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Killexams : Financial Accredited exam - BingNews Search results Killexams : Financial Accredited exam - BingNews Killexams : CFP Board to Review Competency Standards for Certified Financial Planners

The CFP Board plans to launch its first-ever comprehensive review of competency requirements for Certified Financial Planners, a process that could result in changes to professional standards for the nearly 94,000 professionals who hold the coveted CFP credential.

A volunteer commission will review competency standards.

Courtesy of CFP Board

The board, which administers the credential, says it is forming a commission to conduct the review next year. The commission will evaluate competency standards for advisors seeking to get the CFP credential as well as ongoing education and other requirements for existing CFPs.

“As the professional organization that sets, administers, upholds and enforces competency and ethical standards for CFP certification, the CFP Board has the obligation to ensure that its certification requirements remain valid, reliable and legally defensible for the benefit of the public,” CFP Board CEO Kevin Keller said in a statement.

The commission will be composed of volunteers, including some from the financial planning industry, according to the CFP Board. It will review a variety of topics, such as continuing education credits for advisors who do pro bono service.

“The Competency Standards Commission will look at not only the appropriateness of each requirement, but also at how the requirements work together to ensure financial planning competency,” Dan Moisand, CFP Board chair-elect, said.

The CFP credential has become the most sought-after among advisors, particularly those who are new to the profession. The board said that 3,204 candidates took the exam to become a CFP during the most recent testing window; 64% passed. About one-third of candidates were under age 30, according to the CFP Board. The next exams will be held in March.

Write to Andrew Welsch at

Tue, 13 Dec 2022 10:41:00 -0600 en-US text/html
Killexams : How to Pass the Series 65 Exam

The Series 65 exam is a ticket to entry for aspiring investment advisor representatives who want to be able to…

The Series 65 exam is a ticket to entry for aspiring investment advisor representatives who want to be able to provide clients financial and investing advice.

The exam’s formal name is the Uniform Investment Adviser Law Examination, but it’s typically referred to as the Series 65.

The process for becoming an investment advisor representative, or IAR, differs from a career at a broker-dealer, which has workers operate on a commission basis. In the latter case, a candidate would generally pass the Series 7 exam, along with either a Series 63 or Series 66.

Here are some factors to consider before sitting for the Series 65 exam and some tips to help candidates pass:

— What is the Series 65 exam like?

— How to study for the Series 65 exam.

— How to become an investment advisor representative, or IAR.

— How long does the Series 65 license last?

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What Is the Series 65 exam Like?

When taking the Series 65, candidates must complete the exam within 180 minutes. A passing score is 72%, which translates to correctly answering 94 of the 130 scored questions. The Financial Industry Regulatory Authority, which administers the exam, does not release Series 65 pass rates.

The test covers financial industry regulation, securities law, ethics, investments and economics. All these subjects factor into a financial advisor’s day-to-day work. Most candidates devote considerable time to studying for the Series 65.

The Series 65 exam is like most other FINRA exams, says Tricia Rosen, founder of Access Financial Planning, a registered investment advisory firm in Andover, Massachusetts. “If you put the time in to read the study materials and do the practice exams, you’ll be well prepared.”

She compares the Series 65 to the certified financial planner exam, saying the breadth of material covered for the CFP test is much greater and requires more synthesis of the information you learn. “Memorizing information is good enough to pass the Series 65, but it wouldn’t be good enough to pass the CFP exam,” she says.

How to Study for the Series 65 Exam

Advisors travel different paths toward the exam. Sue Hickey and her husband, David Hickey, founded Your Own Retirement, an advisory firm in Cranberry Township, Pennsylvania. Sue had an insurance license but wanted to expand her skill set.

She began asking herself about the future of the firm if something happened to her husband, who holds a Series 65 license. His license allowed the firm to manage assets as a registered investment advisor, or RIA. She knew it was time to pass the exam herself.

She had to face some fear about the process. “I swore for years, ‘No way. I couldn’t possibly.’ Then I realized I had better do it, and now,” she says. “I dedicated two to three hours each morning at home before the office for several months. I was a nervous wreck, but I told everyone to make sure I couldn’t back out.”

She says making the time to study was crucial, as was being methodical. “Taking those hours, writing things out and placing on the calendar all the pieces from quizzes to tests was a big help and motivation,” she says. “It was probably my proudest moment in a long time when I passed.”

Folks who have taken a standardized test of any kind are probably familiar with test preparation courses and training.

“In my experience, devoting a set amount of time to studying each day is important,” says Jason Steeno, president of CoreCap Investments and CoreCap Advisors in Southfield, Michigan. “First, focus on practicing the study material and taking the quiz at the end of each chapter. After all of the reading, start taking practice exams, check the answer after each question and read the explanation of the answer.”

Reading every explanation may sound tedious, but Steeno says it helps reinforce the subjects and concepts.

“Once you start to obtain scores in the mid-to-high 80s, then move on to taking full practice exams without checking answers along the way,” he says. Keep taking full practice exams until you’re scoring in the high 80s to low 90s. Only then are you ready to take the real exam, he says.

How to Become an Investment Advisor Representative, or IAR

Passing the Series 65 is a prerequisite to working as an IAR. To become fully licensed, you likely need to meet certain state requirements as well, which can vary from state to state. Many states require a background check, application and payment of a fee, but they can impose other requirements, too.

Some states may let you become an IAR without taking the Series 65 if you have another credential, such as the chartered financial consultant credential, certified financial planner or chartered financial analyst.

“Advisors often desire to become an IAR as their clients’ needs change from executing stock or mutual fund transactions to needing more comprehensive investment advisory services, especially as clients age and grow their wealth,” Steeno says. “IARs can offer fee-based guidance, planning and investment advisory services to clients when affiliated with a registered investment advisor.”

Rosen points out that the Series 65 exam, unlike broker-dealer exams, requires no company sponsor.

That makes it easier for candidates to start the process without waiting for an employer’s OK. In fact, candidates can take the Series 65 exam if they are not currently working at a financial advisory firm. Passing the exam and being licensed can make a candidate more attractive to an employer.

“My suggestion would be to start studying, and take the test if being an IAR is something you are interested in doing,” Rosen says. “It’s a good way to see if the subjects are interesting to you, and it’s a great credential to have to create opportunities for yourself.”

For someone who passed the Series 7 and Securities Industry Essentials (SIE) exams, she adds: “The 65 would be more general in scope, so it may be helpful. But if I were working in a job with a Series 7, and I wanted to do more comprehensive financial planning, I would go the certified financial planner route instead. It’s a much harder and longer path, but ultimately will be a much more beneficial credential to have.”

How Long Does the Series 65 License Last?

The North American Securities Administrators Association (NASAA) is an international investor protection agency of state securities administrators. While there are no continuing education requirements to keep NASAA exams active, you do need to stay registered for your exam to remain active. Registered, in this case, means you need to be licensed with the state.

Most states provide individuals two years after passing their exam to get licensed. Any longer than that and your exam expires, meaning you’d need to retake it to get your license. As long as you remain licensed, your exam won’t expire. If you leave your employer or lose your job, you’ll likewise have two years to become reemployed and reregistered before your exam expires.

More from U.S. News

CFP exam 101: Everything You Need to Know to Pass the CFP Test

10 Long-Term Investing Strategies Advisors Love

7 Best ETFs to Invest in Corporate Bonds

How to Pass the Series 65 Exam originally appeared on

Update 12/09/22: This story was previously published at an earlier date and has been updated with new information.

Wed, 07 Dec 2022 21:00:00 -0600 en text/html
Killexams : ICAI CA Foundation exam 2022 begins today, check last-minute guidelines CA Foundation exam is conducted twice in a year. (IE Image) © Provided by The Financial Express CA Foundation exam is conducted twice in a year. (IE Image)

The Institute of Chartered Accountants of India (ICAI) will be conducting the CA Foundation exams (December session) for admissions to the CA Foundation Course on December 14, 16, 18, and 20 in 2022 in the afternoon session. The four-part descriptive-cum-objective type exam is for candidates who are interested in becoming certified accountants.

The examinations will be conducted between 2 pm and 5 pm. There will be no negative marks on papers 1 and 2, i.e. the subjective papers. On the other hand, 0.25 marks will be deducted from  3 and 4 objective papers for every wrong response. The first day’s paper is Principles and Practice of Accounting” followed by Business Laws and Business Correspondence and Reporting, ”Business Mathematics, Logical Reasoning and Statistics and ”Business Economics and Business and Commercial Knowledge.

The candidates should report at the examination centre at least an hour before the scheduled start of the exam. They must bring the necessary documents, such as the admit card, along with a valid photo ID. In addition, candidates should follow the COVID-19 guidelines along with social distancing rules.

The candidate’s photo and signature should be clearly visible and legibly printed on the card. The details of the admit card should also be matched.

The CA Foundation mock test for the December session was conducted from November 28 to December 1, 2022. CA Foundation exam is conducted twice in a year. Candidates who have passed Class 10 also can provisionally register for the CA Foundation course.

Those who are already in the final year of their Senior Secondary education can register for the CA Foundation examinations by January 1. The examinations will be held in May or June and in November or December each year.

Tue, 13 Dec 2022 17:15:49 -0600 en-IN text/html
Killexams : CFP Board to launch review of competency standards for credential

The Certified Financial Planner Board of Standards Inc. next year will rethink what kind of knowledge, skills and abilities financial advisers should possess to obtain and hold the credential.

The CFP Board announced Tuesday it will form a Competency Standards Commission in early 2023. The group — made up of people from the financial industry, educators, certification and credentialing experts and members of the public — will conduct a comprehensive review of the education, examination, experience and continuing education requirements related to the CFP mark.

The effort will be similar to the CFP Board’s assessment of the credential’s ethical standards several years ago, which led to expanding the fiduciary duty that CFP holders have to their clients when providing investment advice.

“I think this is an important step as we think about the emergence of the financial planning profession,” CFP Board CEO Kevin Keller said in an interview at the Financial Planning Association’s annual conference in Seattle. “The public, advisers, firms all recognize CFP certification as the standard for financial planning, and there’s never been a thorough review. I think it’s time for us to do that.”

Under current rules, a person must be a college graduate to pursue the CFP credential and must complete 30 hours of continuing education every two years to renew it. The commission will take a fresh look at such requirements and either validate them or recommend changes to the CFP Board.

The CFP Board expects to name members of the commission in February. The group’s work will take about 24 months. The commission is one of the initiatives contained in the strategic plan the CFP Board released in November 2021.

The CFP Board’s review of competency standards is occurring at the same time that FPA is undertaking an effort to obtain legal protection for the title “financial planner.” That involves setting competency and ethical standards for financial planning.

“The CFP designation and the standards it represents have become the foundation for financial planning,” James Lee, owner of Lee Investment Management, said during a Monday event at the FPA conference.

But Lee added that there are no “universally accepted standards” that people must meet before calling themselves financial planners. He sees title protection as the “bridge” to establishing financial planning as a profession.

“Financial planning will never be a distinct profession until it’s recognized by all segments of society — that is, consumers, practitioners and regulators,” Lee said.

The question is whether FPA is trying to reinvent a wheel the CFP Board has already created.

“We think the CFP certification is the standard,” Keller said.

He points out that the CFP Board has invested $150 million over the last 12 years in an advertising campaign to raise public awareness about the credential. It also has spent millions of dollars enforcing the ethical standards attached to it.

“We’re working very hard to make sure the public recognizes CFP as the standard for financial planning,” Keller said.

As the CFP Board’s commission launches next year, the FPA will be holding meetings with planners and others to determine threshold competency and ethical standards that will serve as the foundation for title protection.

The CFP Board is the professional body for the approximately 94,000 CFPs in the United States. The FPA has about 19,000 members, the vast majority of whom hold CFPs.

“FPA describes itself as the leading membership organization for CFP® professionals, therefore CFP Board hopes that what they advocate for will be based on the competency and ethical standards of CFP® certification,” the CFP Board said in a statement.

Title protection is “a very seductive concept,” Keller said. “When you get down into the details, though, I think that’s what we’ll be interested to hear. How do they think it’s going to work?”

Tue, 13 Dec 2022 02:19:00 -0600 en-US text/html
Killexams : CFP Board to Conduct First-Ever Review of Competency Standards

The Certified Financial Planner Board of Standards said Tuesday that it plans to form a Competency Standards Commission next year to review and evaluate the CFP Board’s competency requirements for education, examination, experience and continuing education.

The Competency Standards Commission will validate current requirements for CFP professionals and/or recommend changes for improvement to the standard for the profession.

“As the professional organization that sets, administers, upholds and enforces competency and ethical standards for CFP certification, CFP Board has the obligation to ensure that its certification requirements remain valid, reliable and legally defensible for the benefit of the public,” said CFP Board CEO Kevin Keller in a statement. “As we enter the 50th year of CFP certification, it’s timely that we review the competency standards for the profession to make sure that they remain relevant.”

Popular planner and blogger Michael Kitces tweeted in response to the announcement Tuesday: “The requirements to become a CFP professional are known as ‘the four E’s'- Education (upfront education requirement & ongoing CE), Examination (the CFP exam), Experience, and Ethics (standards of conduct). The Competency Standards Commission will focus on first 3.”

In practice, Kitces tweeted, “the real ‘debate’ on CFP Board competency standards will likely focus on two in particular: Education, and Experience. Notable that CFP Board is forming a Commission to evaluate, b/c in the past they just changed the requirements more… unilaterally.”

Overall, Kitces said, “CFP Board ‘re-evaluating’ its competency standards is good. It should be done periodically, & ties well to CFP 50-yr anniversary in 2023. And this Commission-with-stakeholder-feedback approach is much better than CFP Board’s past.”

Kitces continued: “We’ll see what we finish with, but again I’d expect an increase in annual CE hours, the potential for an increase in the upfront educational requirement, and a potential increase in years-of-experience requirement but coupled w/ better flexibility for part-timers.”

Tue, 13 Dec 2022 10:28:00 -0600 en text/html
Killexams : FP Canada™ announces results for the October 2022 CFP® exam

A total of 507 candidates wrote October's Certified Financial Planner® exam.

TORONTO, Dec. 8, 2022 /CNW/ - FP Canada has announced the results for the October sitting of the CFP exam. A total of 345 candidates wrote the exam for the first time, and the first-time writer pass rate was 70.7%.

FP Canada logo (CNW Group/FP Canada)

FP Canada's post-exam survey indicated that 87.4% of those who took the CFP exam in October did so to enhance their skills and better serve their clients. A total of 36.6% said title protection legislation was a motivating factor. The Financial Professionals Title Protection Act requires those who use the financial planner title in Ontario to hold a credential approved by the Financial Services Regulatory Authority of Ontario (FSRA), such as CFP certification. In addition, 30.3% of exam writers indicated that their employers required them to be certified, highlighting the value that firms place on FP Canada certifications.

Of the 507 candidates, the majority (342) chose to write the CFP exam at one of 29 test centres set up across the country. The remaining 165 opted to do so via online proctoring.

"We would like to congratulate all the exam candidates who successfully challenged the CFP exam in October," said Tashia Batstone, FP Canada President and CEO. "I hope you're all taking some time to celebrate your accomplishment – and I wish you all the best as you advance in your financial planning careers."

CERTIFIED FINANCIAL PLANNER certification is the only globally recognized mark of professional financial planning. To obtain certification, candidates must complete a series of education requirements, including a post-secondary degree from an accredited college or university (at minimum), an FP Canada-Approved Core Curriculum Program, FP Canada-Approved Advanced Curriculum Program, the FP Canada Institute Introduction to Professional Ethics course and the CFP Professional Education Program, which focuses on the pillars of holistic financial planning, human behaviour, and honesty and ethics. They must also pass a rigorous national exam and complete at least three years of qualifying work experience.

Among other requirements, CFP professionals must adhere to the high professional standards established by the FP Canada Standards Council to maintain their certification.

As of September 30, 2022, there were approximately 17,000 CFP professionals in Canada, part of a global community of more than 200,000 CFP professionals in 27 territories around the world.

About FP Canada

A national certification and professional oversight body working in the public interest, FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada. There are about 17,000 Certified Financial Planner professionals and about 2,000 Qualified Associate Financial Planner professionals (as of September 30, 2022), who meet FP Canada's rigorous professional and ethical standards.  Visit the FP Canada website for more information.



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Thu, 08 Dec 2022 05:22:00 -0600 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.

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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.

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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?

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Thu, 08 Dec 2022 16:24:00 -0600 John Schmidt en-US text/html
Killexams : When Should You Hire a Financial Advisor?

when to hire a financial advisor

Whether you’re a new parent or expecting to retire shortly, your financial situation requires attention, knowledge and care. While Googling answers or asking a friend for help can answer basic questions, a financial advisor can provide holistic services that protect your wealth and help you make wise decisions. Financial advisors can help you navigate the process of creating a financial plan and getting your money to grow. Here’s when to hire a financial advisor.

What Are Financial Advisors?

Financial advisors are professionals skilled at managing money and assets. They can assist with financial planning, investing, taxes, estate planning and more. While financial advisors usually have general knowledge of an array of financial subjects, they can also specialize in a specific area. For example, a financial advisor might concentrate on retirement planning for working families or work with high-net-worth individuals.

Although anyone can call themselves a financial advisor without completing mandatory training, these professionals usually have qualifications such as certified financial planners (CFP) or chartered financial analysts (CFA). These certifications require hundreds of hours of coursework and multiple exams to earn.

What Financial Advisors Do

Financial advisors offer a range of services that help you optimize your finances. So, whether you need assistance with managing a large inheritance or diversifying your investment portfolio, a financial advisor can provide expertise and clarity.

In addition, services can be as general or specific as you want. For instance, you can authorize your financial advisor to make investment choices on your behalf at a moment’s notice. On the other hand, you can require your financial advisor to obtain your approval for any change they want to make to your portfolio.

Furthermore, financial advisors frequently help with taxes because of the complexity of tax law and the uniqueness of each person’s tax circumstances. As a result, a financial advisor can help you take advantage of your tax situation to the fullest extent, reduce taxes owed and maximize your refund.

Aside from the services mentioned above, financial advisors can also help with the following:

When Should You Hire a Financial Advisor?

when to hire a financial advisor

Waiting for a financial emergency before hiring a financial advisor isn’t recommended. Instead, you preempt financial straits by hiring a financial advisor in these specific situations:

Significant Life Changes

Life moves quickly and financial habits from college or early professional life may not translate well to managing wealth as a couple or affording childcare. Marriage, divorce, salary increases, retirement and launching a business have financial ramifications an advisor can help you handle.

Investing in the Stock Market

Purchasing assets always involves risk and a myriad of investments are available for those looking to grow their wealth. However, the sheer amount of information and decisions associated with investing can be overwhelming, even if you’re solely looking at buying stock in Fortune 500 companies. A financial advisor can help you set investment goals and select assets that fit your priorities and risk tolerance.

Creating a Financial Plan

Whether you want to retire at a specific age, send your child to college without taking a dime of student loans or start spending less than you make, a financial plan can streamline your efforts. A financial advisor can craft a detailed, personalized financial plan oriented toward your goals.

Struggling with Debt

Debt can be among the most stressful, challenging financial issues to handle. A financial advisor can help you approach your debt with a can-do attitude and provide the best strategies to rid yourself of debt as soon as possible. For example, a financial advisor might develop a plan in which you repay your smallest or high-interest loans first. Plus, they might find wasteful spending in your budget you can allocate toward debt payments.

Limited Time and Financial Knowledge

Retirement plans, monthly budgets and investments can become increasingly complex as time goes on. Sitting down to pay the bills can seem like a huge effort, let alone tinkering with your portfolio or finding the best way to save for higher education. Each facet of the financial world has sufficient depth for financial advisors to specialize in – so don’t worry if you’re feeling overwhelmed. Professionals with expertise on your financial needs can help you optimally manage your wealth.

Lack of Agreement with Your Partner

It’s possible that you and your partner have different financial habits and priorities. Meticulous savers can become irritated with enthusiastic spenders and an essential purchase to one might seem like a waste to the other. However, a financial advisor can facilitate communication, concretize a set of shared priorities and help opposing family members harmonize.

Benefits of Hiring a Financial Advisor

Hiring a financial advisor can bring you the following advantages:

  • Ability to work with an advisor once for a specific need or hire one long-term.

  • Advisors specializing in any financial Topic are available.

  • Can provide logic and wisdom during emotional situations.

  • Can save time and costly mistakes with investments and taxes.

  • You can find a fiduciary financial advisor, meaning the law requires they put your financial interests above their own.

Cautions When Hiring a Financial Advisor

However, it’s wise to remember to be cautious about several things when looking for and hiring a financial advisor:

  • If your advisor does not have fiduciary status, they might buy and sell assets in your portfolio to earn commissions instead of providing the best returns

  • Your advisor might make suboptimal, expensive choices you don’t have the expertise to recognize, such as investing your money in funds with high management fees that perform worse than an index fund.

  • Not every professional relationship is a perfect match and the first financial advisor you find might not have the personality or approach that resonates with you.

How to Select a Suitable Financial Advisor

Remember, your financial advisor works for you, not the other way around. Therefore, it’s crucial to find one that suits your preferences. Use these tips to ensure you find the right one:

  1. Hire a Fiduciary: A fiduciary is obligated by law to make choices that benefit you rather than themselves. For instance, a compliant fiduciary would choose an investment fund with low commissions and high returns instead of one with high commissions and middling returns.

  2. Ask About Certifications: Asking about an advisor’s educational background and qualifications is vital. Certifications such as certified financial planner (CFP) or investment advisor representative (IAR) signify that the advisor is a well-trained fiduciary. In addition, an advisor’s credentials can help you tell if they can meet your specific needs. For example, if you want to focus on taxes, you might want to seek a certified public accountant (CPA) or enrolled agent (EA).

  3. Clarify Payment: A financial advisor should welcome all the questions you have – and one of them should be about how they’re paid. Generally, it’s a good idea to pick an advisor who receives a percentage of assets managed or set fees as payment.

  4. Find an Advisor Who Takes Fees: An advisor who makes a living on fees from clients is more likely to provide reliable, quality advice. Instead of hawking their firm’s expensive products or sitting on your wealth, your advisor makes money solely by providing useful information during meetings.

  5. Choose a Straightforward Communicator: A financial advisor who is rude or abrupt when communicating won’t help you reach your goals. In addition, if they don’t answer your questions directly and leave you feeling confused, it’s a sign to work with someone else. Your relationship with your advisor is key to building wealth and feeling in control of your finances.

  6. Distinguish Between Robo-Advisors and Financial Advisors: Having grown in popularity in recent years, robo-advisors are digital tools that use algorithms to invest your money. Instead of meeting with a person, you’ll submit financial and personal information to a robo-advisor, which passively manages your investments. The benefit is that robo-advisors generally charge less expensive fees.

The Bottom Line

when to hire a financial advisor

A financial advisor can help with all sorts of financial situations. Because life is full of intricate financial issues and situations, it’s wise to consult with one as you make more money or grow your family. Remember, it’s best to choose a financial advisor with fiduciary status and certification that matches your needs.

Tips for Hiring a Financial Advisor

  • If you’re struggling to build a financial plan, a financial advisor can provide critical insight and help you come up with a plan to grow your wealth. If you don’t have a financial advisor, finding one doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goalsget started now.

  • Robo-advisors are cost-effective financial tools that can help you if you aren’t ready for a human advisor but want to grow your investments. To help you understand the implications of choosing one, it’s a good idea to distinguish between robo-advisors and financial advisors.

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The post When Should You Hire a Financial Advisor? appeared first on SmartAsset Blog.

Mon, 12 Dec 2022 00:00:00 -0600 en-US text/html
Killexams : CFP Board Announces November 2022 CFP® Certification exam Results

WASHINGTON, Dec. 6, 2022 /PRNewswire/ -- Certified Financial Planner Board of Standards, Inc. (CFP Board) today announced the results of the November 2022 CFP® Certification Exam. The exam was administered during a November 1-8 testing window to 3,204 candidates, with 4% of candidates testing remotely. The pass rate for the November exam was 64%.

According to the November 2022 post-exam survey, most exam-takers (65%) are pursuing CFP® certification to become more skilled at their jobs and to better serve their clients.

The post-exam survey also showed that 68% of November candidates are under 40 years old and 35% are under 30 years old.

Nearly 75% of exam-takers reported receiving some level of financial support from their employers during the CFP® certification process. Further, 68% of exam-takers also reported that while they were preparing for the exam, the CFP Board provided the right information and resources at the right time. The top five CFP Board resources used by candidates were CFP Board Practice exam 1, the exam Candidate Handbook, CFP Board supplementary resources and guidance documents, the CFP Board Candidate Forum and the Candidate Preparation Toolkit. Other resources used included webinars, the CFP Board Mentor Program and scholarship opportunities.

"The results of our post-exam survey continue to prove that earning CFP® certification is an essential step for financial planners who want to elevate their careers and serve their clients' best interests," says CFP Board CEO Kevin R. Keller, CAE. "CFP Board would like to congratulate all of the candidates who pursued CFP® certification by successfully passing the exam. We appreciate your dedication to helping clients achieve their financial dreams." 

Historical exam statistics — including those from the November 2022 exam — are available on CFP Board's exam statistics webpage.

March 2023 Exam
The CFP® exam is offered three times annually in March, July and November. Registration for the March 2023 CFP® Certification exam is now open. This exam will be administered from March 7 to March 14, 2023. The registration deadline is February 21, and the Education Verification deadline is February 14. Testing appointments are scheduled on a first come, first served basis. We therefore encourage individuals to register for the exam at least 60 days in advance for the best date and site availability. Early registrants who schedule exams by January 10 are eligible for a discount.

To begin the path to certification, individuals aspiring to become CFP® professionals should create accounts on Here, they can access resources for all stages of their certification journey.

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 more than 93,000 people in the United States

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SOURCE Certified Financial Planner Board of Standards, Inc.

© 2022 Benzinga does not provide investment advice. All rights reserved.

Tue, 06 Dec 2022 06:45:00 -0600 text/html
Killexams : 4 financial moves if you have — or are worried about — long Covid
  • Long Covid is a chronic illness impacting millions of Americans.
  • Households can manage or plan for the financial fallout of long-haul symptoms via insurance, estate, health and tax planning, said Carolyn McClanahan, certified financial planner and medical doctor, Tuesday at CNBC's annual Financial Advisor Summit.
© Provided by CNBC

Long Covid is a chronic illness with far-reaching impact, both in terms of health and household finance.

As many as 23 million Americans have suffered long-haul symptoms of Covid-19, according to the U.S. Department of Health and Human Services. But there are steps individuals and their families can take to blunt the negative financial impact, in the realms of health, estate, tax and insurance planning.

"You can do so much to help clients save money and time," Carolyn McClanahan, a certified financial planner and medical doctor, told financial advisors Tuesday at CNBC's Financial Advisor Summit.

"We're far from being done with this," McClanahan, founder of Life Planning Partners in Jacksonville, Florida, said of long Covid.

Why long Covid could cost the U.S. nearly $4 trillion

What to watch next

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  • A deadly clash between Indian and Chinese troops in June 2020 along the much-disputed Himalayan border resulted in the first loss of lives in fighting between the two militaries in 45 years. As politicians and diplomats from the two nuclear powers trade barbs, CNBC's Nessa Anwar explains why the latest flashpoint could be a cause for concern.

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1. Assess life and disability insurance needs

Some financial planning — like weighing whether you need life and/or disability insurance — is precautionary and should take place before someone gets sick, McClanahan said.

Waiting until after developing long Covid might mean you pay higher premiums for life insurance or private disability insurance — or that insurers will deny coverage, McClanahan said.

"Get [clients] insured before they actually develop an illness," said McClanahan, who's a member of CNBC's Advisor Council.

Life insurers, for example, generally require a medical exam to determine the relative health of applicants, and might raise costs or deny an application depending on what shows up during that underwriting process.

Long Covid has been linked to hundreds of potential symptoms, some of which are debilitating and serious, like damage to vital organs. The symptoms can last for several months or years, in some cases.

Short- and long-term disability insurance replaces a portion of a worker's pay if they must miss work for an extended period due to disability. Life insurance policies replace lost income for beneficiaries (like a spouse and children) in the event of death.

Workers may be able to get free or low-cost life or disability coverage through their employer during annual open enrollment.

(Many people with long-haul symptoms also apply for Social Security disability insurance. However, claims are generally more difficult to get approved, since applicants must prove they can't work for at least one year, McClanahan said.)

2. Complete estate-planning documents

Individuals would also be well-served by doing some estate planning ahead of time, McClanahan said. That would include completing documents like a will, financial power of attorney and health-care power of attorney, as well as ensuring beneficiaries are named on important financial accounts, she said.

Those respective powers of attorney outline individuals who'll step in to make financial or medical decisions on your behalf if you're incapacitated.

A will details how you wish your assets to be distributed after you die. About two-thirds of Americans don't have a will. Dying without one in place can create big problems for surviving family members, who are left to unentangle the legal hurdles.

3. Create a medical diary of symptoms, visits

Getting a diagnosis for long Covid can be challenging, partly because the illness is new and not yet well understood by the medical community.

For instance, there's not yet a test to determine if someone has long Covid, meaning some doctors are hesitant to diagnose or treat patients. The dynamic can result in ample medical visits and accompanying costs.

"People have to go through a number of doctors," McClanahan said. "Doctors hate when they can't fit something easily in a box."

© Provided by CNBC

For individuals worried they might have long Covid, McClanahan recommends creating a medical diary with detailed logs of each symptom and doctor visit. This might ultimately help get a disability claim approved, should that prove necessary, she said.

She also recommends seeking a new doctor if yours doesn't show a willingness to entertain long Covid as a reason for symptoms; good doctors show compassion from the beginning and will work with you to help get approval for disability insurance, McClanahan said.

Further, patients who hit their annual deductible should frontload any necessary health visits or procedures for themselves and/or any family members covered by the health insurance, she added.

4. Leverage health expenses for tax planning

Medical costs associated with long Covid — such as testing, office visits and medical procedures — can easily extend into the thousands of dollars.

Even if you have health insurance, some costs may be "out of network" for your insurer, McClanahan said. Those costs are often much higher than in-network coverage, and may not have an annual dollar cap.

But there's a silver lining if you have exorbitant health costs: You may be able to leverage them for substantial tax savings.

Here's the principle: You can deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income from your taxes.

Let's say your AGI is $50,000 this year. You can deduct any medical costs over $3,750 from your federal income-tax bill. Those costs may include "payments for the diagnosis, cure, mitigation, treatment or prevention of disease, or payments for treatments affecting any structure or function of the body," according to the IRS.

Long Covid patients with large, deductible medical expenses can consider financial-planning strategies that pull taxable income into the current year but benefit patients in the long-term.

For example, they can consider a "Roth conversion," McClanahan said. This would convert a pre-tax retirement account to a Roth account, a type of after-tax account.

Here's the benefit: Pulling funds from a Roth account in retirement means you wouldn't owe income tax on the withdrawal like you would with a pre-tax account. The caveat is, you'd owe income tax in the year you complete the conversion.

People with large annual medical costs can use the associated tax deductions to negate the income-tax payment for a Roth conversion, essentially doing it for free. Depending on which tax bracket you're in, it could amount to a savings of over 20%.

Tue, 06 Dec 2022 06:26:23 -0600 en-US text/html
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