Professional designations help us serve you
Professional designations are indicative of financial professionals who are committed to accumulating and expanding their knowledge in order to best serve their clients. Several members of our team hold key professional designations.
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Most people think that all financial planners are “certified,” but this isn’t true. Anyone can call themselves a “financial planner.” Only those who have fulfilled the certification and renewal requirements of the CFP Board can display the CFP® certification marks.
Individuals certified by the CFP Board have taken the extra step to demonstrate their professionalism by voluntarily submitting to the rigorous CFP® certification process that includes demanding education, examination, experience and ethical requirements. These standards are called “the four E’s,” and they are four important reasons why the financial planning practitioner you select should display the CFP® certification marks.
When selecting a financial planner, you need to feel confident that the person you choose to help you plan for your future is competent and ethical. The CFP® certification provides that sense of security by allowing only those who meet the following requirements the right to use the CFP® certification marks.
CFP® certification requirements: the four E’s.
Education: CFP® professionals must develop their theoretical and practical financial planning knowledge by completing a robust course of study at a college or university offering a financial planning curriculum approved by the CFP Board. Other options for satisfying the education component include submitting a transcript review or previous financial planning-related coursework to the CFP Board for review and credit, or showing the attainment of certain professional designations or academic degrees.
Examination: CFP® practitioners must pass a two-day, six-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format. Based on regular research of what planners do, the exam covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance.
Experience: CFP® professionals must have three years’ minimum experience in the financial planning process prior to earning the right to use the CFP® certification marks. As a result, CFP® practitioners possess financial counseling skills in addition to financial planning knowledge.
Ethics: As a final step to certification, CFP® practitioners agree to abide by a strict code of professional conduct, known as the CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers. The CFP Board also performs a background check during this process, and each individual must disclose any investigations or legal proceedings related to their professional or business conduct.
How does the CFP Board’s Code of Ethics benefit me?
Through the Code of Ethics, CFP® practitioners agree to act fairly and diligently when providing you with financial planning advice and services, putting your interests first. The Code of Ethics states that CFP® practitioners are to act with integrity, offering you professional services that are objective and based on your needs. They are required to provide you with information about their sources of compensation and conflicts of interest in writing.
Ongoing certification requirements
Once certified, CFP® practitioners are required to maintain technical competence and fulfill ethical obligations. Every two years, they must complete a minimum of 30 hours of continuing education to stay current with developments in the financial planning profession and better serve clients. Two of these hours are spent studying or discussing the CFP Board’s Code of Ethics or Practice Standards. In addition to the biennial continuing education requirement, all CFP® practitioners voluntarily disclose any public, civil, criminal or disciplinary actions that may have been taken against them during the previous two years as part of the renewal process.
[disclosure]
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. -
A Certified Plan Fiduciary Advisor works with company retirement plans regarding their ERISA plan investment management and fiduciary responsibilities. The CPFA credential – developed by some of the nation’s leading advisors and retirement plan experts – demonstrates an advisor’s knowledge and commitment to working with retirement plans. During the CPFA certification, candidates spend around two months learning about fiduciary services for retirement plans.
Plan advisors who earn their CPFA demonstrate the knowledge required to act as a plan fiduciary or help plan fiduciaries manage their roles and responsibilities. The CPFA online study modules include all content that will be included in the examination in the following four areas:
▪ ERISA fiduciary roles and responsibilities
▪ ERISA fiduciary oversight
▪ ERISA plan investment management
▪ ERISA plan management -
A Chartered Retirement Planning CounselorSM (CRPC®) is someone with a professional financial planning designation awarded by the College for Financial Planning. Individuals may earn the CRPC® designation by completing a study program and passing a final multiple-choice examination. Every two years, CRPC® professionals must complete 16 hours of continuing education and pay a small fee to continue using the designation.
The study program to become a CRPC® covers the entire retirement planning process, including meeting multiple financial objectives, sources of retirement income, personal savings, employer-sponsored retirement plans, income taxes, retirement cash flow, asset management, estate planning and more.
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Chartered Retirement Plans Specialist® is a professional financial planning designation awarded by the College for Financial Planning to those who create, implement and maintain retirement plans for businesses. Unlike most other professional financial planning and advisory professional designations, the CRPS® focuses on wholesale and business clients. Every two years, CRPS® professionals must complete 16 hours of continuing education.
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The Certified 401(k) Professional designation represents the pinnacle of achievement for the professional retirement plan advisor, recognizing a combination of substantial practical retirement plan management experience, as well as the completion of a comprehensive and highly specialized educational program. The Certified 401(k) Professional designation is administered by The Retirement Advisor University in collaboration with UCLA Anderson School of Management Executive Education.
C(k)P® designation holders have:
▪ Demonstrated competency and experience in the retirement field
▪ Completed a rigorous and unique education coursework experience
▪ Agreed to adhere to a code of conduct and ethicsRaymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.
