Continuing Education for Financial Advisors
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Transcript of Continuing Education for Financial Advisors
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CONTINUING EDUCATION FOR FINANCIAL ADVISORS
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The National Association of Personal Financial Advisors (NAPFA) has mandated that all registered members must complete 60 hours of continuing education every two years.
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These continued education classes can be spread across a broad range of subjects which the registered member is free to choose.
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However, of the required 60 hours, no more than 15 may be spent within any single group of subjects.
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This ensures that you will be required to learn a wide range of new information across several topics that the industry judges to be important.
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WHAT SUBJECTS WILL YOU BE REQUIRED TO RECEIVE CONTINUING EDUCATION CREDITS IN?
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As a registered member of NAPFA, you will be required to receive a minimum of 5 continuing education credits in each of the following core areas:
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Income tax planning Retirement planning Employee benefits Investments Estate planning
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Insurance and risk management
Communications Ethics of Financial
Planning (a required minimum of 2 hours in this area)
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To complete the remaining 28 hours, you may choose to focus on additional subjects within the core areas. Or you may choose from approved elective courses.
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YOUR REQUIRED CORE HOURS MUST BE CERTIFIED BY A RECOGNIZED AUTHORITY
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Each of your required 32 core hours needs to be certified.
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This certification can come from your state licensing board or from CFP, CFA, CPA, EA, CLE, ChFC, CLU, CIMA, or NAPFA.
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This is to ensure that the continuing education you receive is fully supervised and licensed in accordance with the latest NAPFA-approved standards.
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8 OF YOUR ELECTIVE HOURS CAN BE ACQUIRED BY READING, WRITING, OR TEACHING
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Of your remaining 28 elective hours, 8 of them can be acquired by reading certain materials pre-approved by NAPFA.
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Each book you read will count as 1 credit hour.
Each officially approved trade magazine you read will likewise count as 1 credit hour.
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However, this will hold true only if you get a passing score on the associated quiz.
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You can also earn up to 8 credit hours as the result of articles on NAPFA-approved subjects published by a fully independent third party.
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In most cases, the third party in question will be a trade magazine that deals with industry-related subjects. Any article that is approved for publication will earn 2 credit hours.
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It is also possible to earn up to 8 credit hours by teaching classes on certain NAPFA-approved subjects. You will receive 1 credit per hour of instruction.
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The preferred subject matter for the classes you teach will preferably be consumer
or financial adviser-related.
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WHAT DOCUMENTS SHOULD YOU SUBMIT IF YOU ARE AUDITED?
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3% of all continuing education students will be audited at random at the end of every cycle.
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If you are chosen for an audit, you will need one or more of the following documents: A certificate of
attendance or completion
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A Continuing Education (CE) report that comes directly from the CFP Board
Receipts for registration fees, email registration or your course agenda
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Seeking a new financial advisor position?
Speak with the experienced financial advisor recruiters of Willis Consulting Inc.
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They can many top industry contacts and can help you land the position you want.
See open positions at http://www.willis-consulting.com/financial-advisor-jobs/
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Los Angeles Office: Corporate Headquarters719 Yarmouth Road, Suite 203Palos Verdes Estates, CA 90274310-373-7400 PST
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Scottsdale Office8970 E Raintree DriveSuite #300Scottsdale AZ 85260
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New York Office244 5th Avenue, Suite 1855New York NY 10001212-726-2041 PST