Certified Financial Planners ^NEW^
The Certified Financial Planner (CFP) designation is a professional certification mark for financial planners conferred by the Certified Financial Planner Board of Standards (CFP Board)[1] in the United States, and by 25 other organizations affiliated with Financial Planning Standards Board (FPSB),[2] the owner of the CFP mark outside of the United States. The certification is generally viewed as the gold standard designation in the financial planning industry.[3] The certification is not a government designation, nor an accredited degree, but is managed by the Certified Financial Planner Board of Standards, Inc. (CFP Board) which was founded in 1985 as a 501(c)(3) non-profit organization.
certified financial planners
The candidate must have a bachelor's degree (or higher), or its equivalent in any discipline, from an accredited college or university.[6][7] The bachelor's degree requirement may be completed after passing the CFP exam (within five years) and is not a requirement to be eligible to take the CFP Board Certification Examination.[8] As a first step to the present CFP certification criteria, students must master a curriculum of approximately 100 topics on financial planning.[9]
The CFP Certification Examination is a multiple choice, computer-based exam consisting of 170 questions, broken into two sessions separated by a 40-minute break. Candidates have up to three hours to complete each session.[14] The exam includes two case studies, multiple mini-case problem sets and stand-alone questions designed to assess the student's ability to apply his or her knowledge of the aforementioned areas to financial planning situations.
The U.S. Labor Department reports that jobs in financial planning are expected to grow faster than average, at a rate of 7% through 2028. Even better, Financial Advisor was ranked #6 in Best Business jobs by U.S. News and World Report in 2020.
This course introduces the principles of financial planning from a professional perspective; applying basic financial, economic, and institutional concepts to advise individuals, families, and small businesses in achieving their financial goals. Tools and topics include financial analysis, budgeting, credit management, time value of money, investment strategies, income taxes, risk management, and retirement and estate planning. This class does not count as an accounting elective for the accounting major.
The course covers tax planning for the Personal Financial Planner. This course is targeted for Finance or Accounting majors as well as current CPAs interested in pursuing financial planning as a career but is open to anyone with an interest in a career in personal financial planning. This course is a starting point for understanding the tax issues facing a professional tax planner. This course cannot be counted as an accounting elective for an accounting degree. This course cannot be taken if the student has already taken ACC 407. ACC 407 will count towards the certificate in lieu of ACC 357.
The course covers estate planning and taxation for the Personal Financial Planning professional. This course is targeted for Finance or Accounting majors as well as current CPAs interested in pursuing financial planning as a career but is open to anyone with an interest in a career in personal financial planning. This course is part of the sequence for the certificate in Personal Financial Planning.
This course covers various aspects of the principles of investments, securities markets, and their application to financial planning. It also prepares students to apply the concepts and principles through a financial calculator and Microsoft Excel.
This capstone course offers a comprehensive overview of the financial planning process, and an opportunity for the students to demonstrate the ability to integrate and apply his or her knowledge of financial planning topics through case analysis, understanding of ethics and professional conduct, and usage of a financial calculator, Microsoft Excel and/or other software.
CFP Board Certified: The seven course sequence is registered under the Certified Financial Planner (CFP) Board of Standards and taught by credentialed faculty. The CFP Board Certification is considered the gold standard in the financial planning field
This program provides traditional classroom learning and flexibility, presented in seven modules covering the fundamentals of financial planning, including the financial planning process and insurance, investment planning, income tax planning, retirement planning and employee benefits, and estate planning. Candidates have up to three years to complete this program. A calculator proficiency exam is required. Tuition fees do not include the cost of required study guides and online exam fees in courses FP 2 through FP 6, which must be purchased by each individual student in order to qualify for access to the online final exam.
The Institute for Divorce Financial Analysts (IDFA) is the premier national organization dedicated to the certification, education and promotion of the use of financial professionals in the divorce arena.
Founded in 1993, IDFA provides specialized training to accounting, financial, and legal professionals in the field of pre-divorce financial planning. Over the years, we have certified more than 5,000 professionals in the US and Canada as Certified Divorce Financial Analyst (CDFA) professionals.
The Institute provides comprehensive training using a variety of knowledge and skill-building techniques. CDFA candidates learn how to help their clients with financial issues that will affect the rest of their lives, including:
In addition to the importance of the Deferred Compensation Plan for supplementing retirement pension income, it was determined that City employees could benefit from learning about other topics that would positively impact their financial well-being.
Although the number of individuals calling themselves "financial planners" has grown, there is no stereotypical financial planner. Ideally, a financial planner is someone who, for compensation, provides you with a total package of money management recommendations, including advice on taxes, estate planning, insurance, educational funding for your children, real estate and investments, including securities. However, many planners either focus on only a few areas or consult with outside specialists as to the others.
More than one governmental agency may regulate your financial planner, depending on the services the planner offers. If a financial planner offers advice on securities, that person would be subject to regulation by securities agencies. If the financial planner sells insurance or real estate, he or she would be regulated by insurance or real estate regulators, and so on.
A comprehensive financial plan almost always includes securities recommendations. The Securities and Business Investments Division of the State of Connecticut Department of Banking registers investment advisers and their agents. An investment adviser is an individual or a firm that provides you with securities-related advice for a fee or other compensation. However, larger investment advisers are registered with the federal Securities and Exchange Commission (the "SEC") rather than the Department of Banking. Effective July 21, 2011, the Department of Banking will register advisers having less than $100 million in assets under management (the current state ceiling is $25 million).
Before you turn over any financial records or funds to your financial planner, check for prior court or administrative actions involving personal bankruptcy, embezzlement, tax problems, professional license revocations and securities violations. A professional such as an attorney can also help you with the background check.
Financial planners are in business to make money. When you first visit or contact the planner, ask if there is an initial consultation charge. Then, find out about additional payments, including any charge for a follow-up review. Ask for a written schedule of fees or other remuneration the planner will receive (directly or indirectly) in connection with the services. Planners are paid in four major ways:
Here, the planner is paid (by a third party) only if the planner sells you a financial product. Conflict of interest problems are most common here. The planner should tell you if he or she will be receiving fees or commissions or if he or she has any other vested interest in the recommended financial products. For example, a financial planner who sells you a portfolio of rare coins may charge a mark-up which is in addition to the product's commission. If the planner will use a securities brokerage firm to implement the recommendations for you, you are entitled to know how the planner is affiliated with the firm. For example, is the planner an agent of the brokerage firm and, if so, is he or she registered with the Division as such?
A wrap fee program provides an investor with a number of investment services for a single "wrap" fee. Some planners may receive a portion of the wrap fee that a client pays to a financial product sponsor. If so, the planner should tell you that its services are provided in connection with a wrap fee program and give you the names and sponsors of the programs. In addition, if the services the planner will provide to non-wrap fee clients differ from those furnished to wrap fee clients, the planner must tell you about the differences.
Choosing a financial planner is an important decision. Sound out your planner before he or she sounds off with a costly investment recommendation. Investigate the planner's qualifications, including his or her education, experience and disciplinary background. Research the services your planner will provide. Inquire about fees and commissions. Compare different financial planners to select the one who will best meet your financial needs. Avoid planners who are reluctant to give you information or who insist that you make your investment check payable to them rather than to the issuer of the financial product. And finally, if you have a securities-related complaint against a planner or want to know about his or her registration status under Connecticut's securities laws, contact the department. We're here to help. 041b061a72