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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.

8 PRINCIPAL KNOWLEDGE syllabu CATEGORIES:
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. PROFESSIONAL CONDUCT
AND REGULATION (7%)
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
institutions
A.5 Financial services regulations and requirements
A.6 Consumer protection laws
A.7 Fiduciary
B. GENERAL PRINCIPLES OF
FINANCIAL PLANNING (17%)
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. EDUCATION PLANNING (6%)
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. RISK MANAGEMENT AND
INSURANCE PLANNING (12%)
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. INVESTMENT PLANNING (17%)
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. TAX PLANNING (12%)
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. RETIREMENT SAVINGS AND
INCOME PLANNING (17%)
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. ESTATE PLANNING (12%)
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

1. ESTABLISHING AND DEFINING THE
CLIENT-PLANNER RELATIONSHIP
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
2. GATHERING INFORMATION NECESSARY
TO FULFILL THE ENGAGEMENT
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
3. ANALYZING AND EVALUATING THE
CLIENTS CURRENT FINANCIAL STATUS
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
4. DEVELOPING THE RECOMMENDATION(S)
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
5. COMMUNICATING THE RECOMMENDATION(S)
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
6. IMPLEMENTING THE RECOMMENDATION(S)
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))
7. MONITORING THE RECOMMENDATION(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)
8. PRACTICING WITHIN PROFESSIONAL AND REGULATORY STANDARDS
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 plan
Killexams : Financial Certified plan - BingNews https://killexams.com/pass4sure/exam-detail/CFP Search results Killexams : Financial Certified plan - BingNews https://killexams.com/pass4sure/exam-detail/CFP https://killexams.com/exam_list/Financial 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 CFP.net/Scholarships. Individuals and firms interested in supporting the endowed scholarship should contact Institutional Giving Officer Dan Limbago at dlimbago@cfpboard.org or 202-864-5250.

ABOUT THE CFP BOARD CENTER FOR FINANCIAL PLANNING

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.

ABOUT CFP BOARD

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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SOURCE Certified Financial Planner Board of Standards, Inc.

Tue, 09 Aug 2022 02:00:00 -0500 en-US text/html https://finance.yahoo.com/news/cfp-board-center-financial-planning-140000951.html
Killexams : Can You Be a Retirement Plan Educator?

If you’re interested in retirement – either because you are planning your own, or because you find the subject fascinating – you might have wondered if you can share your knowledge in a formal way. The good news is that this is certainly possible – there are courses that help people learn about retirement, led by certified in the field.

The bad news? Most people don’t get their retirement advice from courses. Instead, they’ll consult a professional retirement planner who can offer them individual advice on their portfolio, and educate them along the way. That’s why most of the educators who teach courses on retirement planning were once Certified Financial Planners (CFPs), and why this might be a better route to take if you are looking to build a career in retirement planning.

Key Takeaways

  • There are courses on retirement planning, taught by educators with specialist knowledge of retirement accounts, strategies, and taxes. 
  • Most of these educators will have spent some time working as a financial advisor or planner, and may well hold a professional certification like the CFP qualification. 
  • In other words, becoming a retirement educator is likely to involve becoming a retirement planner or advisor first, and this is likely to involve landing a job with a company that both provides retirement advice and is willing to train you to do the same.

Retirement Educators, Advisors, and Planners

People get retirement advice in a variety of ways. Some turn to retirement planning courses, taught by full- or part-time educators. Others ask their family, friends, or colleagues for advice. Most, however, will use a combination of individual research and professional advice.

Professional advice on retirement is often provided by a retirement planner. A retirement planner is a financial planner who specializes in helping people to prepare a retirement plan and live out their final years financially secure. As implied in the name, these professionals focus on what the client's needs will be once they stop working. That means ensuring not only that retirees have a big-enough pension to live comfortably, but also addressing other requirements such as estate planning and insurance.

Some financial planners specialize in just one area of finance such as retirement, but others are generalists. The most commonly held professional designation for planners is certified financial planner (CFP®), issued by the CFP Board, the nonprofit certifying and standards-setting organization that administers the CFP exam.

There are other sources of professional advice, however. A financial advisor can often provide advice on retirement courses as well. A “financial advisor” is a much broader term than financial planner, and can refer to nearly any professional who advises people on their finances, including certified financial planners. This is an important, and often confusing, distinction: every financial planner is a financial advisor, but not every financial advisor is a financial planner.

Both financial planners and advisors are, in a sense, educators as well. They help individuals understand their retirement needs, and how they can achieve them. Many CFPs also teach courses on retirement planning – delivering the same advice in a classroom as they would to individuals.

Most people turn to retirement planners or retirement advisors for advice on their retirement plans. Retirement planners and advisors are financial planners or advisors that have specialized in retirement planning, and often have professional certification. Most retirement planning courses are taught by professional advisors or planners. 

Sharing Your Retirement Expertise

Given the range of ways in which people seek retirement advice, it follows that there are a range of ways in which to become a retirement educator.

  • If you are looking to build a career in retirement planning, apply for a position at a company that offers this service. This could be a huge financial company like Fidelity or Vanguard, or a smaller local firm that specializes in retirement advice. You’ll likely need a college degree to get a job like this, but then this type of company might well pay for you to train, and even gain a CFP certification.
  • Alternatively, you could pay for your own education, and become a freelance financial planner who specializes in retirement. You can even self-fund the courses required to become a CFP, although they can be expensive. This is a fairly high-risk route, however, because you’ll essentially be running your own business, and without an impressive range of qualifications and experience, people may be understandably reticent to hire you.
  • Another option is to find a company that offers courses on retirement planning, and apply to become a teacher for them. During your research, however, you’ll likely see that most of the educators for this kind of course came from one of the two backgrounds we’ve mentioned – they either worked for a company that provides retirement services and advice, or were a CFP. 
  • A less advisable option is to simply start dispensing retirement advice. There is nothing stopping you from sharing your expertise on retirement planning online, or with your friends and colleagues. You should, however, be aware that managing someone else’s money for them, including their retirement portfolio, can be very risky.

What Is a Retirement Planner or Advisor?

A retirement planner is a financial planner who specializes in helping people to prepare a retirement plan and live out their final years financially secure. A retirement advisor is a broader definition, covering anyone who offers advice on retirement planning.

Are There Retirement Educators?

There are courses on retirement planning, and these are generally taught by people who have previously been retirement planners or advisors. 

How Much Does a Financial Advisor Make?

The amount that a financial advisor makes depends on a variety of factors, such as their experience, the region in which they work, their types of clients, the types of products they sell, and the type of financial advice they provide. According to the Bureau of Labor Statistics, in 2021, the median pay of a financial advisor was $94,170 per year, or $45.27 an hour.

The Bottom Line

There are courses on retirement planning, taught by educators with specialist knowledge of retirement accounts, strategies, and taxes. Most of these educators will have spent some time working as a financial advisor or planner, and may well hold a professional certification like the CFP qualification. 

In other words, becoming a retirement educator is likely to involve becoming a retirement planner or advisor first, and this is likely to involve landing a job with a company that both provides retirement advice and is willing to train you to do the same.

Mon, 08 Aug 2022 07:49:00 -0500 en text/html https://www.investopedia.com/retirement-plan-educator-requirements-5499027
Killexams : Create a Special Needs Plan That Goes the Distance No result found, try new keyword!The number is surprising, as is the variety of individual situations for which special needs planning is needed. The Centers for Disease Control and Prevention estimates that 61 million adults in the ... Mon, 08 Aug 2022 20:30:00 -0500 text/html https://www.nasdaq.com/articles/create-a-special-needs-plan-that-goes-the-distance Killexams : ‘I hope I don’t crash and burn.’ I recently hired my first financial planner, but in just seven months, they’ve lost $70K. What’s my move? No result found, try new keyword!I recently rolled my retirement pension and 401 (k) into one account, managed by a financial planner. But in seven months, they seem to have lost $70,000 of my money. How do I know if they’re making ... Fri, 05 Aug 2022 05:20:00 -0500 en-us text/html https://www.msn.com/en-us/money/savingandinvesting/e2-80-98i-hope-i-don-e2-80-99t-crash-and-burn-e2-80-99-i-recently-hired-my-first-financial-planner-but-in-just-seven-months-they-e2-80-99ve-lost-2470k-what-e2-80-99s-my-move/ar-AA10lbMF Killexams : CFP Board Appoints Financial Services Executive and Workforce Authority Kate Healy as Managing Director for CFP Board Center for Financial Planning

WASHINGTON, Aug. 3, 2022 /PRNewswire/ -- The Certified Financial Planner Board of Standards, Inc. (CFP Board) announced today that it has named Kate Healy, a financial services executive with substantive experience in workforce programs, as Managing Director for CFP Board Center for Financial Planning ("Center").

Kate Healy

Healy is one of the financial services industry's most recognized advocates for diversity, equity and inclusion, and is an authority on workforce sustainability. In this position, she will lead the Center's strategic direction to elevate the financial planning profession through programs in diversity and inclusion, workforce development and knowledge creation. She will also lead fundraising efforts to ensure the ongoing viability and success of these programs.

Based in CFP Board's Washington, D.C. headquarters, she will report to CFP Board Chief Executive Officer Kevin R. Keller, CAE. She joins the organization on September 1.

"Kate is a respected leader in the financial planning profession and has been a valuable contributor of her time and talent to the Center since its inception in 2015," said CFP Board CEO Kevin R. Keller, CAE. "Her decades of experience in financial services and nonprofit organizations will facilitate the excellent work of the Center in creating a more diverse and sustainable financial planning profession."

Healy joins CFP Board after 13 years at TD Ameritrade Institutional where she most recently was Managing Director for Generation Next, leading advocacy efforts to expand the number of diverse advisors in critical market segments. She facilitated a record increase of women, Black and Hispanic CFP® professionals through partnerships with academia and industry, while strengthening educational efforts for students and advisory firms. Prior to TD Ameritrade, Healy spent 20 years in financial services marketing and program development roles in a variety of business models.

"I have enjoyed my nearly decade-long volunteer experiences with CFP Board, first as an inaugural member of the Women's Initiative in 2013 and then with the launch of the Center serving on several of its advisory groups. This opportunity seemed like a natural career progression to build upon my passion for workforce and diversity issues," said Healy. "I am excited to join CFP Board and work closely with the Center's many volunteers, dedicated staff, firm partners and other stakeholders to build the 21st century financial planner workforce."

Healy recently served as Board Chair for the Foundation for Financial Planning. The Foundation is the nation's leading charity devoted to expanding access to pro bono financial planning for people in crisis or need. She currently serves on the executive committee of the Invest in Others Charitable Foundation, which recognizes advisors and firms making a difference by donating time and money to charitable causes in communities across the country and around the world.

She has contributed to leading financial publications, including Barron's, InvestmentNews, Financial Planning, WealthManagement, ThinkAdvisor and the Financial Planning Association's NexGen Planner. She has received numerous trade and organization awards and recognitions including 2019 "Savvy Ladies" Change Maker Award, 2018 WealthManagment.com Ten to Watch, 2016 Investment Advisor IA 25 New Influencers and 2015 InvestmentNews Women to Watch.

Healy holds a Bachelor of Arts degree in economics from the Rutgers College, New Brunswick, NJ, and an Executive Certificate from SIFMA Securities Industry Institute at The Wharton School, Philadelphia, PA.

ABOUT CFP BOARD

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.

Certified Financial Planner Board of Standards, Inc. Logo (PRNewsfoto/Certified Financial Planner Boa)

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SOURCE Certified Financial Planner Board of Standards, Inc.

Wed, 03 Aug 2022 02:00:00 -0500 en-US text/html https://finance.yahoo.com/news/cfp-board-appoints-financial-services-140000783.html
Killexams : New NYU MS in Financial Planning program offering behavioral finance focus approved by CFP Board

A new master’s degree program in financial planning focuses on the psychological side of wealth management, just as the CFP Board introduces that component to its Certified Financial Planner exam. 

The recently launched MS in Financial Planning at NYU’s School of Professional Studies will welcome its first cohort of students this fall. The program is unique in offering two concentration choices: Behavioral Finance and Financial Analytics. 

The behavioral finance option comes as the CFP Board, which oversees the gold standard CFP credential, began including the ‘Psychology of Financial Planning’ in its planner test this year. 

Colin Slabach, the faculty lead for the one-year program, said that the two tracks are what make the program different from other financial planning degrees. 

“I haven’t really seen that as much in the marketplace,” Slabach said. “Individuals will be able to sit and qualify for the CFP, but really our major differentiator is that behavioral finance track and that financial analytics track.” 

The industry has seen a growing emphasis on the role of psychology in financial planning in latest years, bringing together behavioral finance with traditional investment advice to find new ways to strengthen advisors' relationships with their clients. The CFP Board’s ‘Psychology of Financial Planning’ covers courses such as client attitudes, values, and biases and principles of counseling and communication.  

John Loper, the CFP Board’s Managing Director of Professional Practice, said that the NYU degree “highlights the importance of our new domain, psychology of financial planning.” 

The degree is targeted at career changers, people just starting out and those who don’t yet have substantial experience in the field. With nearly 4 in 10 advisors expected to retire in the next 10 years, the NYU program wants to bring in younger students to be able to fill that impending gap in the industry. 

“We definitely want that younger cohort who are going to be able to, within those next 10 years, step up and become owners of these practices and really develop their skills, but we want to set them up to work with these groups of individuals,” Slabach said. 

The program received CFP Board Registration on July 18. 

“We really think that the CFP is trending towards becoming the standard in financial planning, so kind of similar to what a CPA would need to be an accountant, or a lawyer needs to be able to pass the bar,” Slabach said. 

The CFP title does perennial battle with advisors who call themselves financial planners but lack the CFP credential. The Financial Planning Association, the leading membership organization for CFPs, said on July 21 that it would seek legal recognition for planners through title protection. 

The overarching goal of NYU’s new financial planning is to prepare people to enter the market as “comprehensive financial advisors,” Slabach said. 

“We’re very focused on providing them with a positive learning outcome and preparing them for the marketplace,” he said. “Just giving them a safe place where they can focus on developing their skills, but then also build these relationships for when they do get out into the workforce.”

Editorial intern, Financial Planning

Wed, 27 Jul 2022 10:03:00 -0500 en text/html https://www.financial-planning.com/news/nyu-ms-in-financial-planning-approved-for-cfp-board-registration
Killexams : A Financial Planner Shares What He Wishes Everyone Knew About Estate Planning

DragonImages / Getty Images/iStockphoto

Estate planning can be complicated, but it’s important to have a plan in place to ensure you leave the financial legacy that you desire. This may mean having uncomfortable conversations with loved ones and making sure you have written instructions for end-of-life decisions and distribution of assets.

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GOBankingRates spoke with Mark Schrader, a certified financial planner at TIAA who lost his mother late last year, about what he learned through his first-hand experience and the financial planning advice he would provide on critical estate planning steps.

Have Those Important Conversations About Your Wishes

Talking to your loved ones about your estate and end-of-life plans can be uncomfortable, but it will ultimately be to their benefit.

“I think the No. 1 thing that Mom’s passing illuminated for me is the importance of having conversations ahead of time,” Schrader said. “When it came time to make decisions for Mom, my brother and I knew exactly what she wanted, whether it was regarding her care while she was incapacitated in the weeks leading up to her death or her specific desires after she passed away.

“One moment that sticks out in my mind is when my brother and I were sitting at the table at the funeral home and the funeral director presented a list of questions regarding decisions that we needed to make. This was one of the most emotional points of our lives,” he continued. “I can’t imagine how it would have gone if we didn’t know our mom’s final wishes.”

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Get All of the Necessary Documents in Order

There are a few documents you should have prepared as part of your estate plan.

“First is the will,” Schrader said. “This is the main document that details how you want your assets distributed. This is usually prepared by an attorney, but there are also online options that can be satisfactory for a simple estate. If you don’t have a will, your state will determine how your assets will be divided.”

You should also have documentation that provides your loved ones with life insurance and account information.

“Be sure to leave instructions, whether physical or virtual, so family members know how to find important documents when they need them,” Schrader said.

In addition to documenting your wishes for your estate, you should also document your end-of-life wishes.

“My mom had a power of attorney — that’s a legal document that allows another person to make decisions for you,” Schrader said. “These decisions can be related to your finances, but there are also healthcare decisions that may need to be made. You can also prepare a living will that outlines your preferences for medical care if you can’t make decisions for yourself. What if you’re incapacitated because you’re fighting dementia? Or in a coma? Or terminally ill? A living will guides doctors and caregivers so your family and friends don’t have to navigate difficult choices at possibly the worst time of their lives.”

The living will also explains what happens if you’re being kept alive by a machine.

“What if the machine could keep you alive for years? If you’re permanently unconscious, do you want to be kept alive? You can address those types of decisions in a living well,” Schrader said. “You should also decide whether you want a Do-Not-Resuscitate order (DNR), which a physician would need to write. Hospital staff always try to help patients whose hearts have stopped or who have stopped breathing. Do you want that? If so, for how long? This can also be part of a hospice plan. Do you want medical staff to shift the focus from prolonging life to instead maintaining comfort?”

Preparing a DNR — if you so choose — can help your loved ones make difficult end-of-life decisions.

“On one visit with Mom a few months before she passed, she adamantly showed me her DNR and where she kept it right on the coffee table in the middle of the den,” Schrader said. “She wanted to make sure the DNR was always out and visible.”

Assign Beneficiaries to All of Your Accounts

Assigning beneficiaries is another way to ensure that your wishes are carried out.

“People really don’t think about the importance of assigning beneficiaries,” Schrader said. “Every time you open an account or purchase property, you’re creating additional items that need to be part of your planning. No matter what you say in your will, a beneficiary supersedes everything and passes outside of probate. Let’s say your loved one wanted to provide some of her/his account to charity. If the beneficiary doesn’t do that, it won’t happen.”

Consider Creating an ‘Ethical Will’

Schrader’s personal experience with his mother’s passing taught him the value of having what is known as an “ethical will.”

“The simplest way to think about an ethical will in the estate planning context is in comparison to the will itself,” he said. “Whereas a will is there to pass down physical and sometimes monetary holdings, an ethical will is intended to pass along ideas that are important to you. An ethical will is a document that allows you to share your values with your heirs.”

This can be more informal, and take the form of notes to your heirs to tell them stories you want them to know.

“My Mom was a coach and a guidance counselor during the course of her career, so she was great at having conversations with people about what is important,” Schrader said. “If you were around her for more than a few minutes, she would know your life’s story. While she didn’t have her own specific document, I feel she shared her values and intentions with us through ongoing conversations along the way. An ethical will or values conversation can be a great way to make sure that the important things in life are communicated.”

More From GOBankingRates

This article originally appeared on GOBankingRates.com: A Financial Planner Shares What He Wishes Everyone Knew About Estate Planning

Thu, 04 Aug 2022 04:00:00 -0500 en-US text/html https://finance.yahoo.com/news/financial-planner-shares-wishes-everyone-160030043.html
Killexams : Foundation for Financial Planning taps Ben Harrison as chair

Ben Harrison, co-head of wealth solutions at BNY Mellon Pershing, has been appointed the chair of the Foundation for Financial Planning by its board of trustees.

Harrison, a trustee of the foundation for the last 5½ years, had previously served as the foundation’s vice chair, or chair elect. He will serve as chair through the end of 2023.

He replaces outgoing board Chair Kate Healy, who stepped down to assume a new role as managing director of the Certified Financial Planner Board of Standards’ Center for Financial Planning.

The FFP’s new vice chair will be Dr. Dave Yeske, who will assume the year-long role of chair in 2024.

The Foundation for Financial Planning is a nonprofit organization dedicated to expanding access to pro bono financial planning for people in crisis or need.

Hybrid engagement requires reimagined work schedules and roles

Wed, 03 Aug 2022 08:57:00 -0500 en-US text/html https://www.investmentnews.com/foundation-for-financial-planning-taps-ben-harrison-as-chair-224899
Killexams : Belco Community Credit Union Focuses on Financial Education for Employees and Members

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Tue, 09 Aug 2022 01:23:00 -0500 en-US text/html https://www.cardrates.com/news/belco-community-credit-union-focuses-on-education/
Killexams : Kate Healy, Ben Harrison to Lead Financial Planning Orgs

What You Need to Know

  • Kate Healy, formerly of TD Ameritrade, is now managing director of the CFP Board's Center for Financial Planning.
  • Her previous role as chair of the Foundation for Financial Planning will be filled by Ben Harrison of Pershing.

The Certified Financial Planner Board of Standards has named Kate Healy as managing director for the group’s Center for Financial Planning. She starts in her new role in Washington, D.C., on Sept. 1 and will report to CFP Board CEO Kevin R. Keller.

Healy recently served as board chair for the Foundation for Financial Planning, a post that will now be filled by Ben Harrison, co-head of Wealth Solutions for BNY Mellon’s Pershing. The foundation is focused on expanding access to pro bono financial planning services.

“Kate is a respected leader in the financial planning profession and has been a valuable contributor of her time and talent to the center since its inception in 2015,” according to Keller. “Her decades of experience in financial services and nonprofit organizations will facilitate the excellent work of the center in creating a more diverse and sustainable financial planning profession.”

Healy — who serves as a judge for ThinkAdvisor’s LUMINARIES industry recognition program — joins the CFP Board after 13 years at TD Ameritrade Institutional, where she most recently was head of Generation Next, which entailed work on increasing the number of diverse advisors in critical market segments. Prior to her work at TD Ameritrade, she  spent 20 years in financial services marketing and program development roles.

“I have enjoyed my nearly decade-long volunteer experiences with [the] CFP Board, first as an inaugural member of the Women’s Initiative in 2013 and then with the launch of the center,” Healy explained in a statement. “I am excited to join [the board] and work closely with the center’s many volunteers, dedicated staff, firm partners and other stakeholders to build the 21st century financial-planner workforce.”

Harrison takes over Healy’s post with the Foundation for Financial Planning and will be its board chair through the end of 2023. Earlier, he served as the group’s vice chair, or chair-elect. 

FFP’s new vice chair will be Dave Yeske, CFP, who will assume the role of chair for 2024. Yeske holds a Ph.D. in finance from Golden Gate University.

Thu, 04 Aug 2022 01:30:00 -0500 en text/html https://www.thinkadvisor.com/2022/08/04/kate-healy-ben-harrison-to-lead-financial-planning-orgs/
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