killexams.com gives the most recent and 2022 up-to-date questions answers with Actual CFE Examination Questions and Solutions for new subjects. Practice our CFE questions answers plus test prep to enhance your understanding and pass your own CFE examination with excellent Marks. We assurance your success inside the Test Center, covering up each one regarding the purposes regarding the test and building your Familiarity with typically the CFE exam. Pass with no question with the actual questions.
Exam Code: CFE Practice test 2022 by Killexams.com team CFE Certified Financial Examiner (CFE) 1. CFE designation requirement
To qualify for the CFE designation, you must have obtained the AFE designation or be applying for the AFE designation concurrently with the application for the CFE designation. A CFE designation will not be granted until the AFE designation is obtained. This may occur on the same day, but the AFE designation requirements must be met before the CFE can be obtained.
2. Education requirements
To qualify for the CFE designation, you must have:
Successfully completed three semester hours of a Management course from an accredited college or university or its demonstrable equivalent, and you must provide evidence of the successful completion of this course by either a certificate of completion or a college transcript.
Note that the Management courses offered by CPCU, LOMA, and CLU will satisfy this requirement. For more information about their courses in Management, visit their websites at www.aicpcu.org, www.loma.org, and www.theamericancollege.edu.
To qualify for the CFE designation, you must successfully complete the three CFE examinations administered by the Society of Financial Examiners. The three CFE exams are:
The information about registering for these examinations is provided at http://www.sofe.org/testing/. To assist in studying for these examinations, the Society provides study guides and textbook materials. A description of these study items is also provided at http://www.sofe.org/testing/. You are welcome to take CFE exams prior to receiving the AFE designation but must receive the AFE designation prior to receiving the CFE designation.
Conditional Credit Policy - Effective January 1, 2012, a candidate for the CFE designation will be subject to the conditional credit policy as stated below:
The passing grade for each of the tests of the CFE is 66 prior to July 1, 2014; thereafter it is 74. A candidate who passes any test of the CFE will earn conditional credit for that test. This conditional credit expires 36 months after the testing date. If a candidate does not successfully pass the remaining tests within the 36 months, the test associated with the conditional credit must be retaken.
An application reflecting fulfillment of all requirements for a designation must be submitted within thirty-eight months following the month in which the applicant passed his/her first test for that designation track.
4. Work-related experience requirements
To qualify for the CFE designation, you must be an insurance department employee, or self-employed with a contract for services directly with an insurance department, or be employed with a company that has a contract with a state insurance department and have three (3) years of continuous, responsible insurance department examination experience as a financial examiner. Note that the two years required for the AFE designation, qualify as the first two years of the requirement for the CFE, therefore, you only need to obtain one additional year.
5. Membership requirements
To qualify for the CFE designation, you must be an Accredited Member in good standing of the Society of Financial Examiners.
6. Application approval requirements
To receive the CFE designation, you must submit an application to SOFE headquarters and it must be approved first by the Membership Committee, who will then recommend it for approval by the Executive Committee of the Society. Upon approval by the Executive Committee, the designation will become effective.
Deadlines — The approval process of a properly completed designation application is typically between six to eight weeks, as follows: The completed application, with all required information and documentation must be submitted to SOFE by email, fax or mail, for arrival by the 3rd week of the month for inclusion in the next months Membership Committee review. Applicants recommended for approval by the Membership Committee are then submitted for vote by the Executive Committee, generally within 30 days of Membership Committee approval. Applications may be found on the Society's website at www.sofe.org under the link for SOFE Forms or under the Resource tab. Certified Financial Examiner (CFE) Financial Certified Topics Killexams : Financial Certified syllabus - BingNews
Search resultsKillexams : Financial Certified syllabus - BingNews
https://killexams.com/exam_list/FinancialKillexams : Chartered Financial Consultant (ChFC)
What Is a Chartered Financial Consultant (ChFC)?
A Chartered Financial Consultant is a professional designation representing the completion of a comprehensive course consisting of financial education, examinations, and practical experience. Chartered Financial Consultant designations are granted by the American College upon completion of seven required courses and two elective courses. Those who earn the designation are understood to be knowledgeable in financial matters and to have the ability to provide sound advice.
A Chartered Financial Consultant completes a course that covers financial education and practical experience.
The ChFC degree includes syllabus such as estate planning and employee benefits planning.
After earning the designation, earning continuing education credits is required.
How a Chartered Financial Consultant (ChFC) Works
To be considered for the program, the applicant must already have a minimum of three years working full-time in the financial industry. Also, it is recommended that applicants have a degree related to finance or business before applying, as it will make the program much easier.
The ChFC degree program requires students to complete nine college-level courses or 27 hours of college credit in the field. Students must achieve mastery of more than 100 integrated advanced financial planning topics, including:
Financial Planning Process and Environment
Income Tax Planning
Employee Benefits Planning
Asset Protection Planning
Estate Tax, Transfer Tax, and Gift Tax Planning
Applications of Comprehensive Financial Planning and Consulting
There is also curriculum on how rules within those segments change in relation to small business planning, financial planning for households in the process of divorce, or for families who have special needs dependents. Exams for each course are proctored and closed-book, according to the standards of business and finance courses offered at any accredited university.
After Earning the Designation
Once the ChFC designation has been earned, there is also a requirement for continuing education credits to maintain the credential. Holders of the ChFC designation must complete 30 hours of continuing education every two years in order to maintain the designation, as well as adhering to The American College Code of Ethics and Procedures.
An advisor who has received this credential may work with individuals to assist them with retirement savings, in particular for early retirement, and budget planning, or with companies to assess their investment strategies. There may be an expectation that the advisor remains continuously abreast of all financial laws at international, national, and local levels that might apply to the clients they work with and the financial activities they are involved in.
The curriculum to earn this professional designation from the American College is made up of courses designed to include a range of financial planning duties and responsibilities. This includes the practical application of the skills learned in real-life scenarios. According to the college, financial advisors who receive the designation may earn a higher income compared with industry peers who do not.
However, there is debate about whether or not this designation is on a par with or supersedes the certified financial planner designation, which is awarded and administered by the CFP Board, in terms of relevance within the financial industry. The CFP Board has contended that its designation includes adherence to a code of ethics and what it describes as a more thorough examination process for its applicants compared with the program and designation available through The American College.
Financial advisors provide individuals and companies with guidance on syllabus like mortgages, estate planning, investments and retirement. They take a big-picture view of clients’ income and expenses to help plan for budgeting goals related to significant life events, such as higher education, marriage and retirement.
Though some financial advisors report that their work can be stressful, these professionals earn relatively high salaries and enjoy an encouraging job outlook. This guide explores how to become a financial advisor, including requirements for education, experience and licensure.
What Is a Financial Advisor?
Financial advisors help clients meet short-term and long-term financial goals through careful consideration of clients' income, liabilities, investments and expenses. These professionals interact with clients of all income levels to assist with a broad range of goals, such as making timely mortgage payments or taking on significant expenses like higher education.
Financial advisors assess their clients’ financial health to understand their liabilities and risk level in meeting financial goals. Advisors then use this analysis to forecast trends and funding availability.
Day-to-day job duties for financial advisors may vary based on their chosen client base. When working with individuals or families, these advisors help prepare for events like marriage, retirement, attending college and having children. Financial advisors also educate their clients in areas like budgeting, taxes and insurance.
When working with organizations, financial advisors typically handle investment portfolios. They help companies raise funds through stocks, bonds and other investments. Financial advisors also monitor accounts to stay up to date on any changes, making adjustments and suggestions as necessary.
Salary and Job Outlook
The U.S. Bureau of Labor Statistics (BLS) reports that financial advisors earn a median annual salary of $94,170"nearly $50,000 more than the median for all occupations. According to the BLS, the lowest-earning 10% of financial advisors make under $47,450, which is still higher than the national median salary of $45,760 across all occupations.
The BLS projects employment for financial advisors to grow by 15% from 2021-2031, which is three times the average projected growth for all occupations nationwide.
Skills for Financial Advisors
An individual should possess the following key skills if they plan to become a financial advisor.
Financial advisors analyze large data sets from multiple sources and draw conclusions from their findings. Along with hard numbers, these professionals must assess ongoing trends and economic shifts to identify the best pathways for their clients.
Financial advisors deliver complex information to stakeholders who may not have familiarity with technical terms. Communication skills are key in providing findings and guidance in a clear, easily understandable way.
Finances can present stressful situations for clients. As such, personal advisors must be honest, trustworthy listeners and speakers who project confidence in their advice.
Perhaps above all, financial advisors must have strong math skills so they can present accurate data to their clients.
Though financial advisors often find full-time employment within organizations, many work independently as consultants and contractors. Self-employed financial advisors must know how to market themselves to grow their client base.
How to Become a Financial Advisor
Earn a Bachelor's Degree
Hiring managers typically seek financial advisors with business administration bachelor's degrees or undergraduate degrees in other subjects like mathematics or social science. Bachelor’s programs generally take four years to complete, though some schools offer accelerated options. Some employers require master’s-level education for more advanced roles.
To develop experience, current students and accurate graduates can seek internships with finance companies. Entry-level financial advisors receive on-the-job training from senior-level professionals in areas like creating portfolios and networking with clients. Developing familiarity and mastery of financial advisory tasks is key to advancing in the field.
Obtain Any Necessary Licenses
Depending on their line of work, financial advisors may need specific licenses for professional practice. For example, professionals who offer advice on certain investments or who buy and sell stocks for clients must earn securities licenses. When researching a specific line of financial advisory work, make sure to consider any necessary licenses that career path might entail.
How to Become a Certified Financial Planner
Certified Financial Planners (CFPs)Â® typically complete several years of professional experience as financial advisors before pursuing formal CFP credentials. While the term “financial advisor” covers a broad array of professionals, CFPs perform more specific tasks for their clients. CFPs have also completed additional education to further their mastery of the finance field.
Complete Education Requirements
Along with earning a bachelor’s degree, each prospective CFP must complete specific college-level coursework. Individuals can often take these classes at their current institutions as part of a bachelor’s program. Alternatively, certain professional credentials can fulfill these requirements.
Complete Required Work Experience
To qualify for CFP credentials, a candidate must have 6,000 hours of relevant professional experience, which amounts to about two years of work. Alternatively, a candidate may complete 4,000 hours of supervised apprenticeship work, which must meet more stringent content requirements.
Pass the CFP exam
The CFP certification test entails 170 multiple-choice questions, split into two three-hour sections. As of 2022, the CFP Board reports a 66% pass rate for this exam. Experts suggest that each candidate should spend about 250 hours preparing for the exam.
Frequently Asked Questions (FAQs) About How to Become a Financial Advisor
How many years does it take to become a financial planner?
At a minimum, it takes about six years to become a certified financial planner. Along with earning a bachelor’s degree, CFPs must have about two years of professional experience and pass an exam.
How do I become a financial advisor?
To become a financial advisor, start by earning a bachelor’s degree in business, social science, statistics or mathematics. Completing an internship while earning your degree can help you network with potential employers.
Fri, 02 Dec 2022 11:45:00 -0600en-UStext/htmlhttps://www.msn.com/en-us/money/careersandeducation/how-to-become-a-financial-advisor-education-skills-and-certification/ar-AA14Qc0MKillexams : 25 Ways to Excellerate Your Financial Situation in 1 Hour
Money is a complex topic, with thousands of books, websites, and podcasts dedicated to covering some aspect of the subject. It can also evoke a strong emotional response. Feelings of embarrassment, shame, frustration, anger, and more can keep people from addressing their financial situation.
One solution is to carve up financial strategies into small, simple tasks. The following 25 tasks can all be implemented and completed within an hour, which means they’re non-threatening and easy to do. Crossing a few off your list will help you feel more confident and save some money.
1. Create a simple budget
A simple budget can help you identify not only how you currently spend your money but also ways in which you can change those spending habits and practices for better financial results. Budgeting your money and allocating funds to existing expenses helps you keep more of your money in your pocket or account. Adhering to that budget helps ensure you don’t run out of money by the end of the week.
2. get a budget app
Given the practicalities of modern daily life, it’s usually more convenient to use an app to create, maintain, check, and adhere to your budget, as opposed to pencil and paper. Some of the top-rated budgeting apps for Android and iOS devices include Mint, YNAB (You Need a Budget), EveryDollar, and PocketGuard. Still, you should definitely take a look at independent reviews with app screenshots to find the one that best meets your needs and preferences.
3. Review your budget
Budgets should be flexible, living documents that change as your life and work evolve. Take some time to review your budget and update it to make sure it still aligns with your goals and to ensure you’re living within your means.
4. Negotiate a higher salary
How long has it been since you got a raise at work? Resolve to negotiate for higher pay within the next 30 days. Start by creating a short script you can use to begin negotiations with your current employer. List out your accomplishments and supporting data, and practice delivering that request in a confident, straightforward manner.
5. Create or update your estate plan
Nobody wants to think about death and dying, but it’s a part of life. Don’t leave your family and loved ones in a precarious financial position. Ensure your wishes are carried out by making sure you’ve got an updated will and estate plan. If you need some help, make an appointment with a local trusts and estates lawyer who can talk you through your options and make sure your documents comply with applicable laws in your state.
6. Learn something new
Invest in yourself by taking a class or studying a book on a personal finance topic. What don’t you know? What are you curious about? If you’re not sure what the stock market is, or if you want to learn more about cryptocurrency and blockchain, find a great resource to teach you.
7. Start an emergency fund
Ideally, we should all have anywhere from three to six months’ worth of living expenses, but you can start more simply. Open a new account and put a few dollars in, then make a plan to add to it over time to cover unexpected costs. Resolve not to touch it outside a true emergency, such as an unanticipated medical expense or car repair bill that would take more money than you currently have on hand.
8. Automate your finances
You may have already enrolled in direct deposit. If not, contact your employer’s finance or HR department to make that change. Then talk to your bank about ways you can automate a contribution to your savings account from each paycheck. You can also look for bills that will let you sign up for automatic monthly payments. That way, you’ll know your financial situation well and won’t have to wonder if you’re late with a bill.
9. Save on your credit card payments
Making credit card adjustments can be an easy way to Excellerate your financial situation. Credit cards are notorious for high-interest rates, but even if you think you’re getting a good deal, it pays to double-check. Call your card issuer and ask for a lower interest rate on your account, or shop around for better deals. That way, you’ll be paying less each month for your purchases.
10. Create a savings plan
If you’re not already regularly putting some money aside on a regular basis, provide some thought to doing this now. Look at your budget and figure out how much you can afford to put aside. Then open up a savings account at your bank and pledge to put aside a certain percentage of every paycheck (or client payment, if you’re a freelancer) into that account.
11. Review your insurance policies
It’s easy over the years to get talked into buying too much insurance, but it’s also equally simple to not carry enough insurance. For home, auto, health, and other policies check your coverage and usage and make sure they’re appropriate for your circumstances. Read the fine print. You might also want to look for less expensive alternatives.
12. Cancel subscriptions
A quick and easy way to Excellerate your financial situation is to eliminate subscriptions. Netflix, Hulu, subscription boxes, personal care membership programs, and more can easily put a sizable dent in your disposable income. The individual payments seem so inconsequential and small, but together they can really add up. Look through your subscriptions and memberships, then cancel any that you no longer use or that you can live without.
13. Look for better loans
Whether it’s a mortgage, car loan, personal loan, or another type of loan, maybe you can do better. Take some time to research your options and shop around for lower rates. If you have a solid credit rating and payment history, you might be able to qualify for a much better deal.
14. Renegotiate your cell plan
Cell phone plans can quickly become bloated with unanticipated fees and extras. Call your mobile carrier and attempt to negotiate a better deal on your cell phone plan. If that doesn’t work, shop for a better deal from a different carrier, then port your existing number over to the new account.
15. Sell your stuff
Almost everyone has unused clothing, toys, books, and more, taking up space. Why not list these items for sale on an auction site? Alternatively, set them aside and pick a date for a garage sale.
16. Place an ad for a roommate
Whether you’re renting or purchasing your home, housing expenses likely take up a large percentage of your monthly income.
So it stands to reason that anything that can reduce your mortgage or rent payment each month would save you a substantial amount of money each year. With rents rising across the nation, lots of folks are looking for more affordable accommodations.
If you have an extra bedroom or another room that can be turned into a habitable living space, why not look for someone who needs a place to live and who can pay a reasonable amount of rent?
17. Swap out your light bulbs
Utility payments can easily impact your financial situation. And with inflation driving up costs across almost all financial sectors, including electricity, it’s smart to think of ways to reduce your monthly bill. You can always turn off lights in rooms you’re not occupying and unplug appliances and products when not in use.
Additionally, if you’re using standard light bulbs, replace them with LED bulbs to save on your electricity bill. LED light bulbs are about 75% more efficient, and they last up to 25 times longer than standard bulbs.
18. Start a side gig
What specific skills have you accumulated over your life? Chances are, at least one of them could earn you some extra money and boost your financial situation. Freelance content writing, social media management, graphics, podcast editing, affiliate marketing, and more can all be the basis for your side hustle. Check other websites and digital opportunities to create additional revenue streams if you’re not interested in formally launching a full-time business.
19. Trim your grocery bill
Inflation is making almost everything we buy more expensive. Look at your usual weekly shopping list and then try to identify places where you can choose more economical options. Consider using these tactics:
Shop for store brands and other less expensive options.
Choose less expensive cuts of meat.
Plan vegetarian or vegan meals a few nights a week to save on meat.
Resolve to leave less leftover food and use everything you buy to cut down on waste.
Pay attention to serving sizes.
20. Look for help with overspending
If overspending is a problem for you, the first step in conquering it is to admit the problem exists. The next step is to look for resources that can help you get your compulsive shopping under control. There are books available, as well as mental health counseling services through sites like Better Help.
21. Bump up your retirement savings to Excellerate your long-term financial situation
Arrange with your employer’s benefits manager to increase your retirement savings contributions by 1%. If you don’t already have a retirement savings vehicle, begin the process of starting one by researching your options. If you’re self-employed, look into options like the SEP IRA and the solo 401(k).
22. Open a 529 plan for your child
If you have children, consider opening a 529 plan to help fund college or other educational expenses. It’s a great savings vehicle for families as it offers tax-free growth and withdrawals, as long as the withdrawals are for qualifying educational expenses.
23. Check your credit reports
Every US citizen gets one free copy of their credit reports from each of the three major reporting agencies—TransUnion, Experian, and Equifax. Don’t be swayed by commercial services and online ads; make sure you use the official US website, AnnualCreditReport.com.
24. Dispute credit report errors
Creditors make mistakes sometimes, and when those mistakes find their way onto your credit report, the negative impacts can be serious and substantial. That’s why it’s so important to carefully check your reports on a regular basis. If you find an error, dispute it with the credit reporting agency.
25. Look for unclaimed money
Old tax refunds, pension accounts, life insurance proceeds, and more can all mean free money for you. Whether due to a move, a name change, or some other life change (or just a simple mistake on the part of the issuer), you may have unclaimed funds out there waiting for you.
Small Steps Can Yield Big Improvements
Improving your finances doesn’t need to be a huge, scary monster lurking in your closet. Choosing simple, straightforward tasks that you can complete in an hour or so will help you achieve a sense of accomplishment and control over your finances. That can, in turn, help fuel other financial improvement strategies in the future.
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 test and some tips to help candidates pass:
— What is the Series 65 test like?
— How to study for the Series 65 exam.
— How to become an investment advisor representative, or IAR.
When taking the Series 65, candidates must complete the test 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 syllabus factor into a financial advisor’s day-to-day work. Most candidates devote considerable time to studying for the Series 65.
The Series 65 test 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 test 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 studying 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 syllabus 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 test if they are not currently working at a financial advisory firm. Passing the test 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 syllabus 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 test 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 test to get licensed. Any longer than that and your test expires, meaning you’d need to retake it to get your license. As long as you remain licensed, your test 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 test expires.
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 -0600entext/htmlhttps://wtop.com/news/2022/12/how-to-pass-the-series-65-exam-2/Killexams : Adviser Product Partnerships
Schwab Advisers Gain Access to Envestnet’s Cloud-Based Billing System
Independent Schwab financial advisers now have access to Envestnet’s cloud-based billing solution called Redi2 BillFinsolution.
Advisers that are part of Schwab Advisor Solutions can now use Envestnet’s billing solution for capabilities including flexible billing setup, standardized templates and reminders and alerts, the companies said.
“Our enhanced integration with BillFin further demonstrates the depth and breadth of our third-party technology capabilities, enabling advisers to choose and combine technology that best meets their needs,” Kartik Srinivasan, head of third-party integrations at Schwab Digital Advisor Solutions, said in a press release.
The BillFin system is currently used by more than 670 advisory firms and is designed to help in areas including operational efficiencies, identifying and plugging fee leaks and simplifying user experience and workflow to minimize errors and shorten billing cycles.
AICPA and CIMA Launch ESG Fundamentals Certificate for Accountants
AICPA and CIMA, which together run the Association of International Certified Professional Accountants, are offering a new certificate focused on environmental, social and governance (ESG) reporting and assurance. The associations said the growing demand for ESG data from investors, lenders, customers and policymakers makes ESG a high-priority category for accountants.
The Fundamentals of ESG Certificate is geared toward CPAs, management accountants such as CGMAs and finance professionals looking to obtain baseline knowledge of ESG topics. The course takes nine hours and graduates will get a digital badge they can display on their online profiles, the associations said.
“Business reporting and the underlying concepts of enterprise value are evolving rapidly, and no group is more essential to instilling trust and integrity into that process than accountants,” Susan S. Coffey, CIMA’s CEO of public accounting, said in a press release.
The program will include:
Identifying the key aspects in each area of environmental, social and governance
Recognizing the expectations of investors and the impact on business
Assessing the responsibility of businesses for key ESG issues
Recognizing the business case for implementing sustainable practices
Identifying the role of the accounting and auditing profession in sustainability
Recognizing the current sustainability reporting frameworks and reporting requirements
ShareBuilder 401k Waives Plan Setup Costs in December for Small Businesses
Digital retirement plan provider ShareBuilder 401k is waiving 401(k) plan setup pricing for all new clients during December.
Sharebuilder said that from December 1 through December 22, companies with more than one employee can save up to $995 in setup costs by starting a small business 401(k) plan, and self-employed business owners can start a solo 401(k) plan without paying the standard setup charge of $150.
“Running a small business can be especially challenging during this period of economic uncertainty,” Stuart Robertson, CEO of ShareBuilder 401k, said in a press release. “We want to help entrepreneurs keep more of their hard-earned money by making it easier for them to start a 401(k) and receive all the benefits.”
BMO and United Way Partner on Free Financial Literacy eBook
BMO has partnered with United Way Worldwide to offer a free financial literacy eBook aiming to help bridge the financial literacy gap among Americans. The digital resource addresses financial syllabus with tips to help people make real financial progress, including budgeting, debt and credit management, digital banking, homeownership, loans and retirement planning, the organizations said.
For the last two years, BMO and United Way have collaborated to identify ways to enhance communication with consumers and ensure financial information and guidance is provided in an easy-to-digest format. Included in the partnership was a joint survey that found an overwhelming number of United Way clients were interested in additional financial literacy help.
A recent BMO Real Financial Progress Index survey found that financial confidence is declining, with only 39% of Americans stating they feel more financially secure than they were a year ago—down 11 points since last year. Meanwhile, 54% of Americans said they are making financial progress—down 8 points from last year—and 25% do not track financial progress at all.
UBS Partners with Addepar and Mirador on Wealth Analysis for Ultra-High-Net-Worth Investors
UBS launched a wealth analysis and reporting platform for ultra-high-net-worth investors in partnership with software and technology providers Addepar and Mirador. The platform provides a consolidated, real-time view of a portfolio across assets and liabilities, including traditional, non-traditional and illiquid assets, the firms said.
UBS financial advisers will have access to the platform’s analytics, which are designed to help them visualize their clients’ investment performance, cash flows and worth, while assessing the opportunities and risks across their portfolios.
Addepar’s data, analysis and reporting capabilities will also help UBS advisers consolidate clients’ performance calculations presented in a graphic interface to unlock additional insights on returns and investment trends. As part of the Addepar system, Mirador’s financial data technology experts will support UBS advisers with data management, custom visualization and tailored reporting, as well as operations and system maintenance.
Ameriprise Financial Partners with Dalton Education on Certified Military Financial Adviser Certification
Ameriprise Financial has partnered with Dalton Education to create a first-to-market Certified Military Financial Advisor™(CMFA) certification, the companies said.
The certification is earned through a mix of training and learning development modules typically completed over the course of 40-50 hours. The program is designed to teach a deep understanding of the unique life circumstances and the benefits available to veterans, active duty military, reserve and National Guard members and their families.
CMFA certification is available exclusively to Ameriprise advisers through June 2024. After that, the certification will be available to all qualifying advisers in the industry. The program will be run with Dalton Education, an education solutions provider for financial services professionals.
Wolters Kluwer Launches Plan Design Summary Tool on ftwilliam.com
Wolters Kluwer Legal & Regulatory U.S. announced a new plan design summary tool available on its ftwilliam.com site, the information and software solutions company said in a press release. The new tool enables retirement service plan providers to track plan installation processes and deliver recommendations to plan sponsors during installation via ftwPortal Pro, a portal that provides users with secure, two-way access to plan documents, forms and other data.
The plan design tool was designed to streamline retirement plan installations and save users time, the company said. The tool features a detailed tracking log designed to help management stay informed during various steps of the plan installation process.
The tool’s global and plan-level dashboards will enable customers to view all plans and relevant data points. Users will also be able to create unlimited plan design templates based on their service model and available plan designs.
“Having developed this tool based on customer feedback, the Plan Design Summary is designed to simplify the complex installation process, which involves many parties and several stages,” Holly Roussel-Godfrey, senior technology project and program manager for Wolters Kluwer’s ftwilliam.com, said in a press release.
Wed, 07 Dec 2022 00:29:00 -0600entext/htmlhttps://www.planadviser.com/adviser-product-partnerships-2/Killexams : Private Banker: Career Path and Qualifications
Below is a look at the field, what the work entails, and what the qualifications are to become a private banker.
Private bankers work at large retail or investment banks, or wealth management firms, providing specialized services to the ultra-wealthy.
Private bankers define financial goals with clients, develop a plan to execute the goals with the firm's other experts, then build and manage the client's portfolio so as to try and reach those goals.
Many private bankers start as entry-level financial analysts or financial advisors before moving on to becoming private bankers.
What Private Bankers Do
Private bankers meet with clients to define investment goals and then work with financial analysts and other professionals in the firm to create individualized investment strategies to meet those goals.
After defining a strategy, private bankers execute the strategies by selecting appropriate mixes of securities and investment products for the client portfolios, which they then manage and adjust on a continual basis.
In addition to investment advising and portfolio management services, many private bankers oversee deposit and cash management services, credit and lending services, tax planning services, trust services, retirement products, and annuities and insurance products.
Many private banking divisions in large banks handle virtually all aspects of clients' finances. A private banker often works with relatively few clients to provide the focus and personalized service that private banking clients often demand. In some firms, private bankers focus on managing client portfolios while relationship managers handle other client needs.
The largest private banks in the U.S. are Morgan Stanley, Bank of America Merrill Lynch, JPMorgan Private Bank, Citigroup, and Goldman Sachs.
Many private bankers begin working in entry-level financial analyst positions in wealth management firms, banks, brokerages or other organizations in the securities industry. Many financial analysts study stocks, bonds, and other securities to produce financial plans, analytical reports, and recommendations for private bankers, portfolio managers, and other senior investment professionals in the firm. With experience and a record of high performance, a financial analyst specializing in investments can rise into a private banker position.
Other professionals in the field begin working as personal financial advisors serving retail clients at banks and other financial services firms. Personal financial advisors do much of the same work that private bankers do, but they typically deal with clients who do not have the wealth to justify the cost of the highly personalized services private bankers typically offer. A record of success as a retail-level advisor can lead to a position as a private banker.
$83,800 to $111,800
According to Salary.com, $83,800 to $111,800 is the average range of annual base pay plus fees, bonuses, and commissions for an intermediate private banker.
A bachelor's degree in a business discipline or another relevant subject is a basic qualification to work as a private banker. However, in most cases, a bachelor's degree must be combined with substantial work experience to qualify for a position in this field.
Most employers prefer to hire experienced candidates with master's degrees in business disciplines such as finance, accounting or business administration. Many employers also look for experienced job candidates who have graduate degrees in mathematics, statistics or law. Coursework in subjects such as taxation, risk management, investing, and financial planning are especially valuable to prospective private bankers.
Many employers seek private bankers with one or more professional certifications relevant to the field. The chartered financial analyst (CFA) designation, awarded by the CFA Institute, is one of the most widely respected professional certifications for investment professionals. It is available to candidates who have at least 4,000 hours of qualifying experience, completed in 36 months.
The certified financial planner (CFP) designation, awarded by the CFP Board, is another highly regarded certification common among private bankers. The CFP designation requires 6,000 hours of qualifying professional experience or 4,000 hours of apprenticeship experience.
The certified trust and fiduciary advisor (CTFA) designation, awarded by the American Bankers Association, is designed for trust and wealth advisors. There are several paths to the CTFA designation; the shortest path requires three years of wealth management experience and completion of an approved training program. Each of these certifications requires candidates to pass one or more examinations.
Private bankers typically must obtain appropriate licenses from the Financial Industry Regulatory Authority (FINRA), which is responsible for oversight of securities firms in the United States. Many private bankers require Series 7 and Series 63 licenses. Other licenses may be required, depending on the position. Private bankers who intend to deal with life insurance, variable annuities, and related products may also require appropriate licenses from their local state insurance boards.
Thu, 01 Dec 2022 10:00:00 -0600entext/htmlhttps://www.investopedia.com/articles/professionals/120815/private-banker-career-path-qualifications.aspKillexams : Ask an advisor: Does my client need a financial planner or a marriage counselor?
Welcome back to "Ask an Advisor," the advice column where real financial professionals answer questions from real people. The Topic can be anything in the world of finance, from retirement to taxes to wealth management — or even advice on advising.
This week, we're taking a different approach: Our question comes not from an investor, but from an advisor. A certified financial planner in Virginia tells us he's been advising a married couple to the best of his abilities, but he's beginning to wonder if their problems go beyond his purview. One spouse is handling money in a way that not only violates their financial plan, but raises questions of marital trust and honesty.
As various advisors responded, one term that came up again and again was "financial infidelity." While definitions vary, the term generally refers to a situation where someone lies or keeps secrets about money from their significant other. It's a behavior that can break relationships — according to one accurate study, 42% of U.S. adults think financial infidelity is just as bad as "physical cheating."
So is this problem just about money, or something deeper? Here's what our CFP in Virginia wrote:
When do you draw the line between a couple's need for an advisor or a marriage counselor?
The example I am encountering is that I have been working with a household where we all agree on the action items of a plan, but then one spouse continues to go off and do their own thing with the household finances. I'm talking about taking out six figures in personal loans in order to place options trades to make up losses from prior options trades that didn't pan out. Our meetings started as creating a unified vision and set of goals for the family and implementing action items. Over time it has turned into navigating uncomfortable conversations when the other spouse and I find out about the personal loans at the same time. We are having more conversations about marital trust than about their finances and I am beginning to think we are at that point. I welcome your thoughts.
When Sacred Heart University made the snap decision to close its in-person programme in Luxembourg in May, the board of regents indicated a solution would be provided: students could complete their training remotely or switch to an HEC Liège offer.
The latter school joined forces with the Luxembourg Chamber of Commerce and the House of Training to create HEC Liège Luxembourg, which now fills that gap by offering an international MBA in the grand duchy.
This was a welcome announcement for many, including Jens Hoellermann, former SHU adjunct professor, who now will hold the same professional title at HEC Liège Luxembourg. His private equity (PE) certification course will kick off in January 2023--part of the planned expansion of offerings through the MBA programme into next year--and be similar to the one he previously ran through SHU. It will include a wide range of syllabus and guest speakers from the field, constantly adjusted to account for new market trends.
When it comes to PE, “We had a lack of talent and fierce competition [previously], but this has very much increased over the last year,” Hoellermann explains. “We see that for all actors, be they the Big Four, law firms, service providers, asset managers...”
Accreditation offered by <1% of B-schools
Participants wanting to get their PE certification are required to take Hoellerman’s obligatory PE course--worth five European credits (ECTS)--and then select from a range of other electives offered through HEC Liège Luxembourg to earn a total of 12-15 ECTS.
Such elective options include courses (ranging from two to five ECTs each) in blockchain and big data, corporate finance, financial management, mergers and acquisitions (M&A), portfolio management, fundamental investment, advanced risk management and sustainable finance.
Participants have 12 months to do so, and courses through the broader programme are flexible for those working, taking place on weekday evenings and sometimes weekends.
What’s particularly unique about the PE certification now, as HEC Liège Luxembourg head of academy Zoltan Horvath explains, is that participants receive certification through them and the Luxembourg Private Equity & Venture Capital Association (LPEA). “But, on top of it, they receive an official document called a university certificate from the University of Liège which is a legal document,” he adds--meaning that even if those earning a certificate wish to leave the grand duchy, they should be able to have the certificate recognised or certified in other countries.
“As far as I’m aware, there’s no other kind of university certificate for PE in Europe,” Hoellermann adds. “There are a lot of courses that receive a kind of certification that you have completed the course with success and even a grade, but then on top [a certification] from a university? I’m not aware…”
Moreover, the certification--as well as the MBA programme itself--has a double accreditation: through the American organisation Association to Advance Collegiate Schools of Business (AACSB) and the European Foundation for Management Development (EFMD) Quality Improvement System, or EQUIS.“
[Fewer] than 1% of business schools have these two accreditations together,” Horvath adds. “That’s a stamp of quality, which is really powerful.”
Both Hoellermann and Horvath are convinced having this level of certification, for both the PE certification and the MBA, in the grand duchy will be a boost not just for local PE players but for the country itself.
Horvath says such aspects should “be a key advantage for talent attraction”, but not just. “When we talk to corporate partners, we talk about the complete talent management, with three main things: talent attraction, talent development and talent retention. For a company to manage the talent, you need to have all three working together.”
A accurate event held by Luxembourg for Finance was even focused on this topic. Its “Focus on skills” conference echoed these sentiments, bringing together actors from across the financial sector to tackle the challenges linked to future skills and jobs, from “green jobs” to fintech talent and more.
The challenges are even more complex, as Luxembourg can compete with other cities, like London or Paris, as graduates sometimes prefer staying in those cities. The high price of housing in the grand duchy doesn’t necessarily ease this issue either. But even within firms, there might be competition internally when a firm in one location tries pinching qualified candidates from a location where one of their other offices is based.
It’s a concern Hoellermann already had when interviewed by Delano one year ago. Even then, he was already sounding the alarm about the “fierce competition for talent” when it came to PE, but the situation has worsened over the last year, he attests. He hopes the PE certification will be one part of the solution in the skills gap.
To earn the certificate, a participant is required to earn 12-15 European credits (ECTS). Five of these ECTS must be taken with the obligatory private equity and other alternative asset classes course, but there are a range of other electives, ranging from M&A to blockchain and big data, sustainable finance, etc.
The certification is AACSB and EQUIS accredited. Cost is €7,900 for PE certification only; coursework can then be extended for additional costs to complete an MBA. Additional programme details may be found here.
To be clear, there are cheap wines, and there are value wines. Cheap wines may only set you back a few bucks, but their quality is, well, questionable. Value wines, on the other hand, can have a wide range of prices, from genuinely inexpensive to kinda pricey, but they over-deliver at whatever price they are. Cara Patricia is a sommelier and co-owner of San Francisco's DecantSF and shared some value wine-buying tips over email recently. "If (the price) seems too good to be true, it is," she said. "Wine can be cheap, but it has a cost."
Figuring out those wines that represent excellent value can be challenging, even for educated wine consumers, which is why people like Patricia have jobs they love. (Pro tip: Corks over screw caps don't necessarily mean a better wine.) Wine is a huge category to which people such as sommeliers and other wine professionals dedicate their lives.
As casual vino consumers, we're not expected to know everything or even anything, and yet sometimes we still feel intimidated asking for help. Somewhere in the last couple of decades, it feels like the prevailing attitude became that wine knowledge was a requirement for urbane adults. But what's an urbane adult to do when sometimes it feels like the only word we have to describe our wine preference is "dry," and the only financial strategy we have when buying wine is to choose the second least expensive selection? (Hint: This does not often represent the most bang for your buck.)
Patricia's wine motto is "drink for yourself," and DecantSF is known for its relaxed approach to connecting people with wines they'll love, without even a soupçon of pretension. As a woman- and queer-owned business, the top order of business at DecantSF is inclusivity, including on matters of budget. Using Patricia's wine expertise and consumer-friendly attitude, here are seven strategies on how to shop for the best value wines.
"You're not going to get a wine expert at a big box store," Patricia said. "Shop at boutique stores where the experts are," and you'll have access to a wealth of knowledge honed over many years of studying, evaluating, and most importantly, drinking wine. Wine pros are often on a budget, too. "Go to a shop and ask for staff picks in your budget," Patricia advised. "If you're looking for wines under $25, ask for the staff's favorite wines, as that's what they are probably drinking most often at home."
"At DecantSF, we blind taste everything before we bring it into the shop, and the hardest section to blind taste for is our least expensive wines," Patricia said. "We really want these wines to over-deliver on value and deliciousness, so we're super picky with what we bring in. We stock our own homes with those wines, so they have to be good!"
You have every right to your budget and should never feel self-conscious about what you're looking to spend. Wine pros deal every day with people whose budgets are in the tens of dollars, as well as people whose budgets are in the tens of thousands of dollars. Either way, they are prepared to play matchmaker and take a great deal of professional pride in connecting people to the right bottles along any budget considerations.
"If I've learned one thing from being a restaurant sommelier and shop owner, it is: cut to the chase and be honest with what you're looking for," Patricia said. "Be upfront with what you want," especially if you're working with a tight budget. For example, she suggests opening with something like: "I'm looking for a red wine under $30. I've previously enjoyed wines like X, Y, and Z and would like something similar. Do you have any suggestions?" You are more likely to have a positive wine-shopping experience if you open with honesty.
Wine apps and websites are a great way to price compare and ensure you're not overpaying. Try one of these three free wine apps to make sure you're not getting gouged.
Avoid those trendy wines
"Be wary of fads, Instagram darlings or egregious marketing," Patricia said. A disproportionate amount of marketing dollars are spent on just a fraction of the world's wines. (Looking at you, Whispering Angel.) Most top-quality wine producers prefer to keep their dollars in the vineyards and winery, making excellent wines. They rely on their own tasting rooms, plus sommeliers and wine store staff to do the marketing for them, based on genuine enjoyment of the wines, rather than expensive ads and sponsorships with influencers. "There is often a premium upcharge on the coolest or hottest wines," Patricia said, "and you can tell when a lot of the money is going into the marketing instead of the product."
Orange or amber wines, however, are wine trends worth looking into for some excellent value selections.
Becoming a sommelier has a tremendous amount to do with geography, which is another good reason to put them to work for you when it comes to finding good value wines. You don't need to know every minor wine-producing region, or even every major one, but you can do yourself a service by getting to know a couple of important regions for the styles or grapes you most like and then getting to know their neighbors.
"Look for regions that are just outside the famous regions," Patricia said. "Maybe Sancerre is getting a little too expensive, but there are plenty of lovely sauvignon blancs from Touraine to try. Napa Valley prices are insane! Let's try something from the El Dorado foothills, instead."
It can also be valuable to learn what New World or other emerging regions are producing similar style wines to some of the heavy hitters, as these are often places that over-deliver for their price point. If you love big cabernet sauvignons from Bordeaux or Napa Valley, look for big reds from Chile or Washington state to save money without sacrificing quality. Opulent chardonnays aren't limited to France and California either, with gorgeous, wallet-friendly expressions coming from Australia and South Africa.
Seek out some entry-level wines
The world's most famous wine producers became so for making some of the world's most legendary wines, which command top dollar. But these are very rarely the only wines they make, and most offer bottles that come from broader, less expensive wine regions than their top cuvées.
"Love dry Grosses Gewächs riesling but can't shell out $100? Try a dry Trocken riesling from the same estate at a quarter of the cost," Patricia said. "Wish you could splurge on Puligny-Montrachet? Try your favorite producer's Bourgogne Blanc, which can often be a blend of declassified fruit from younger vines."
Further to looking more broadly at the wine map, it can also be a savvy financial strategy to try less famous grapes from very famous producers. "Try different grape varieties from storied producers," Patricia said. "Love a particular Barolo? Try their Barbera d'Asti and get the same great winemaking with a different grape that costs way less to make."
Consider a wine membership
Some wine stores offer membership deals that are worth looking into. "There are usually discounts for members and you get a lot more variety each period than you would be as a member of a winery's club," Patricia said. "For example, members of DecantSF's bottle clubs get 10% off any reorders of wines featured in clubs, waived corkage fees for drinking bottles in the store, complimentary wine flights, discounts on classes, presales and other perks."
As for online wine memberships or subscriptions, she advised applying healthy skepticism. "Stay away from online-only wine clubs that want you to be an 'investor,' or use an algorithm quiz instead of a sommelier to match your preferences, or certain a case of wine for way too cheap," Patricia said. "These are often the lowest quality wines using mass-produced fruit and exploited labor that's blended and bottled under fantasy names. You may as well buy from the bottom shelf at Walmart."
However, if your area doesn't sport a reputable wine store, we've vetted some online wine clubs for you with CNET's best wine club for 2022. Some online wine retailers, such as Wine.com, also offer introductory deals for first-time buyers, and Last Bottle periodically offers marathon buying weekends, all of which can be a good way to stock up.
Buy wine in bulk
Buying in bulk is a time-honored, money-saving strategy, and it surely doesn't stop with wine. "Buy more, save more," Patricia said. "For example, DecantSF gives a 5% discount on six bottles, or a 10% discount on 12-plus bottles." You can also save on shipping or delivery by stocking up on wine several times throughout the year, rather than popping out for a bottle for every individual occasion that necessitates one. Larger format bottles as well, such as magnums, or even boxed wine -- yes, I said it -- from reputable producers can save you some money.
More of CNET's boozy best
Thu, 08 Dec 2022 23:00:07 -0600en-UStext/htmlhttps://www.msn.com/en-us/news/technology/a-sommelier-reveals-how-to-tell-if-that-cheap-wine-is-actually-good/ar-AAZMq04Killexams : Ameriprise promotes new military certification to recruit advisors
Ameriprise says a new program it launched in May to provide certification for financial advisors to serve veterans and military families has picked up steam as brokers increasingly cater to client segments beyond just wealth tiers.
The Minneapolis-based financial services firm partnered with Dalton Education, a provider of CFP educational materials, to create what it calls a "first-to-market" Certified Military Financial Advisor online certificate course. The credential will remain exclusively open to financial advisors at Ameriprise until June 2024, according to a press release.
Advisors can expect to spend around 40 to 50 hours on the certificate. syllabus include navigating benefit programs for different military divisions, retirement, life and disability insurance, death and survivorship benefits, education benefits, divorce, the VA home loan program, pay, estate planning, healthcare providers and more.
An Ameriprise spokesperson said in an email that as of today, 46 advisors had been certified since the launch and another 78 are in the process.
"We're getting more interest every week," Mike Greene, the senior vice president of Financial Advice and Advisor Business Group at Ameriprise Financial Services, said in an interview. "We just finished some advisor training conferences, and this is one of the most popular syllabus that advisors were talking about."
Last week, in advance of the Veterans' Day weekend, Raymond James also announced the launch of a new employee group, the Veteran Financial Advisors Network, to help advisors who are veterans in the company support each other and promote advisor careers to other veterans.
Though wealth firms have long grouped clients by their amount of investable assets, employers competing for talent believe offerings like these will appeal to advisors seeking to develop niche areas of expertise.
Greene said Ameriprise brought up this certification, among other opportunities, when recruiting talent and demonstrating its value proposition. "So many people want to focus on this area, and it is a valuable part of our offering," he said of the firm's resources for advising military families.
"We want to help advisors grow their business, and we want to help them do the business the best way possible," he said.
Sean Pearson, one of the first advisors to receive the Ameriprise certification, said in an interview that in-depth trainings like this help him stand out to clients by understanding their needs better — rather than being just a run-of-the-mill advisor using general market news to try to attract clients.
"Every financial advisor in the industry is going to listen to a post-election, 'how does this hit back markets this week?' As a financial advisor and financial planner, I believe it's important that we become at least as much of an expert in our clients as we are in markets, politics and everything else," Pearson said.
Pearson himself is also currently serving as a major in the Pennsylvania Air National Guard, he said. He specializes in helping families affiliated with the National Guard and Reserve. However, as someone who has not experienced active duty, there are programs some of his clients need help with that he doesn't have personal experience navigating.
"That's what the certified military financial advisor program was for me, that opportunity to gain expertise in some of the areas that I didn't experience," Pearson said. Although most of his military clients have the same core financial needs for education and planning that civilians do, "The difference is there's an extra layer of information that you really have to understand to be in the military. There's a value in working with somebody who is an expert in that."
Greene said Ameriprise has around 10,000 advisors around the country, and many live and work in military communities. Ameriprise has its own veteran employee network called VETNET, and the company has been named a military friendly employer by organizations including the military recruitment marketing firm VIQTORY, so it is already known to attract talent from those communities. Advisors may be veterans themselves or have military families among their clients.
"They're definitely interested in this, so on their own, they had to do their homework and get smart about these kinds of benefits" in the past, he said. A few years ago, to provide a resource for these advisors, Ameriprise created a handbook to guide them in advising military families. The certificate is an expansion of that effort, Greene said.
Greene is a veteran himself, having served in active duty until he was 30, he said. When his family members began experiencing health issues likely related to their time in military service, they were uninformed of and unprepared to navigate the wide array of veteran benefits available to them.
"This is really personal," he said.
A survey earlier this year showed that among career military members, including officers and senior noncommissioned officers, financial literacy has declined across the board, highlighting the community's need for planning services.
"There are different benefits available to active-duty members, to the guard, to the reserve, and it can be dizzying for the average person who's just trying to live their life," Greene said.
When a health issue arises, he said, "often the plan they had in mind is really thrown for a loop. And if we've got access to resources, where we can say, 'hey, we've put a plan in place for this, let's talk about the benefits you have available,' they're in a totally different situation."