| Course Objectives: | Upon completion of this course, students should be able to do
the following:
• Develop an advanced understanding of CFP Board’s Code of
Ethics and Professional Responsibility and Rules of Conduct
• Explain the Fitness Standards for Candidates and Registrants
• Explain the seven principles of the Code of Ethics and
Professional Responsibility, which are ethical and professional
ideals of CFP® professionals
• Apply the Rules of Conduct as they relate to being a CFP®
professional
• Describe the Practice Standards employed during each step of
the financial planning process
• Integrate the Practice Standards in developing and
communicating a financial plan for a client
• Explain the disciplinary procedures employed by CFP Board
• Distinguish between the disciplinary actions that can be taken
by CFP Board
• Describe the function, purpose, and regulation of financial
institutions
• Compare the secondary market institutions and their regulators
for each security (stock, bond, ETFs, real estate, commodities,
and options exchanges) and of primary market institutions
(investment banking firms, mutual funds, and hedge funds)
• Identify the regulatory authorities that impact elements of
the financial planning process, including regulation of
accountancy, legal practice, real estate law, and insurance
regulation
• Differentiate between investment knowledge that is proper to
use in the evaluation of securities and insider information
• Demonstrate a comprehensive understanding of investment
advisor regulation and financial planning aspects of the ERISA
• Explain the relevant licensing, reporting, and compliance
issues that may affect the business model used by a financial
planning firm
• Describe consumer laws that impact clients, including
bankruptcy, banking, credit, privacy regulations, and other
relevant laws
• Discuss the fiduciary standard and its importance to the
planner-client relationship
• Recognize the complications of closely owned and/or family
owned businesses
• Distinguish the difference between the three types of buy/sell
agreements and their appropriate uses
• Explain the potential financial risk to the company due to the
loss of a key employee
• Identify the opportunity to provide non-qualified benefits for
business owners and key executives
• Understand the characteristics and income taxation of business
entities
• Differentiate between the organizational form and the tax
treatment of income, expenses, payroll, and wage taxes for sole
proprietorships, partnerships, LLPs, LLCs, S-corps, and C-corps
• Compare the income and payroll tax effects of wage versus
ownership income
• Identify adjustments, deductions, and exclusions that may be
available to sole proprietors, partners, LLPs, LLCs, S-corp, and
C-corp owners
• Explain the tax implications of qualified plans to the
employer and employee
• Explain the rules of qualified retirement plans, including
eligibility, coverage and discrimination, funding
and contribution, distribution, vesting, and termination of
plans
• Explain the fiduciary responsibilities of employers with
respect to the investments in their firm’s qualified plan under
ERISA
• Differentiate between the various types of Individual
Retirement Arrangements (IRAs), including traditional,
rollover, Roth, SEP and SIMPLE plans, including the tax
treatment of contributions and distributions
• Recommend an appropriate IRA for a client’s needs
• Identify key factors affecting retirement plan selection for
businesses
• Recommend a qualified or non-qualified retirement plan given a
business owner’s goals and objectives
• Describe why business succession planning is complex and
challenging
• Identify factors a business owner should consider when
creating a succession plan, including the ability and motivation
of a successor and the degree of idiosyncrasy in the business
• Describe the purpose of a buy-sell agreement as a business
succession planning tool
• Illustrate how a buy-sell agreement can be designed and
implemented |