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Exam Code: CFP Certified Financial Planner (CFP Level 1) study January 2024 by team

CFP Certified Financial Planner (CFP Level 1)

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

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

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

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

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


A. Professional Conduct and Regulation (7%)

B. General Principles of Financial Planning (17%)

C. Education Planning (6%)

D. Risk Management and Insurance Planning (12%)

E. Investment Planning (17%)

F. Tax Planning (12%)

G. Retirement Savings and Income Planning (17%)

H. Estate Planning (12%)



A.1 CFP Boards Code of Ethics and Professional

Responsibility and Rules of Conduct

A.2 CFP Boards Financial Planning Practice Standards

A.3 CFP Boards Disciplinary Rules and Procedures

A.4 Function, purpose, and regulation of financial


A.5 Financial services regulations and requirements

A.6 Consumer protection laws

A.7 Fiduciary



B.8 Financial planning process

B.9 Financial statements

B.10 Cash flow management

B.11 Financing strategies

B.12 Economic concepts

B.13 Time value of money concepts and calculations

B.14 Client and planner attitudes, values, biases and

behavioral finance

B.15 Principles of communication and counseling

B.16 Debt management


C.17 Education needs analysis

C.18 Education savings vehicles

C.19 Financial aid

C.20 Gift/income tax strategies

C.21 Education financing



D.22 Principles of risk and insurance

D.23 Analysis and evaluation of risk exposures

D.24 Health insurance and health care cost management (individual)

D.25 Disability income insurance (individual)

D.26 Long-term care insurance (individual)

D.27 Annuities

D.28 Life insurance (individual)

D.29 Business uses of insurance

D.30 Insurance needs analysis

D.31 Insurance policy and company selection

D.32 Property and casualty insurance


E.33 Characteristics, uses and taxation of investment vehicles

E.34 Types of investment risk

E.35 Quantitative investment concepts

E.36 Measures of investment returns

E.37 Asset allocation and portfolio diversification

E.38 Bond and stock valuation concepts

E.39 Portfolio development and analysis

E.40 Investment strategies

E.41 Alternative investments


F.42 Fundamental tax law

F.43 Income tax fundamentals and calculations

F.44 Characteristics and income taxation of business entities

F.45 Income taxation of trusts and estates

F.46 Alternative minimum tax (AMT)

F.47 Tax reduction/management techniques

F.48 Tax consequences of property transactions

F.49 Passive activity and at-risk rules

F.50 Tax implications of special circumstances

F.51 Charitable/philanthropic contributions and deductions



G.52 Retirement needs analysis

G.53 Social Security and Medicare

G.54 Medicaid

G.55 Types of retirement plans

G.56 Qualified plan rules and options

G.57 Other tax-advantaged retirement plans

G.58 Regulatory considerations

G.59 Key factors affecting plan selection for businesses

G.60 Distribution rules and taxation

G.61 Retirement income and distribution strategies

G.62 Business succession planning


H.63 Characteristics and consequences of property titling

H.64 Strategies to transfer property

H.65 Estate planning documents

H.66 Gift and estate tax compliance and tax calculation

H.67 Sources for estate liquidity

H.68 Types, features, and taxation of trusts

H.69 Marital deduction

H.70 Intra-family and other business transfer techniques

H.71 Postmortem estate planning techniques

H.72 Estate planning for non-traditional relationships



A. Identify the client (e.g., individual, family, business, organization)

B. Discuss the financial planning process

C. Explain scope of services offered

D. Assess and communicate ability to meet the clients needs and expectations

E. Identify and disclose conflicts of interest in client relationships

F. Discuss responsibilities of parties involved

G. Define and document the scope of the engagement

H. Provide client disclosures

1. Regulatory disclosure

2. Compensation arrangements and associated potential conflicts of interest



A. Explore with the client their personal and financial needs, priorities and goals

B. Assess the clients level of knowledge, experience and risk tolerance

C. Evaluate the clients risk exposures (e.g., longevity, economic, liability, healthcare)

D. Gather relevant data including:

1. Summary of assets (e.g., cost basis information, beneficiary designations and titling)

2. Summary of liabilities (e.g., balances, terms, interest rates)

3. Summary of income and expenses

4. Estate planning documents

5. Education plan and resources

6. Retirement plan information

7. Employee benefits

8. Government benefits (e.g., Social Security, Medicare)

9. Special circumstances (e.g., legal documents and agreements, family situations)

10. Tax documents

11. Investment statements

12. Insurance policies and documents (e.g., life, health, disability, liability)

13. Closely held business documents (e.g., shareholder agreements)

14. Inheritances, windfalls, and other large lump sums



A. Evaluate and document the strengths and vulnerabilities of the clients current financial situation including:

1. Statement of financial position/balance sheet

2. Cash flow statement

3. Capital needs analysis (e.g., insurance, retirement, major purchases

4. Asset protection (e.g., titling, trusts, etc.)

5. Asset allocation

6. Client liquidity (e.g., emergency fund)

7. Government benefits (e.g., Social Security, Medicare)

8. Employee benefits

9. Investment strategies

10. Current, deferred and future tax liabilities

11. Estate tax liabilities

12. Tax considerations

13. Income types

14. Retirement plans and strategies (e.g., qualified plans, IRAs)

15. Accumulation planning

16. Distribution planning

17. Estate documents

18. Ownership of assets

19. Beneficiary designations

20. Gifting strategies

21. Executive compensation (e.g., deferred compensation, stock options, RSUs)

22. Succession planning and exit strategy

23. Risk management (e.g., retained risk and insurance coverage)

24. Educational financial aid

25. General sources of financing

26. Special circumstances (e.g., divorce, disabilities, family dynamics, etc.)

27. Inheritances, windfalls, and other large lump sums

28. Charitable planning

29. Aging and eldercare

30. Mental capability and capacity issues

B. Identify and use appropriate tools and techniques to conduct analyses including:

1. Financial calculator

2. Computer spreadsheet

3 Financial planning software


A. Evaluate alternatives to meet the clients goals and objectives

1. Sensitivity analysis (e.g., factors outside of client control)

B. Consult with other professionals as appropriate

C. Develop recommendations considering:

1. Client attitudes, values and beliefs

2. Behavioral finance issues (e.g., anchoring, overconfidence, recency)

3. Their interdependence

D. Document recommendations


A. Present financial plan and provide guidance

1. Goals

2. Assumptions

3. Observations and findings

4. Alternatives

5. Recommendations

B. Obtain feedback from the client and revise the recommendations as appropriate

C. Provide documentation of plan recommendations and any additional disclosures

D. Verify client acceptance of recommendations


A. Create a prioritized implementation plan with timeline

B. Directly or indirectly implement the recommendations

C. Coordinate and share information, as authorized, with others

D. Define monitoring responsibilities with the client (e.g., explain what will be monitored, frequency of monitoring, communication method(s))


A. Discuss and evaluate changes in the clients personal circumstances (e.g., aging issues, change in employment)

B. Review the performance and progress of the plan

C. Review and evaluate changes in the legal, tax and economic environments

D. Make recommendations to accommodate changed circumstances

E. Review scope of work and redefine engagement as appropriate

F. Provide ongoing client support (e.g., guidance, education)


A. Adhere to CFP Boards Standards of Professional Conduct

B. Manage practice risk (e.g., documentation, monitor client noncompliance with recommendations)

C. Maintain awareness of and comply with regulatory and legal guidelines

Certified Financial Planner (CFP Level 1)
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CEMAP-1 Certificate in Mortgage Advice and Practice (CeMAP) CFP exam study guides are setup by our IT professionals. experts work out this comprehensive version of CFP dumps contain real exam questions and answers. Everything is to make convenience for candidates on their road to certification. Memorizing these CFP dumps and practice questions and forget to fail the exam.
Certified Financial Planner (CFP)
Answer: A
Question: 8
According to the _______, financial planners are not subject to the control of the act if they are:
a bank or holding company that is not an investment company; a lawyer, accountant, engineer, or
teacher who provides investment advice incidentally; a broker, dealer, or registered
representative whose advice is incidental; the publisher of a magazine or journal that discusses
financial planning; a person whose advice is limited to those securities guaranteed by the federal
government; any other person not within the law as specified by the SEC
A. Advisor Decision 1932
B. Advisor Decision 1935
C. Investment Advisors Act of 1948
D. Investment Advisors Act of 1940
Answer: D
Question: 9
A ___________ is a multiple-employer trust that can be used to prefund employee benefits.
A. voluntary employee beneficiary association (VEBA)
B. voluntary employee care association (VECA)
C. involuntary employee beneficiary association (IEBA)
D. involuntary employee care association (IECA)
Answer: A
Question: 10
A ______ is the right of an employee to receive cash and/or stock equal to the increase in the
value of the company's stock after the date of purchase.
A. stock appreciation duty
B. stock appreciation right
C. stock appreciation purchase
D. stock appreciation option
Answer: B
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Financial Certified study - BingNews Search results Financial Certified study - BingNews Financial New Year's resolutions you can actually stick to in 2024 No result found, try new keyword!Data shows more Americans will make financially-geared New Year's resolutions for 2024 than they did last year. An expert gives tips on how to keep those commitments. Wed, 27 Dec 2023 03:30:55 -0600 en-us text/html SecurEyes unveils its Cyber Security Certification Program

SecurEyes, a cybersecurity firm, has announced the commencement of its Cyber Security Certification Program for the February 2024 batch.

According to an official release, the February 2024 batch will get live sessions conducted by cybersecurity experts engaged in real-world projects from around the globe. Reportedly, students will have 24×7 access to online labs and study material covering concepts such as information security, network security, infrastructure security, application security, governance, risk and compliance, security operations, and incident management.

“Our program is designed to equip one with the latest knowledge and practical skills to excel in this field,” Karmendra Kohli, co-founder and CEO, SecurEyes, said. 

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What is a financial consultant, and what do they do?

Our experts choose the best products and services to help make smart decisions with your money (here's how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

  • Financial consultants provide expert advice on a wide range of topics, like estate planning and wealth management. 
  • Financial consultants and advisors offer similar financial services, but they have different credentials. 
  • Before hiring a potential financial consultant, make sure to research their credentials.

When searching for professional money and investment advice, you may have come across titles like "financial consultant" or "financial advisor." Although these titles sound similar, financial consultants and advisors aren't the same thing. 

If you're looking for an expert to help you create a personalized financial plan based on your current situation, you're probably looking for a financial consultant.

What is a financial consultant? 

Financial consultants create personalized financial plans based on a client's whole financial picture, including factors like debt, assets, living expenses, and investment goals. Although financial consultants typically offer similar guidance and advice as financial advisors, the two jobs require different credentials.

Financial consultants typically have a degree in finance or a related field and can be designated as chartered financial consultants (ChFCs), which is a certification currently only offered through the American College of Financial Services. Financial consultants must also have at least three years of financial planning experience to earn the ChFC designation.

Keep in mind that there are financial consultants who do not have the ChFC certification.

"As long as they have passed the appropriate state and federal licensing requirements, they can use any name they want — advisor, consultant, planner, wealth manager — provide any range of services, and charge in different ways," says Brent Weiss, CFP and head of financial wellness at Facet

While these non-certified financial consultants and advisors may still offer useful advice, you won't get the same level of guaranteed expertise that you would with a certified consultant. You also won't get the same degree of trustworthiness as you would with a CFP or fiduciary.

People seeking professional financial advice should do their best to identify and recognize the different financial licenses and certifications, explains Weiss. 

"These credentials not only represent a profound understanding of financial principles, but also a commitment to ongoing education and ethical standards," states Weiss.

What does a financial consultant do?

A financial consultant's main job is to create a customized financial plan to help you reach your goals. If you need help coming up with goals, a financial consultant can help with that, too. And depending on their specialties and experience, a financial consultant may offer a variety of services, including: 

"In general, financial consultants offer a range of services tailored to individual client needs," says Weiss. "They may look at one aspect of your finances, offer a one-time consult, or review your entire financial picture and develop an ongoing plan. You need to know the right questions to ask to determine the services they will provide."

Ensure that the financial consultant you're meeting with specializes in the Topics you need guidance on. For example, if you need help with estate planning, make sure you are meeting with a financial consultant who specializes in estate planning strategies. Someone who specializes in tax strategies won't be as useful for your situation.

What is a financial consultant vs. financial advisor?

While "financial consultant" and "financial advisor" are often used interchangeably, they don't mean the same thing. Financial consultants are a type of financial advisor. All financial advisors are financial consultants, but not all financial consultants are advisors. The best financial advisors are either fiduciaries or CFP-certified.

It's not uncommon for financial experts seeking further education to be certified as both a ChFC and a CFP (or other financial certification like a CFA). 

Certified financial advisors earn their titles from The Certified Financial Planner Board of Standards, Inc. (CFP Board) after years of education in over 70 financial specialties. To be a certified financial planner (CFP), financial advisors and planners must have extensive practical advisor experience and follow high ethical standards.

"While a ChFC has more education and experience than many others in the field, it's really more like a CFP-light," Weiss says. "The CFP Professional designation remains the gold standard."

Most CFPs adhere to fiduciary duty regulations. This is a legal and ethical duty that requires financial advisors to put the best interest of the client first. ChFCs can earn fiduciary status, but they are not required to. So if you came down to picking between an advisor with ChFC credentials versus a certified CFP, the CFP is typically the better option. 

However, financial consultants and ChFCs can still provide knowledgeable financial advice on a range of topics. If you or someone you know,has had a good experience with a financial consultant, there's no reason to switch to someone else. Strong customer reviews, recommendations, and years of experience can speak to the quality of a financial consult almost just as much as certification can. 

What fees do financial consultants charge?

How a financial consultant charges you can vary. Some financial consultants may charge a flat rate, hourly rate, project fee, or a percentage of your assets under management (AUM). When considering a potential financial consultant, one of the first questions you should ask is how they charge. 

"Try to avoid fee models that create conflicts of interest, like commissions and paying a percentage of how much you invest. You want your advisor to offer unbiased advice and sit on the same side of the table as you," says Weiss.

How to find a financial consultant

The easiest way to find a financial consultant is through referrals from friends, family, or colleagues. However, you can also find consultants online through organizations such as:

On these websites, you can access a wide range of advisors, planners, and consultants with varying certifications and credentials on different financial and investment topics. Make sure to thoroughly look through your options to find the one that best fits your needs.

"When meeting a potential financial consultant, ask about their qualifications, experience, areas of expertise, and fee structure. It's also important to understand their approach to financial planning, how they tailor their services to individual client needs, and the types of clients they work with," says Weiss.

Financial consultant — Frequently asked questions (FAQs)

Yes. Financial consultants make money by charging clients a flat rate, hourly rate, AUM fee, or project fee. Some financial consultants may also earn commissions, which means they make a profit when they recommend and sell certain financial products to clients. However, financial consultants who are certified as CFPs or fiduciaries can't earn commissions.

Financial consultants are worth it if you're seeking professional financial advice and guidance on Topics like retirement, tax planning, estate planning, insurance products, and inheritance. Financial consultants assist clients in implementing custom financial plans to help them reach their goals. 

You can become a financial consultant after several years of experience in finance or a related field. As long as you meet state and federal licensing requirements, you can refer to yourself as a financial consultant. However, to become a chartered financial consultant you must earn your certification through the American College of Financial Services. 

Should you hire a financial consultant?

Financial consultants are finance and investment experts who provide a wide range of services to clients like estate planning, wealth management, retirement planning, insurance strategies, and general financial planning. Anyone with a bank account and financial goals can benefit from meeting with a financial consultant. 

However, "financial consultant" is a general term that doesn't guarantee a level of trustworthiness or expertise. Technically, anyone meeting state and federal licensing standards can call themselves a financial consultant or financial planner. For that reason, make sure to do your research on all potential financial consultants and advisors. 

While non-certified consultants can still offer beneficial advice, certified ChFCs have the reputation, experience, and training necessary to get you where you need to go. 

Tue, 05 Dec 2023 10:00:00 -0600 en-US text/html
How to Find the Right Financial Adviser No result found, try new keyword!The right financial adviser can provide valuable guidance, but it doesn’t come cheap — and the fee structures can be confusing. Mon, 25 Dec 2023 20:50:00 -0600 en-us text/html I’m a Financial Advisor: Here are 5 Financial Resolutions To Get You to your Goals

goodluz /

‘Tis the time for New Year’s resolutions, and financial ones are top of the list for many Americans. While planning on adopting new financial habits and creating a roadmap for financial well-being is always a great start, sticking to these can be tricky.

I’m a Financial Advisor: Here’s the No. 1 Piece of Advice I Would give My Younger Self
More: 3 Ways To Recession-Proof Your Retirement

“Many Americans want to Improve their long-term financial outlook in 2024,” said Kelly LaVigne, vice president of consumer insights, Allianz Life, adding that nearly half of Americans in the New Year’s Resolutions Study from Allianz Life said they intend to make a resolution to manage their money better or save more in the coming year.

“But that resolution is vague,” Lavigne said. “The idea for a financial resolution may start out with broad intentions. For success, you’ll need to get specific and lay out the details of how you will actually achieve that goal.”

From simple, immediate steps to more long-term ones, financial experts shared their tips to achieve your goals.

Increase Retirement Savings

LaVigne noted that one of the most common ways people want to better their finances is by increasing their retirement savings, according to Allianz’s study, which is a worthy goal.

“But you need to do some hard work to know what your savings goal will be, how you will save, and what type of account the money will go into,” LaVigne said. “The good thing is that it is never too late to save for retirement.”

So, if your goal is to save more for retirement in 2024, you’ll want to figure out where, how much, and other logistics. LaVigne outlined a few ideas for specific goals, including increasing your 401(k) contributions in order to gain the full match from your employer; increasing your contributions to your 401(k) or IRA by 1%; and directing half of your monthly contributions into a Roth account in order to mitigate future tax risks.

Suze Orman: This Common Financial Choice Is the ‘Biggest Waste of Money Out There’

Cancel at Least 50% of Your Discretionary Subscriptions

This single step might help you lower your financial anxiety, said Bobbi Rebell, CFP,  founder of Financial Wellness Strategies and author of “Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Be Everyday Money Smart.”

For example, she said, choose between Netflix and Hulu.

“Then freeze your total number of subscriptions and only add one if you remove one. By capping your ongoing discretionary expenses you will feel more in control, and have a higher appreciation of the subscriptions you do actively choose to keep,” she added.

Hop on the ‘Career Cushioning’ Trend

That means being ready for a career disruption even if you have no intention of leaving your job, according to Rebell. For example, she said, take a course that will give you a certification to make you qualified for a related but different job in your field.

“Make the effort to get out and expand your work/friends circle so you have a broader network should you need it,” added Rebell. “By having a backup plan, you will lower your financial stress and be in a stronger position if you ever need it.”

Establish and Contribute To a Roth IRA

As Vanguard explains, a Roth IRA is an individual retirement account that offers tax-free growth and tax-free withdrawals in retirement. According to Roth IRA rules, as long as you’ve owned your account for five years and you’re age 59½ or older, you can withdraw your money when you want to and you won’t owe any federal taxes.

Matt Willer, managing director and partner at Phoenix Capital, explained the benefits of establishing and contributing to a Roth IRA.

“Consider the following,” he said. “A 21-year-old that starts with the maximum Roth contribution of $6,500, then makes that same contribution annually, invests in a modest 6% yielding instrument with compounding and doesn’t touch the funds — 50 years later, that account balance is over $2 million, all with just $6,500 a year in contributions. And if you start the above when you are 30, at age 70 you’ll have over $1 million, while  if you start at age 40, you’ll have about $568,000 at age 70.”

Budget for Savings

Robert R. Johnson, PhD, CFA, CAIA, professor of finance at Heider College of Business, Creighton University, noted that Warren Buffett said: “If you want to make saving a priority, take a look at how you budget. Do not save what is left after spending; instead spend what is left after saving.”

In turn, according to Johnson, if you want to make savings a priority, it cannot be a residual — what is left over. It should be a line item on your budget.

“You don’t successfully build savings by simply taking what you have left after all your expenses. We accomplish what we prioritize,” he said.

And automating these is a wise approach, according to him.

“People should try and automate as many financial decisions as they can. One must make saving money a habit,” he said. “For instance, have an amount taken out of each paycheck and put directly into an investment fund — most appropriately a low cost stock index fund.”

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This article originally appeared on I’m a Financial Advisor: Here are 5 Financial Resolutions To Get You to your Goals

Wed, 03 Jan 2024 01:00:00 -0600 en-US text/html
There's a new shorter FAFSA form. Here's how it will affect college student aid awards No result found, try new keyword!The process simplifies the federal form for college financial aid and increases the number of Pell Grant recipients but ends the sibling discount. Thu, 04 Jan 2024 13:07:51 -0600 en-us text/html 5 financial New Year's resolutions for 2024

The new year is upon us, and it's a great time to plan for your financial future. Here are five financial resolutions to consider for 2024.


Interest rates are still high on savings accounts right now, especially high-yield online savings accounts. Some accounts are offering more than 5% annual percentage yield, which is 10 times more than the national average on savings accounts. Take advantage of this "free" money by opening a new account with a high rate or upgrading your current one. Just make sure you avoid fees as much as possible, and choose a bank or credit union that is easy for you to access, either through remote customer service or in person.

FILE - The likeness of Benjamin Franklin is seen on U.S. $100 bills, Thursday, July 14, 2022, in Marple Township, Pa. In preparation for 2024, you can shore up your finances by creating some financial New Year’s resolutions for yourself. (AP Photo/Matt Slocum, File)


For many, student loan payments resumed in 2023. If you're feeling anxious or uncertain about how much you owe, it's best to face the numbers head-on and see if there's any way you can reduce your payments. For example, if you earn less money now than you did before student loan payments were paused, then updating your income in your student loan portal may change the amount of your income-driven repayment. There's another way you might be able to reduce your payment if you're on an income-driven repayment plan: If you have a retirement fund, you may want to consider putting some money away as a way to reduce your student loan payment.

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"If you put your money in a pre-tax retirement account, that lowers your taxable income for the year," saysJen Mayer, an accredited financial counselor and founder of the Brooklyn, New York-based firm Fully Funded. "The percentage that you're paying for income-driven repayment is going to be lower."


Though personal finance isn't a standard part of an American education, there are plenty of ways to learn more about budgeting, saving and investing. Whether you browse reputable sites online, check out finance books from your library, or talk to a certified financial planner or other licensed expert, there are lots of people who are eager to impart their financial know-how.

As you learn more about personal finance, you might find yourself getting inspired to create your own financial goals. Perhaps you want to retire early, save for a down payment on a house or build a healthy emergency fund. Once you've nailed down your goals, you can determine how much money you'll need, then set a timeline for saving it.


In 2023, artificial intelligence chatbots such as ChatGPT and Bard became popular tools for research and advice. In 2024, you can experiment with using them for your finances. You can give a bot specific prompts, such as "My salary is $50,000, and I want to save $5,000 by the end of the year. How can I do that?" and it can do the math for you, calculating what you need to save and suggesting how to cut back on different expenses. You can also instruct a chatbot to find you good deals for things like groceries, school supplies, gifts and more. Just remember that AI pulls information from various sources, and those sources may not always be accurate. Be sure to double-check any information you receive by doing the math yourself, checking with an expert or going to a reputable website to learn more.


Recurring donations provide reliable income to nonprofit organizations, which allows them to plan their budgets more easily. If you're interested in setting up recurring donations for a particular nonprofit, there are several ways you can do this.

Check with your employer to see if they match donations and if they have an online portal to do so. This can be an easy way to make your donations go further.

If you're donating on your own, you can typically do so through a nonprofit's website, but Shavon Roman, a personal finance expert and founder of Heal. Plan. Invest., says there are ways to make it even easier.

"Most charities will give out their information so that you can wire donations from your bank account or send them through Zelle," Roman said. "You can automatically transfer a certain amount of money on a regular basis, and it's within a system that you control. During tax season, you can also see exactly how much money you donated when you want to file a tax deduction."

Before you make any donations, you may want to do an internet search for the organization to confirm that it is a 501(c)(3). These organizations are considered tax-exempt by the U.S. government, so you'll be eligible to write off these donations when you do your taxes.

Sun, 24 Dec 2023 06:30:00 -0600 en text/html
The rise of women in financial planning: How it's going

When it comes to addressing the underrepresentation of women in financial services, much has been achieved but much work remains

Ten years ago, CFP Board Center for Financial Planning founded the Women's Initiative (WIN), dedicated to bringing more women into the field. Also in 2013, the center published a landmark report identifying common barriers to entry for women in wealth management and recommended ways to boost the number of women CFP professionals. 

Nancy Kistner

Nancy A. Kistner, managing director, wealth strategy executive and head of business strategy for the Bank of America Private Bank Wealth Strategy Group

Since then, progress has been steady, with every year since 2016 seeing rising numbers of women CFP professionals. In 2022, women made up nearly 30% of all new CFP professionals and 23.6% of total CFP professionals — a 4.4% increase over the previous year. To keep this momentum going, this year the center established a WIN Endowed Scholarship program to provide financial assistance to qualified female students and professionals seeking to complete their CFP certification. 

Karen P Schaeffer

Karen P. Schaeffer, managing member and co-founder of Schaeffer Financial

Yet several factors that caused women to decide against careers in financial planning a decade ago remain at play today, including gender bias, concerns about business models and inconsistent compensation structures. In a 2022 study by the Carson Group, nearly 90% of women reported they encountered additional barriers to success when compared with men in the financial planning ecosystem. More than half felt balancing professional roles with caregiving obligations, finding a firm with a good culture fit and finding a mentor were barriers their male counterparts didn't face.

Knowing vs. doing
Cultivating a strong pipeline of future female CFP professionals will help usher in the next generation of leaders. These leaders will not only increase women's representation in the profession but will also strengthen the profession's sustainability by allowing the workforce to better reflect and represent the communities it serves. As CFP Board CEO Kevin Keller has said, "The more women we bring into the profession and encourage to become CFP professionals, the more will follow, and the more financial advisory firms and clients will benefit from their expertise and counsel."

Countless studies show that greater diversity in the workplace across genders, races, ethnicities and age groups leads to enhanced customer growth and higher profit levels. However, when we compare this evidence with the relative lack of progress, there is a clear "knowing-doing gap," which suggests that business leaders are struggling to design and implement programs that effectively build a diverse workforce. 

It's ironic because women can be particularly well-suited to a career in financial planning. Women often possess stronger interpersonal skills — key for counseling clients through the most sensitive and pivotal times in their lives. A 2021 Aite Group study found that women CFP professionals tend to be more invested in the financial planning process, deliver more comprehensive financial plans and are more likely to give their clients retirement and estate planning advice than their male counterparts. 

Gender diversity in the talent pipeline  
The first step to increase gender diversity in the talent pipeline is for leaders to acknowledge these barriers. Long-standing professions like financial planning face a tremendous challenge in diversifying a historically homogeneous workforce. Organizations must look beyond existing talent networks and transform legacy hiring models, designing initiatives to increase engagement of women across the workforce.

Bringing more women into financial planning requires consistent investment in DEI efforts from firms and from other organizations across the financial planning ecosystem. And it requires an ongoing commitment from CFP Board. To that end, the WIN Council works to attract, develop and advance women in financial planning careers, and it provides educational resources and networking opportunities. WIN today represents a key pillar of the center's work, engaging over 400 volunteers who strive within their organizations and communities to raise awareness and speak to the benefits of the profession. 

READ MORE: 3 ways for firms to win more female financial advisors

Leaders across the industry must better understand women's differentiated needs and provide necessary support and resources. To reduce or remove barriers to certification, and to help women professionals advance their careers in general, mentorship as part of CFP Board's Financial Planner Re-Entry Initiative (FPRI) has proven to be especially important. Mentees receive one-on-one assistance, encouragement and help with test-taking tools.

Despite their very real concerns, many female CFP professionals have found that financial planning offers them access to career opportunities that meet their individual interests and professional needs. Post-pandemic flexibility, including remote work and flexible hours, has enabled some women in financial planning to balance professional and family responsibilities more effectively without giving up the possibility of higher compensation.  

As we celebrate the first decade of the Women's Initiative and its incremental achievements, we must work toward even greater progress over the next decade. One of the most rewarding aspects of becoming a financial planner is helping others achieve their goals and Improve their quality of life. We're committed to increasing women's opportunities in financial planning, promoting their engagement and expanding their influence in the profession.

Fri, 22 Dec 2023 06:14:00 -0600 en text/html
Here are 6 financial moves you really should make by Dec. 31 No result found, try new keyword!We’re edging closer to the end of 2023. What are the financial moves you really should make before the clock runs out? Wed, 27 Dec 2023 02:35:45 -0600 en-us text/html

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