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Exam Code: CIA-II Practice test 2022 by team
CIA-II Certified Internal Auditor (CIA)

2019 CIA test Syllabus, Part 2 – Practice of Internal Auditing
100 questions l 2.0 Hours (120 minutes)

The CIA test Part 2 includes four domains focused on managing the internal audit activity, planning the engagement, performing the engagement, and communicating engagement results and monitoring progress. Part 2 tests candidates knowledge, skills, and abilities particularly related to Performance Standards (series 2000, 2200, 2300, 2400, 2500, and 2600) and current internal audit practices.​

Domains Collapse All
I. Managing the Internal Audit Activity (20%)​
​ ​ ​Cognitive Level
​​1. Internal Audit Operations
A​ ​​​Describe policies and procedures for the planning, organizing, directing, and monitoring of internal audit operations Basic
​B ​Interpret administrative activities (budgeting, resourcing, recruiting, staffing, etc.) of the internal audit activity Basic
2. Establishing a Risk-based Internal Audit Plan
A ​Identify sources of potential engagements (audit universe, audit cycle requirements, management requests, regulatory mandates, relevant market and industry trends, emerging issues, etc.) Basic​
​B ​Identify a risk management framework to assess risks and prioritize audit engagements based on the results of a risk assessment Basic​​
​C ​Interpret the types of assurance engagements (risk and control assessments, audits of third parties and contract compliance, security and privacy, performance and quality audits, key performance indicators, operational audits, financial and regulatory compliance audits) ​Proficient
​D ​Interpret the types of consulting engagements (training, system design, system development, due diligence, privacy, benchmarking, internal control assessment, process mapping, etc.) designed to provide advice and insight Proficient​
​E ​Describe coordination of internal audit efforts with the external auditor, regulatory oversight bodies, and other internal assurance functions, and potential reliance on other assurance providers Basic​
​3. Communicating and Reporting to Senior Management and the Board
​A ​Recognize that the chief audit executive communicates the annual audit plan to senior management and the board and seeks the board's approval ​Basic
​B ​Identify significant risk exposures and control and governance issues for the chief audit executive to report to the board ​Basic
​C Recognize that the chief audit executive reports on the overall effectiveness of the organization's internal control and risk management processes to senior management and the board​ ​Basic
​D ​Recognize internal audit key performance indicators that the chief audit executive communicates to senior management and the board periodically Basic​
II. Planning the Engagement (20%)​
​ ​ ​Cognitive Level
​​1. Engagement Planning
A​ ​​​Determine engagement objectives, evaluation criteria, and the scope of the engagement Proficient
​B ​Plan the engagement to assure identification of key risks and controls Proficient
C​ ​Complete a detailed risk assessment of each audit area, including evaluating and prioritizing risk and control factors ​Proficient
D​ ​Determine engagement procedures and prepare the engagement work program ​​Proficient
​E ​Determine the level of staff and resources needed for the engagement ​​Proficient
III. Performing the Engagement (40%)
​ ​ ​Cognitive Level
​​1. Information Gathering
A​ Gather and examine relevant information (review previous audit reports and data, conduct walk-throughs and interviews, perform observations, etc.) as part of a preliminary survey of the engagement area Proficient
​B Develop checklists and risk-and-control questionnaires as part of a preliminary survey of the engagement area Proficient
C​ ​Apply appropriate sampling (nonstatistical, judgmental, discovery, etc.) and statistical analysis techniques ​Proficient
2. Analysis and Evaluation
A Use computerized audit tools and techniques (data mining and extraction, continuous monitoring, automated workpapers, embedded audit modules, etc.) Proficient
​B Evaluate the relevance, sufficiency, and reliability of potential sources of evidence Proficient
​C Apply appropriate analytical approaches and process mapping techniques (process identification, workflow analysis, process map generation and analysis, spaghetti maps, RACI diagrams, etc.) ​Proficient
​D Determine and apply analytical review techniques (ratio estimation, variance analysis, budget vs. actual, trend analysis, other reasonableness tests, benchmarking, etc.) Basic
​E Prepare workpapers and documentation of relevant information to support conclusions and engagement results Proficient
​F ​Summarize and develop engagement conclusions, including assessment of risks and controls Proficient​
​3. Engagement Supervision
​A Identify key activities in supervising engagements (coordinate work assignments, review workpapers, evaluate auditors' performance, etc.) ​Basic
IV. Communicating Engagement Results and Monitoring Progress (20%)
​ ​ ​Cognitive Level
​​1. Communicating Engagement Results and the Acceptance of Risk
A​ Arrange preliminary communication with engagement clients Proficient
​B Demonstrate communication quality (accurate, objective, clear, concise, constructive, complete, and timely) and elements (objectives, scope, conclusions, recommendations, and action plan) Proficient
​C ​Prepare interim reporting on the engagement progress ​Proficient
​D ​​Formulate recommendations to enhance and protect organizational value Proficient​
​E ​​Describe the audit engagement communication and reporting process, including holding the exit conference, developing the audit report (draft, review, approve, and distribute), and obtaining management's response Basic​
​F ​​Describe the chief audit executive's responsibility for assessing residual risk ​Basic
​G ​​Describe the process for communicating risk acceptance (when management has accepted a level of risk that may be unacceptable to the organization) Basic​
2. Monitoring Progress
A ​Assess engagement outcomes, including the management action plan Proficient
​B ​Manage monitoring and follow-up of the disposition of audit engagement results communicated to management and the board Proficient
Additional noteworthy elements related to the revised CIA Part Two test syllabus:
The syllabus features greater alignment with The IIAs Performance Standards.
The test covers the chief audit executives responsibility for assessing residual risk and communicating risk acceptance.
The largest domain is “Performing the Engagement,” which makes up 40% of the exam.
A portion of the test requires candidates to demonstrate a basic comprehension of concepts; another portion requires candidates to demonstrate proficiency in their knowledge, skills, and abilities.

Certified Internal Auditor (CIA)
Financial Certified test Questions
Killexams : Financial Certified test Questions - BingNews Search results Killexams : Financial Certified test Questions - BingNews Killexams : How to Pass the Series 65 Exam

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

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

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

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

Here are some factors to consider before sitting for the Series 65 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.

— How long does the Series 65 license last?

[SUBSCRIBE: Get the weekly U.S. News newsletter for financial advisors. ]

What Is the Series 65 test Like?

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 courses 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 memorizing 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 courses 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 actual 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 courses 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 supply 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.

More from U.S. News

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

10 Long-Term Investing Strategies Advisors Love

7 Best ETFs to Invest in Corporate Bonds

How to Pass the Series 65 Exam originally appeared on

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

Wed, 07 Dec 2022 21:00:00 -0600 en text/html
Killexams : How To Become A Financial Advisor: Education, Skills And Certification How To Become A Financial Advisor: Education, Skills And Certification © Getty How To Become A Financial Advisor: Education, Skills And Certification

Financial advisors provide individuals and companies with guidance on courses 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.

Analytical Skills

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.

Communication Skills

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.

Interpersonal Skills

Finances can present stressful situations for clients. As such, personal advisors must be honest, trustworthy listeners and speakers who project confidence in their advice.

Math Skills

Perhaps above all, financial advisors must have strong math skills so they can present accurate data to their clients.

Sales Skills

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.

Gain Experience

To develop experience, current students and recent 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)® 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 -0600 en-US text/html
Killexams : ‘This reality has been brutal.’ After working with a few mediocre financial advisers, I started managing my own money. One year I made a 72% return. But this year, I’m ...

MarketWatch Picks has highlighted these products and services because we think readers will find them useful; the MarketWatch News staff is not involved in creating this content. Links in this content may result in us earning a commission, but our recommendations are independent of any compensation that we may receive. Learn more

Question: I had financial advisors while I was working, but I haven’t been happy with either of the two big firms I worked with; I understand now that working with financial advisors who have vested interests is not a good idea. So after that, I started managing my own stocks when I was laid off at the end of 2018, and I got an annual return of 36% in 2019 and 72% in 2020.

The past year I left my gains behind, and this year I’m starting to get desperate. I always knew how ignorant I was, but this reality has been brutal. I’ve learned a lot — the main thing being how much I don’t know, despite my efforts to educate myself. I understand that there are financial advisors that do not offer to manage your money, they just educate and advise. Where and how can I get some direction from one of these professionals? (Looking for a financial adviser too? This tool can help match you with an adviser who might meet your needs.)

Answer: You’re absolutely right that there are financial pros that just educate and advise, rather than manage your money for you, and frankly, these are the right types of financial advisers for many people. First, we’ll supply a brief overview of some of the different types of advisers and the ranges of what they charge, and then we’ll talk about how to find the right one.

Have an issue with your financial adviser or looking for a new one? Email

Different types of financial advisers and what might make sense

Advisers who work using the assets under management (AUM) model manage your investments for you, and they typically charge about 1% of the assets they manage to do so. On the other hand, an hourly adviser doesn’t manage your investments for you, and instead gives advice for an hourly rate that is typically between $200 and $500. Project-based advisers also don’t manage investments for you and tend to charge $2,500 to $10,000 for a project like building you a financial plan you can follow for years to come. (Looking for a financial adviser too? This tool can help match you with an adviser who might meet your needs.)

Certified financial planner Kaleb Paddock says you’ll likely benefit from an ongoing hourly advice relationship, where the adviser never manages your money but acts as a partner to guide you and help you optimize your decision making. Pros say you also might want someone who has obtained the certified financial planner credentials — which means they’ve completed certain education requirements, have passed an exam, completed thousands of hours of professional service and adhere to high ethical and professional standards.

Where can you find an adviser? 

Some of the best places to look for advice-only advisers are the XY Planning Network and the Garrett Planning Network. But, notes says certified financial planner David Barfield of Datapoint Financial Planning, “Even when browsing advisers on XYPN, you need to be selective. Many advisers in that network also use the percent of assets model so you have to look specifically for advisers who do not even offer the option to manage assets.”

Other spots to look include “the Fee Only Network and the National Association of Personal Financial Advisors (NAPFA), but not all of those advisers offer hourly or advice-only services, so you’ll need to confirm on the adviser’s website before reaching out to them,” says Paddock. Here are the 15 questions you should ask any adviser you might want to hire, and how to vet the person as well. (Looking for a financial adviser too? This tool can help match you with an adviser who might meet your needs.)

Have an issue with your financial adviser or looking for a new one? Email

Questions edited for brevity and clarity.

Wed, 07 Dec 2022 01:45:00 -0600 en-US text/html
Killexams : When Should You Hire a Financial Advisor?

when to hire a financial advisor

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

What Are Financial Advisors?

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

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

What Financial Advisors Do

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

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

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

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

When Should You Hire a Financial Advisor?

when to hire a financial advisor

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

Significant Life Changes

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

Investing in the Stock Market

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

Creating a Financial Plan

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

Struggling with Debt

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

Limited Time and Financial Knowledge

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

Lack of Agreement with Your Partner

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

Benefits of Hiring a Financial Advisor

Hiring a financial advisor can bring you the following advantages:

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

  • Advisors specializing in any financial course are available.

  • Can provide logic and wisdom during emotional situations.

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

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

Cautions When Hiring a Financial Advisor

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

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

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

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

How to Select a Suitable Financial Advisor

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

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

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

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

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

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

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

The Bottom Line

when to hire a financial advisor

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

Tips for Hiring a Financial Advisor

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

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

Photo credit: ©, ©, ©

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

Mon, 12 Dec 2022 00:00:00 -0600 en-US text/html
Killexams : Chartered Financial Analysts Are The Rock Stars Of Finance

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

CFA stands for chartered financial analyst, a professional designation awarded by the CFA Institute to candidates with proven competence in investment analysis and wealth management.

Think of CFAs as the all-stars of the money management industry: They excel in the competitive world of financial analysis and have put the extra work required to earn the gold standard in their profession.

CFA Definition

When you see CFA as part of someone’s title, that means they are a professional with in-depth training in the core skills of investment strategy and high-level money management. To earn the title of CFA, charter holders must demonstrate expertise in financial research, portfolio management, investment consulting, risk analysis and risk management.

Earning a CFA is often a requirement for becoming a chief investment officer at an investment firm or public company; engaging in credit analysis, corporate accounting and auditing; or doing financial planning for high net-worth individuals. The CFA Institute awards the certification, which is widely considered the apex for professional development in investment management.

“A CFA charter holder is someone who has attained one of the highest distinctions in the investment management profession,” says Jeremy Keil, a CFA and financial planner at Keil Financial Partners in New Berlin, Wisc. “They are trained in deep investment analysis, well beyond the knowledge of a typical financial advisor.”

The only downside to hiring a CFA? “They are tough to find,” Keil says. “Most work for institutions managing million-dollar-plus portfolios and don’t work directly with regular financial consumers.”

How to Earn a CFA

Becoming a chartered financial analyst is a complicated proposition, by design. It’s considered very tough to run the gauntlet of training and testing required to achieve CFA status.

“The requirements of becoming a CFA are rigorous and retain a type of elite status, which is another reason why CFAs can be expensive for the financial consumer who hires them,” says Daniel Rodriguez, director of operations at Hill Wealth Strategies, in Richmond, Va.

To become a CFA charter holder, candidates must:

  • Have a bachelor’s degree or a degree from an equivalent academic program or 11 months or fewer to graduation if they are still studying.
  • Have 4,000 hours of relevant work experience acquired over at least three sequential years.
  • Pass a series of three six-hour exams.
  • Be able to travel worldwide, be fluent in English and reside in a country that recognizes CFAs.

The tests are famously rigorous and may require 900 hours or more of study in 10 course areas to prepare for. Most CFA applicants don’t make the cut, for a variety of reasons.

“The exams assess the person’s knowledge of economics, personal and professional ethical situations, money management scenarios, as well as other courses relating to money management and finance that must be expressed, depending on which test, either quantifiable or qualitatively, or both,” says Rodriguez. “The pass rate for each section of the three exams is less than 40%.” After all of the exams, that works out to a rate of less than one in five candidates receiving their CFA, according to the CFA Institute.

Even after the exams and the prerequisites to take the test are met, CFA’s still have some work to do. They need to pay annual dues and certify they remain in good standing with the CFA principles.

“In educational terms, holding a CFA is equivalent to achieving a master’s degree in one’s field,” says Rodriguez.

CFA vs CFP: Different Skills for Different Needs

The designations for certified financial planner (CFP) and CFA may seem somewhat similar at first glance. While both titles tread the same wealth management turf, a chartered financial analyst plays a very different role than a certified financial planner, and in most cases offers a very different skill set.

​“The main difference between a CFA and certified financial planner is that a certified financial planner works with individual clients to achieve personal financial goals in the short- and long-term,” says Rodriguez. “A chartered financial analyst works with large-scale, corporate investment opportunities and situations.”

A CFP focuses on financial planning for individuals and families, and they benefit from having strong people skills. CFPs know a great deal about investing and personal finances, but their knowledge is oriented toward building and managing investment portfolios for clients.

Meanwhile, the skillset of a CFA is focused on high-level investment management, and they are trained in economics, financial reporting, corporate finance and complex equity investing strategies. CFAs often work at large organizations and handle research and analysis for investment companies.

For regular individuals who need help setting up a financial plan and managing personal investments, a CFP generally more than meets their needs. “Unless, they have a great deal of financial wealth to manage,” says Rodriguez, in which case a CFA might make sense.

How Much Do CFAs Cost?

CFAs are well-paid financial professionals. According to, a chartered financial analyst typically earns a base salary of $90,000, plus bonuses of up to $50,000 annually, along with profit sharing, stock equity and other high-end employee benefits, in most cases.

“The cost of a CFA depends on the position they’re filling,” says David Wright, executive director of practice development at M&O Marketing in Southfield, Mich., who works with investment advisors to build their practices. “However, for the industry’s gold standard, we have seen a level pay increase of 7% per year since 2012.”

If you’re working one-on-one with a chartered financial analyst, expect to pay the same fee structure most financial advisors use. For example, expect a common charge of $1,500 to $2,500 for a one-time portfolio construction fee.

Past that, you’ll probably pay around 1% of your total assets managed on an annual basis. That means if you have a portfolio of $3 million under CFA management, you’ll be paying a management fee of $30,000 per year.

How to Choose a CFA

If you’re a high net-worth individual, chances are you can access the services of a certified financial analyst via your bank’s private banking services, an investment management firm, a hedge fund company or any other high-end wealth management firm.

Or you can go it alone. You should do your homework on prospective CFAs in any case, but when flying solo, you need to be extra careful.

“To hire a CFA, go to the CFA Institute Career Center, which connects employers and recruiters with investment professionals associated with the institute,” Wright says. “Due diligence is important when selecting any member of your investment team. and the CFA Institute allow you to look up information on designation members and verify their status.” The CFA Institute also has a listing of all CFA charter holders.

If a CFA isn’t the best professional for your roster, try aiming for other money management designations that align with your personal needs. “Some common alternatives may be a certified financial planner or an investment advisor,” he adds.

You’ll also want to make sure any potential financial professionals in your life are fiduciaries, meaning they’re legally required to put your financial best interests above theirs.

Does a CFA Make Sense For You?

Whether you need to work with a CFA depends on two issues: The size of your investment portfolio and your unique investment management needs.

“Most clients need someone to answer their questions that aren’t related to stocks and bonds, and a certified financial professional is your best bet there,” says Keil. Whether that professional is a CFA, a CFP or something else entirely will depend on your personal financial situation.

Tue, 29 Nov 2022 04:28:00 -0600 Brian O'Connell en-US text/html
Killexams : FINRA Bars Ex-Northwestern Mutual Rep Accused of Cheating on CFP Exam

What You Need to Know

  • The former broker allegedly solicited assistance from chat group participants who had already taken the March 2021 CFP Exam.
  • He was barred by the CFP Board and did not cooperate with a FINRA investigation.
  • His lawyer denies any test misconduct and says he had already left the industry before the allegations were made.

An ex-Northwestern Mutual Investment Services general securities representative and broker was barred by the Financial Industry Regulatory Authority after he failed to cooperate with the regulator’s investigation into the Certified Financial Planner Board of Standards’ decision to bar the broker over alleged “exam misconduct.”

Without admitting or denying FINRA’s findings, Brandon Self submitted a Letter of Acceptance, Waiver and Consent on Nov. 2 as a proposal to settle his alleged rule violations. In doing so, he consented to FINRA barring him from associating with any FINRA member in all capacities. FINRA signed the letter on Wednesday.

By refusing to produce the information and documents requested by FINRA, Self violated FINRA Rule 8210 and Rule 2010, FINRA said. Not cooperating with a FINRA investigation typically results in a bar from the industry.

CFP Board alleged that Self engaged in test misconduct by participating in a GroupMe chat group titled “March 2021 CFP Exam” through which, “on five separate occasions [he] solicited assistance from chat group participants who had already taken” the March 2021 CFP test by requesting information about examination questions they observed on that test already.

CFP Board also alleged Self “knowingly gained an advantage over other March 2021 CFP Exam-takers when he studied courses based on the information he received from those individuals who had taken” the test already.

CFP Board’s complaint alleged his conduct violated the Pathway to CFP Certification Agreement, which provides that test misconduct includes “attempting to supply or receive assistance, or otherwise communicating about the Exam, during the test administration.”

He then failed to file an answer to CFP Board’s complaint within 30 calendar days of the date of service, as required by Article 3.2 of the Procedural Rules, it said.

Mon, 28 Nov 2022 12:44:00 -0600 en text/html
Killexams : Greenlight Announces New K-12 National Standards-Based Financial Literacy Library for Teachers and Students

Teachers nationwide can now sign up for early access to Greenlight for Classrooms

ATLANTA, December 13, 2022--(BUSINESS WIRE)--Greenlight® Financial Technology, Inc. ("Greenlight"), the fintech company on a mission to help parents raise financially-smart, independent kids, today announces Greenlight for Classrooms, a new web-based financial literacy library designed for teachers, aligned with the K-12 national standards. Starting in 2023, the product will be available for free for schools, teachers, and students nationwide.

Despite the growing conversation, personal finance education still isn’t a requirement for students to graduate in all 50 states. 27 states don’t require a personal finance course, even though teens score an average of 64% on the National Financial Literacy Test. At the same time, 93% of teens know they need financial knowledge and skills to achieve their life goals, and 97% of parents agree.*

Greenlight for Classrooms is an interactive, web-based financial literacy library for teachers with lessons tailored to all grade levels from elementary school to high school. Each lesson is aligned with the K-12 national standards on personal financial education developed by the Jump$tart Coalition and Council for Economic Education, covering critical financial courses like earning, spending, saving, investing, managing credit, and more.

"At Greenlight, we’re focused on helping parents raise financially-smart kids with educational resources that families can trust," said Jennifer Seitz, Certified Financial Education Instructor and Director of Education at Greenlight. "With Greenlight for Classrooms, we will now also help educators empower their students to gain the financial knowledge and skills they need for their futures."

Greenlight for Classrooms contains more than 100 animated videos and an assessment bank with thousands of vocabulary words and test questions, including multiple-choice, true or false, and scenario-based options for applied learning. Additional extensions include quizzes, individual project ideas, and discussion activities, along with a teacher’s guide.

"Greenlight's financial literacy content is engaging and easy to understand for students. Teachers can easily incorporate it into their economics lessons without worrying about how well they cover the standards," said Misha Thompson, teacher at Mount Zion Elementary School. "I feel very confident assigning the lessons for independent exploration and then following up with the accompanying guided questions. This product gets an A+!"

Greenlight was recently named a National Partner of the Jump$tart Coalition for Personal Financial Literacy, which brings together more than 100 like-minded organizations that share a commitment to advancing youth financial literacy. Greenlight has also partnered with education-focused brands like Kahoot! to create a collection of free personal finance quizzes and Million Bazillion, a financial literacy podcast for kids and families presented by Greenlight and American Public Media.

"Greenlight is a true leader in financial education that has had a tremendous impact on improving financial literacy among families," said Laura Levine, President and CEO of the Jump$tart Coalition. "We’re pleased to recognize the company as a Jump$tart National Partner."

Greenlight has always been committed to improving financial literacy with its industry-leading product and best-in-class educational resources. Its award-winning banking app for families teaches kids and teens invaluable financial skills like how to earn, save, spend wisely, and invest. Educational resources designed for kids and teens are embedded throughout the app, including videos, quizzes, and more, which have been viewed more than 3 million times to date. Today, Greenlight serves more than 5 million parents and kids, who have collectively saved more than $350 million and invested more than $20 million.

Teachers can sign up to receive early access to Greenlight for Classrooms at

*Survey insights were collected by Greenlight through a Researchscape survey fielded between March 18 and March 20, 2022, among 1,096 respondents in the U.S., split between teens ages 13-18 and parents of 13-18 year olds.

About Greenlight

Greenlight Financial Technology is the family fintech company on a mission to help parents raise financially-smart, independent kids. Its product, Greenlight, is an award-winning banking app, complete with a debit card for kids and teens, cash back credit card for parents and safety features for the whole family. Parents can automate allowance, manage chores, set flexible spend controls and invest for their family’s future. Kids and teens learn to earn, save, spend wisely, supply and invest with parental approval. Together, families can also stay safe and connected with location sharing, SOS alerts and crash detection with automatic 911 dispatch to get help if they need it.

The Greenlight Debit Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. The Greenlight Family Cash Card is issued by First National Bank of Omaha (FNBO®), member FDIC, pursuant to license by Mastercard International. Greenlight Investment Advisors, LLC, an SEC Registered Investment Advisor, provides investment advisory services to its clients. Investing involves risk and may include the loss of principal. Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank, Member FDIC. For more information, please visit:

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Mon, 12 Dec 2022 23:59:00 -0600 en-US text/html
Killexams : I asked financial advisors the 5 most common credit card questions people are too embarrassed to ask

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Mon, 14 Nov 2022 10:00:00 -0600 en-US text/html
Killexams : Find A Financial Advisor Near You

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

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

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

Related: Find A Financial Advisor In 3 minutes

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

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

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

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

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

2. Learn About the Different Types of Financial Advisors

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

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

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

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

Fee-Only Financial Advisors

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

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

Financial Advisors Who Earn Commissions

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

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

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

Related: Find A Financial Advisor In 3 minutes

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

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

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

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

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Registered Investment Advisors

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

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

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

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


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

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

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

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

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

3. Choose Which Financial Advisor Services You Want

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

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

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

Related: Find A Financial Advisor In 3 minutes

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

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

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4. Decide How Much You Can Pay Your Financial Advisor

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

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

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

5. Research Financial Advisors

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

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

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

Questions to Ask a Financial Advisor

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

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

Related: Find A Financial Advisor In 3 minutes

The Bottom Line

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

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

Looking For A Financial Advisor?

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

Thu, 08 Dec 2022 16:24:00 -0600 John Schmidt en-US text/html
Killexams : CFP Board Announces November 2022 CFP® Certification test Results

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

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

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

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

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

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

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

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

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

Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public's awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by the public, advisors and firms as the standard for financial planning, CFP® certification is held by more than 93,000 people in the United States

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Tue, 06 Dec 2022 07:55:00 -0600 en text/html
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