaries when selling commission-based products.)
  • How do you make your money?
  • What is your approach to financial planning?
  • What financial planning services do you offer?
  • What kind of clients do you normally work with?
  • Do you have any account minimums?
  • Do you have any conflicts of interest in managing my money?
  • What information do I need to bring for you to look at when developing my financial plan?
  • How many times and how often will we meet?
  • Will you collaborate with my other advisors, like CPAs or attorneys?

Related: Find A Financial Advisor In 3 minutes

The Bottom Line

Because of the ambiguity in the industry, you have to exercise caution to make sure you get the right financial advisor who meets your fiduciary and financial needs. That said, when you find the right financial advisor for you, they can help you achieve your financial goals and financially protect your loved ones and their futures.

“So much of what I do in a life-centered approach to financial planning and wealth management is walk out life with people,” says Wes Brown, a CFP at CogentBlue Wealth Advisors in Knoxville, Tenn. “I think there’s value in an ongoing relationship where somebody can help you walk through the various waypoints you’re going to come to.

Looking For A Financial Advisor?

Get In Touch With A Pre-screened Financial Advisor In 3 Minutes

Fri, 30 Sep 2022 02:45:00 -0500 John Schmidt en-US text/html
CFP exam dump and training guide direct download
Training Exams List