CE Catalog

• General Planning

Historically, there has been limited research and insight when it comes to assessing how financial advisors actually work. To establish advisor trends in productivity with respect to preparing plans, using technology, and determining client fees, Kitces Research conducted its third bi-annual survey of financial advisors in 2022. In this latest report, various perspectives of financial advisor productivity are examined, and findings are compared with those from previous studies conducted in 2018 and 2020.

1. Discuss how financial advisors spend their time differently based on their advisory roles and business models.
2. Identify the components of and differences between the Calculator, Comprehensive, Customized, and Collaborative planning approaches and how each approach impacts plan delivery.
3. Describe how different members of a financial advisory team impact financial plan creation.
4. Explain how CFP certification impacts an advisor’s plan development process and the time spent on developing the plan.
5. Evaluate the different ways that financial planners communicate with clients.
6. Compare how different financial planning tools are used and how they impact the financial planning process.
7. Determine how financial planning fees and fee structures relate to different business models and clientele.

Registered Investment Advisor (RIA): A firm or individual registered with the Securities and Exchange Commission or state authorities and working in the investment advice business.

Collaborative Planning: Financial planning approach that generally relies on planning software used as a live/real-time collaborative tool with clients during client meetings.

Custom Planning: Financial planning approach that generally relies on custom-written plan developed for each individual client’s circumstances.

Comprehensive Planning: Financial planning approach that generally relies on printed reports from financial planning software used to show a more holistic picture of the client’s current and project ted financial situation.

Calculator Planning: Financial planning approach that generally relies on plan analyses to calculate the client’s needs or gaps, which help the advisor identify products to implement.

Broker-Dealer (B/D): A financial entity engaged in executing securities trades in their own account as a dealer, and in executing securities trades on behalf of customers as a broker. 

Financial Planning Practice: An entity for which there is a common business vision, budget, client base, and service standard. Across the entity, resources and profits are pooled. A practice could be an entire firm, an individual, or a team of individuals affiliated with a larger firm (e.g., a broker-dealer, an independent RIA, or a platform service provider).

Service Team: A subset of a practice that consists of a group of individuals within the practice that serves a defined client base, with at least 1 individual managing client relationships and leading the delivery of financial planning advice. Support roles could include associate advisor, paraplanner, or client service administrator.

Unsupported Solo Advisor: Advisors with no other advisors or W-2 employees.

Supported Solo Advisor: Senior advisor with ultimate responsibility for all clients of the practice, supported by 1 or more W-2 employees, which may include associate advisors.

Senior Advisor: Accountable for managing the most valued client relationships as well as business development and mentoring other advisors.

Ensemble Advisory Firm Or Team: Multiple advisors or advisor teams pooling all resources and profits, where clients are clients of the firm and are served under a consistent standard.

Silo: Multiple advisors or advisor teams, each independently responsible for their own distinct client base and profits.

Service Advisor: Primarily accountable for relationship management and retention of existing clients.

Associate Advisor: Supports more senior advisors on a team to deliver advice in a client-facing capacity but typically has no primary responsibility for client relationships.

Paraplanner: Conducts financial planning analyses and provides similar financial planning support for more senior advisors but is not responsible for delivering recommendations to clients.

Financial Planning Specialist: Serves as a centralized planning resource to support all advisors of a practice; may include Director of Financial Planning.

Client Service Associate: Interacts with clients only with respect to administrative requests.

CFP / IWI: Intermediate
NASBA: Basic

• 3.0 CFP hours
• 4.0 NASBA hours
• 3.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 3.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Ethics
• General Planning
• Nerd's Eye View
• Regulation & Compliance

In this continuing education session, learners will review 2 Nerd Eye View blog articles: Using Digital Estate Planning Platforms To Complement Attorney And Advisor Roles and Seeking Best Execution: Understanding The SEC’s Expectations For Advisors To Deliver Best Outcomes For Clients. In the first article, David Haughton provides an overview of digital estate planning platforms, including their beneficial applications for clients and limitations. David then discusses the concept of the unauthorized practice of law and how advisors can mitigate ethical and legal concerns associated with digital estate planning platforms. In the second article, Chris Stanley explains the fiduciary duty of investment advisors in relation to the best execution of client securities transactions. In this article, SEC expectations, guidance from the 2018 Risk Alert, and directed brokerage arrangements are discussed.

1. Evaluate the role of digital estate planning platforms in addressing client needs while mitigating legal and ethical concerns around the unauthorized practice of law.
2. Discuss the benefits and limitations of using digital estate planning platforms compared to traditional legal services attorneys provide.
3. Explain an investment adviser’s fiduciary duty and the concept of best execution in client securities transactions.
4. Describe the key factors involved in the SEC’s expectations for an adviser to seek best execution of client securities transactions.
5. Explain the key compliance issues identified in the 2018 SEC Risk Alert regarding best execution by investment advisers.

CFP/IWI: Intermediate
NASBA: Basic

• CFP: Estate Planning, General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: Fiduciary obligations and ethical practices

Broker-Dealer (B/D): A financial entity engaged in executing securities trades in their own account as a dealer, and in executing securities trades on behalf of customers as a broker.   

Estate Planning: The process of organizing and preparing for the management and distribution of a person’s assets after their death.  

Medicaid: Jointly sponsored Federal and state government program that offers health coverage to a broad range of individuals, including low-income families and persons with disabilities.  

Securities and Exchange Commission (SEC): a regulatory agency in the United States, established by the Securities Exchange Act of 1934, responsible for enforcing federal securities laws and regulating the securities industry to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

Springing Power of Attorney: This type of POA only comes into action, i.e. it springs into action, at the event of incapacitation.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Estate Planning
• General Planning
• Nerd's Eye View

In this continuing education session, learners will review 2 Nerd’s Eye View articles: Business Buy-Sell Agreements In The Wake of Connelly V. IRS: Ensuring Clients’ Business Succession Plans Don’t Create Future Estate Tax Issues and Gifting Without The Headache: Tax-Efficient Strategies To Stay Under Gift Reporting Limits. In the first article, advisors will review the mechanics of buy-sell agreements, including the pros and cons of cross-purchase versus entity-purchase agreements, and then delve into the impacts of the Supreme Court’s decisions in Connelly V. IRS. In the second article, David Haughton, JD, CPWA® provides an overview of gifting, including what gifts result in taxation or the necessity of gift tax reporting. Strategies to structure gifts to not use the lifetime gift and estate tax exemption or the annual exclusion are also discussed.

1. Describe the mechanics, benefits, and drawbacks of cross-purchase and entity-purchase buy-sell agreements.
2. Explain how the Supreme Court’s decision in Connelly v. Internal Revenue Service changed the mechanics of entity-purchase buy-sell agreements.
3. Evaluate options for clients to implement buy-sell agreements for succession planning considering the implications of the Connelly v. Internal Revenue Service decision.
4. Recognize when gifting results in taxation or gift tax reporting, considering the lifetime gift and estate tax exemption and annual gift tax exclusion.
5. Analyze strategies for structuring gifts that do not use the lifetime exemption or annual exclusion.

CFP/IWI: Intermediate
NASBA: Basic

• CFP: Estate Planning, General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigat

529 Plan: A state-agency-sponsored tax-advantaged account established for education savings intended to be used for college expenses (tuition, books, and other qualified expenses), K-12 tuition, certain apprenticeship costs, and some student loan repayments. 

Annual Gift Tax Exclusion: A provision in US tax law that allows individuals to give up to a specific amount of money or property to another person each year without incurring Federal gift tax or affecting their lifetime gift and estate tax exemption.

Buy-Sell Agreement: A contract that gives one party the right or obligation to buy another party’s share of ownership in a business when a triggering event, such as death, incapacity, or retirement, occurs.

Cross-Purchase Agreement: A type of buy-sell agreement where the buy-sell transactions are between each individual owner.

Crummey Powers: Named after the famous court case, this strategy turns the premium payments into a “current” gift eligible for the IRC Section 2503 annual gift tax exclusion.  

Entity-Purchase Agreement: A type of buy-sell agreement where the business conducts the buy-sell transactions rather than the individual owners.

Lifetime and Estate Tax Exemption: The total amount of assets that an individual can transfer to others, either through gifts during their lifetime or as part of their estate after death, without incurring Federal gift or estate taxes.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Estate Planning
• General Planning
• Nerd's Eye View

This month, we review October blog articles. This quiz includes the following articles: Helping Nervous Clients Understand The (True) State Of The Social Security System And What It Means For Their Retirement, Alternative Minimum Tax (AMT) Planning After TCJA Sunset: Preparing Clients To (Re)Encounter AMT After 2025, and Why Advertising “Conflict-Free” Advice Could Violate The SEC’s Marketing Rule. 

1. Explain the current status of the Social Security System.
2. Discuss potential policy options to make the Social Security System more sustainable, along with the benefits and drawbacks of each option.
3. Summarize the concept of Alternative Minimum Tax (AMT) and how it was impacted by the Tax Cuts and Jobs Act (TCJA).
4. Build a strategy to help clients plan for changes to AMT after the 2026 TCJA sunset.
5. Identify examples of conflicts of interest that would prevent an advisory firm from claiming to provide conflict-free advice and understand the regulatory implications of advertising offering “conflict-free” advice.

CFP/IWI: Intermediate
NASBA: Basic

• CFP: Retirement Savings and Income Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

Form ADV: A set of foundational registration documents that must be submitted by any investment adviser seeking to become registered with the SEC or the states.  

Registered Investment Adviser (RIA): A firm or individual registered with the Securities and Exchange Commission or state authorities and working in the investment advice business.   

SEC Marketing Rule: An SEC regulation adopted in 2020 (and requiring compliance by November 4, 2022) that introduced new rules and revised existing rules for SEC-registered investment advisers, most notably allowing the use of third-party testimonials and endorsements.  

Social Security: A government benefit that helps older Americans, workers who become disabled, and families in which a spouse or parent dies, often meant as a supplemental source of income to replace a percentage of a worker’s pre-retirement income based on the worker’s lifetime earnings.  

Social Security Disability Insurance (SSDI): Benefit program administered by the Social Security Administration that provides benefits to disabled or blind persons who have a qualifying work history (either their own, or through a qualifying family member).  

State And Local Tax (SALT) Deduction Cap: A temporary limit of $10,000 set by the 2017 Tax Cuts & Jobs Act, which applies to the amount of state and local tax (SALT) an individual taxpayer can claim as an itemized deduction on their Federal income tax return.  

Tax Cuts And Jobs Act (TCJA) of 2017: Signed into law in December of 2017 by President Donald Trump, this was the largest re-write of the Federal Tax Code in more than 30 years, closing the loophole on Roth recharacterizations by eliminating the ability to recharacterize Roth IRA conversions made in 2018 or later.  

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Ethics
• Nerd's Eye View

In this session, learners will review two Nerd’s Eye View blog articles: Hiring Your First Employee: What You Need To Know To Cover Your Compliance Obligations, When Are Advisors (Financially) Liable For Negligent Investment Advice? (And Who Pays For It), and The SEC Playbook For Newly-Registered Advisers: Preparing For The SEC Examination And Complying With The Information Request Letter. In the first article, Jacqueline Hummel walks advisors through the critical considerations and compliance obligations when hiring their first employee. Topics such as whether to hire an independent contractor or employee, registration requirements for investment advisors, and determining how new hires will be supervised are discussed. In the second article, Ben Henry-Moreland reviews the legal precedence for advisor liability when providing advice to clients and discusses the implications on firms and individual advisors for negligence. In the third article, Chris Stanley provides a detailed overview of the process of going through an SEC Examination and highlights best practices for preparation for newly registered investment advisers.

1. Describe critical considerations when firm owners hire their first employee for a new business, including workload assessment, compliance requirements, and registration needs.
2. Explain the legal framework and principles surrounding the professional liability of financial advisors.
3. Recognize the implications of professional liability of individual advisors and advisory firms and the importance of firm culture in minimizing liability risks.
4. Identify the steps typically involved in the initiation of an SEC examination for newly registered advisers.
5. Prepare for the information requests and procedures associated with the SEC’s Information Request Letter during an examination.

CFP/IWI: Intermediate
NASBA: Basic

• CFP: Professional Conduct and Regulation
• NASBA: Ethics
• NASAA: Fiduciary obligations and ethical practices

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

Securities and Exchange Commission (SEC): a regulatory agency in the United States established by the Securities Exchange Act of 1934. The SEC is responsible for enforcing Federal securities laws and regulating the securities industry to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. 

Form U4: Document used to establish an individual’s registration with applicable states as an Investment Adviser Representative (IAR) of a registered investment adviser. 

Form ADV: A set of foundational registration documents that must be submitted by any investment adviser seeking to become registered with the SEC or the states. 

Investment Advisers Act Of 1940 (“the Advisers Act”): A law that places certain requirements and restrictions on investment advisers pertaining to registration, compensation, and creation of advisory agreements. 

Assets Under Management (AUM): The dollar amount of client assets managed by a financial advisory firm. Firms using an AUM fee structure generally calculate client fees based on a percentage of the client’s AUM.

Regulatory Assets Under Management (RAUM): Defined by the SEC as “securities portfolios for which [advisers] provide continuous and regular supervisory or management services.” For most states, an RAUM over $100 million requires registration at the SEC level.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View
• Retirement Planning

In this session, learners will review two estate planning articles from the Nerd’s Eye View blog by David Haughton, JD, CPWA: Creating Incentive Trusts To Foster Beneficiary Legacies Without Spoiling The Kids and Making Estate Planning More Tax Efficient And Equitable For Beneficiaries By NOT Just Splitting The Assets Evenly. Both articles examine how inherited assets may impact beneficiaries and how clients, with the assistance of their advisors, can be proactive by planning for the realities of future inheritances. In the first article, Haughton walks through the common ways decedents transfer assets to beneficiaries and explains how incentive trusts can be used to incentivize (or disincentivize) behaviors in accordance with their values, such as personal responsibility, entrepreneurship, and philanthropy. In the second article, Haughton discusses how clients commonly leave their beneficiaries equal amounts of each asset to be distributed as a way to split assets tax-efficiently and equitably. But Haughton suggests an alternative asset-by-asset approach that can be more effective, which considers the beneficiary’s unique financial circumstances and that may result in a more equitable split of assets. This article explains the approach, its advantages and disadvantages, and when it may be a useful strategy for clients to adopt.

1. Discuss the various methods of distributing an estate and their potential effect on beneficiaries’ behavior and financial management.
2. Identify different strategies to incentivize and disincentivize beneficiaries within an estate plan.
3. Explain how different asset types (non-qualified, qualified, and quasi-qualified) affect the tax implications for beneficiaries in estate planning.
4. Analyze how an asset-by-asset approach to estate planning can influence the overall tax efficiency and equitable distribution of an estate compared to a ‘one big pot’ approach.
5. Assess how beneficiaries’ income levels and tax statuses may be affected by the distribution and tax liabilities of inherited assets and determine when an asset-by-asset approach might be beneficial.

CFP/IWI: Intermediate
NASBA: Basic

• CFP: Estate Planning
• NASBA: Specialized Knowledge
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Estate Planning: The process of organizing and preparing for the management and distribution of a person’s assets after their death.  

Individual Retirement Account (IRA): Retirement accounts that have tax benefits such as tax-free growth and/or the ability to defer taxation to a later date (hopefully when one’s individual tax rate is lower).

Non-Qualified Deferred Annuities: A form of annuity which does not receive a tax deduction upon contribution and growth is taxed upon distribution, but which does receive tax deferral in the interim.

Step-Up In Basis: The readjustment of an asset’s value when the asset has appreciated between the time it was purchased, and the time it is received by a beneficiary.

Employee Retirement Income Security Act (ERISA): A Federal law designed to protect an individual’s assets by setting standards for employee retirement and health benefit plans. 

Discretionary Trust: Trusts that often require that all, or a substantial portion of retirement account distributions remain in the trust and not distributed out to the trust beneficiaries. 

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View
• Taxes

In this session, learners will review 2 Nerd’s Eye View blog articles: 529-To-Roth IRA Rollovers: Taking Advantage Of The New Option To Move Education Savings To Retirement Savings and Planning For Changes In Client Marginal Tax Rates After TCJA’s Sunset. In the first article, author Ben Henry-Moreland walks the reader through the 529-to-Roth rollover option created by the SECURE 2.0 Act. In this article, Ben explains the 529-to-Roth rollover provisions, the limitations of this Roth rollover option, and when this option may be a useful planning tool. In the second article, Ben summarizes the impacts of the Tax Cuts and Jobs Act (TCJA) sunset with a focus on how it may impact different types of clients and how advisors can think about planning for this change in tax legislation amidst uncertainty on future tax legislation.

1. Summarize the benefits and restrictions associated with 529 savings plans.
2. Explain the provisions and limitations of the SECURE 2.0 Act’s 529-to-Roth rollover rules.
3. Restate the key provisions of the Tax Cuts and Jobs Act (TCJA) and its impact on individual and corporate tax planning strategies.
4. Discuss the implications of TCJA’s sunset provisions scheduled for the end of 2025 and the factors that may influence their extension or expiration.
5. Evaluate tax planning strategies in the context of potential changes in tax law due to the expiration of TCJA.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Tax Planning
• NASBA: Specialized Knowledge
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

529 Plan: A state-agency-sponsored tax-advantaged account established for education savings intended to be used for college expenses (tuition, books, and other qualified expenses), K-12 tuition, certain apprenticeship costs, and some student loan repayments.

Roth IRA: An Individual Retirement Account (IRA) in which after-tax distributions are made and future withdrawals (including interest) are tax-free when made after age 59 1/2.

State And Local Tax (SALT) Deduction Cap: A temporary limit of $10,000 set by the 2017 Tax Cuts & Jobs Act, which applies to the amount of State And Local Tax (SALT) an individual taxpayer can claim as an itemized deduction on their Federal income tax return.

SECURE 2.0 Act:  Part of the Consolidated Appropriations Act of 2023 signed into law by President Joe Biden on December 23, 2022, SECURE 2.0 Act made sweeping changes to various retirement savings rules, including (but not limited to) pushing back RMDs to age 73 in 2023 (with a provision to push them back again to age 75 in 2033), elimination of RMDs from Roth accounts in employer retirement plans, allowing transfers from 529 accounts to Roth IRAs.

Tax Cuts And Jobs Act (TCJA) of 2017: Signed into law in December of 2017 by President Donald Trump, this was the largest re-write of the Federal Tax Code in more than 30 years, closing the loophole on Roth recharacterizations by eliminating the ability to recharacterize Roth IRA conversions made in 2018 or later.

Qualified Business Income (QBI): The net income of a pass-through business after all business deductions have been claimed.

Qualified Business Income (QBI) Deduction: Also known as a Section 199A deduction, this deduction allows pass-through businesses to deduct up to 20% of the lesser of the following: 1) their combined qualified business income, or 2) their taxable income (before applying the 199A deduction itself).

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• General Planning
• Nerd's Eye View

In this session, learners will review two Nerd’s Eye View blog articles: Navigating The FTC’s Ban On (Most) Non-Competes: The New World Of Partnerships And Non-Solicits and Why “Deferred Sales Trusts” Can Be A Risky Way To Defer Taxes On A Business Sale.

In the first article, authors Michael Kitces and Adam Van Deusen from Kitces.com explain the impacts and implications of the Federal Trade Commission ban on non-competes, detailing the scope of the ban, exceptions, and anticipated impact on financial advisory firms. They further provide alternative methods for advisors to protect their interests without enforceable non-compete agreements.

In the second article, Ben Henry-Moreland discusses the benefits and downsides associated with installment sales for business owners. He then explains the Deferred Sales Trust (DST) strategy, highlighting the purported benefits, risks, and legal concerns associated with this business sale strategy.

1. Describe the rationale behind using non-compete agreements and their implications for employers and employees.
2. Explain the Federal Trade Commission’s (FTC) rule on banning non-compete agreements, including its scope, exceptions, and anticipated impact.
3. Analyze alternative methods firms might use to protect their interests in the absence of enforceable non-compete agreements.
4. Summarize the concept and mechanics of installment sales, including the tax benefits and potential downsides.
5. Evaluate the Deferred Sales Trust (DST) strategy, its purported benefits, risks, and legal standing.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Professional Conduct and Regulation
• NASBA: Specialized Knowledge
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 1.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Federal Trade Commission (FTC): An independent agency of the United States government established whose primary mission is to enforce antitrust laws and promote consumer protection.

Non-Compete Agreement: An agreement that prohibits an employee from working for a competing company, at least for a certain period of time.  

Non-Disclosure Agreement (NDA): A contract to legally enforce confidentiality between two or more parties to prevent sensitive information from being shared with others.

Non-Solicit Agreement: An agreement that places restrictions on a departing employee with respect to communicating with (and soliciting) the firm’s clients.

Installment Sale: Any sale of property in which the payments from the buyer to the seller are spread out over more than one calendar year

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Ethics
• Nerd's Eye View

In this continuing education session, we review two blog articles: How To Register And Remain Registered With The SEC As An Internet Investment Adviser and DoL’s Retirement Security Rule & PTE 2020-02 Amendment: What Advisers Need to Know Now About Giving Rollover Advice After Sept 23, 2024. In the first article, Chris Stanley explains the history of the Internet Adviser Exemption as a pathway to SEC registration and reviews the 2024 amendments to the rule. In the second article, Jacqueline Hummel reviews upcoming changes to the fiduciary standards for advisors providing investment advice to retirement investors under the final version of the Department of Labor’s Retirement Security Rule.

1. Explain the history and evolution of the Internet Adviser Exemption.
2. Identify and explain the criteria for SEC registration.
3. Analyze the impact of the 2024 amendment of the Internet Adviser Exemption.
4. Describe the significance and key provisions of the Department of Labor’s Retirement Security Rule (the “Final Rule”).
5. Compare and contrast legislation related to advisor fiduciary standards.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Professional Conduct and Regulation
• NASBA: Behavioral Ethics
• NASAA: Fiduciary obligations and ethical practices

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 1.0 IWI Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

Compliance: Establishing, maintaining, and enforcing policies and procedures reasonably designed to achieve compliance with regulatory laws, such as Regulation Best Interest.

Employee Retirement Income Security Act (ERISA): A Federal law designed to protect an individual’s assets by setting standards for employee retirement and health benefit plans.

Form ADV: A set of foundational registration documents that must be submitted by any investment adviser seeking to become registered with the SEC or the states. 

Form CRS: Customer/Client Relationship Summary document that explains the nature of services, relationship, fees, costs, standard of conduct, and conflicts  

Registered Investment Adviser (RIA): A firm or individual registered with the Securities and Exchange Commission or state authorities and working in the investment advice business.

Robo-Advisor: a digital platform or software program that provides automated, algorithm-driven financial planning services with minimal human intervention.

Securities and Exchange Commission (SEC): a regulatory agency in the United States, established by the Securities Exchange Act of 1934, responsible for enforcing federal securities laws and regulating the securities industry to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

U.S. Department of Labor (DoL): a Federal government agency responsible for promoting and ensuring the welfare of job seekers, wage earners, and retirees in the United States.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

In this continuing education session, we will review 3 articles on client communication in financial planning client engagements. In the first article, “3 Question Types To Go From (Just) Retained To Highly Engaged And Happier Clients,” Meghaan Lurtz, PhD, FBS details research on client engagement and opportunities for advisors to engage clients proactively. In the second article, “Reframing Risk In Retirement As “Over- And Under-Spending” To Better Communicate Decisions To Clients, And Finding “Best Guess” Spending Level,” Justin Fitzpatrick, PhD, CFP, CFA explains how the success/failure framing of Monte Carlo analysis can cause clients to focus on the possibility of failure and how to consider reframing retirement income discussion into a framing of overspending or underspending. Fitzpatrick further discusses how advisors can help clients determine a balanced spending level. In the third article of this series, “5 Questions Using Risk Assessment Data That Help Advisors Understand Clients’ True Concerns About Risk,” Meghaan Lurtz walks advisors through transforming the collection of risk tolerance data from clients into risk conversations to help advisors more precisely understand how clients are impacted by risk and how to best serve them.

1. Describe the relationship between client retention rates and engagement rates.
2. Identify the signs of client engagement.
3. Reframe client conversations about retirement income risk to help guide clients through future plan adjustments.
4. Explain the different types of risk measurement tools.
5. Utilize questions about risk assessment data to engage clients in conversations about risk.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Psychology of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Econometric: A type of risk measure that focuses on probabilities and trade-offs. 

Guardrails Strategy: A retirement spending approach developed by Guyton and Klinger, this strategy considers upper and lower portfolio limits (i.e., the “guardrails”), that serve as pre-determined thresholds for determining when to increase or decrease future spending. 

Monte Carlo Analysis: A type of probability-based analysis often used in retirement planning, which at a basic level calculates multiple iterations of a client’s projected income and spending over a specified time period while randomizing investment returns, with an output representing the percentage of iterations in which the client did (or did not) deplete their assets over the time period. 

Psychometric Risk: A style of risk measurement generally used by psychologists, it uses psychological scales that assess one’s broad willingness to take financial (or other) risks. 

Status Quo Bias: A cognitive effect whereby individuals prefer to stay in their current situation when faced with the possibility of change. 

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz will include a review of the following articles: Is Private Debt Worth Considering As An (Alternative) Asset Class In Client Portfolios?, Creating A (Just In Case) Game Plan For Clients Facing Layoffs and How Sequence-Of-Inflation Risk Impacts Retirees Beyond Just Sequences Of Returns

1. Understand the considerations underlying whether an investment in a private debt fund might be appropriate for a given client.
2. Assess a client’s preparedness for a potential job layoff.
3. Describe how advisors can help clients prepare for a potential job layoff.
4. Understand how an advisor can support a client who is laid off from their job.
5. Discuss the impact of sequence-of-inflation risk on retirement planning and the characteristics that make a plan more susceptible to such risk.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Flexible Spending Account (FSA): A type of savings account offered as an employer benefit that allows individuals to save for certain out-of-pocket medical expenses. Taxes are not paid on withdrawals but, unlike Health Savings Accounts (HSAs), balances cannot be carried over year-to-year or after terminating from employment.

Home Equity Line Of Credit (HELOC): A revolving line of credit that offers homeowners access to a loan backed by equity in their home. Typically there is a set period – often 10 years – during which funds can be borrowed, and only interest on borrowed funds needs to be repaid during this period. After the ‘draw’ period ends, the loan is paid back, similar to a traditional mortgage, over another set period (which might be 10, 15, or even 20 years).

Monte Carlo Analysis: A type of probability-based analysis often used in retirement planning, which at a basic level calculates multiple iterations of a client’s projected income and spending over a specified time period while randomizing investment returns, with an output representing the percentage of iterations in which the client did (or did not) deplete their assets over the time period.

Private Debt Fund: A managed pool of assets that lends money to companies, frequently small and middle market firms, potentially offering a higher rate of return than funds that invest in debt traded on the public market.

Private Debt Fund General Partner: Responsible for managing the private debt fund, with responsibilities that include: selecting attractive credit opportunities, negotiating lending contracts, managing their execution, actively monitoring investments, renegotiating lending agreements in case of covenant breaches, and managing the execution of credit workouts and the realization of secondary market transactions.

Sequence-Of-Inflation Risk: The risk presented by inflation volatility over time, as even if high short-term inflation rates average out into lower long-term averages, a retiree could still be in significant trouble if the sequence of those returns is unfavorable (e.g., high inflation rates occurring at the beginning of retirement may require larger drawdowns that compromise the portfolio’s subsequent potential for future growth).

Sequence-Of-Return Risk: The risk presented by return volatility over time, as even if short-term volatility averages out into favorable long-term returns, a retiree could still be in significant trouble if the sequence of those returns is unfavorable (e.g., if bad returns occur at the beginning of retirement).

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz will include a review of the following articles: Implementing Retirement Income Guardrails To Facilitate (The Right) Spending Raises And Spending Cuts, Providing Mortgage Advice In A Higher Interest-Rate Environment: Opportunities For Advisors To Add Value, and How Different Monte Carlo Models Perform In The Real World: Assessing Quality Of Predictiveness In Retirement Income Forecasting Models

1. Describe how advisors can best implement a ‘guardrail’ retirement income strategy and discuss the strategy with clients.
2. Learn ways advisors can add value for their clients in a higher interest-rate environment.
3. Understand how probabilistic forecasts correspond with real-world outcomes
4. Explain why traditional Monte Carlo analyses might not be the best probabilistic forecasting model to use in retirement planning.
5. Describe 4 different approaches for Capital Market Assumption (CMA) creation

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Retirement Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Brier Score: A score function calculated to assess the accuracy of a predictive model, based on the mean squared error of the predictions of the model. A lower score indicates more accurate predictability.

Guardrails Strategy: A retirement spending approach developed by Guyton and Klinger, this strategy considers upper and lower portfolio limits (i.e., the “guardrails”), that serve as pre-determined thresholds for determining when to increase or decrease future spending.

Home Equity Line Of Credit (HELOC): A revolving line of credit that offers homeowners access to a loan backed by equity in their home. Typically there is a set period – often 10 years – during which funds can be borrowed, and only interest on borrowed funds needs to be repaid during this period. After the ‘draw’ period ends, the loan is paid back, similar to a traditional mortgage, over another set period (which might be 10, 15, or even 20 years).

Intra-Family Loan: A type of loan where the loan recipient receives the loan from a family member rather than a commercial institution. Such a loan can provide the lender with interest income and the recipient with a lower interest rate than they might otherwise receive, but the loan must be set up in accordance with IRS regulations to avoid running afoul of gift tax rules.

Monte Carlo Analysis: A type of probability-based analysis often used in retirement planning, which at a basic level calculates multiple iterations of a client’s projected income and spending over a specified time period while randomizing investment returns, with an output representing the percentage of iterations in which the client did (or did not) deplete their assets over the time period.

Regime-Based Monte Carlo Simulation: Adjusting the return and standard deviation assumptions in a Monte Carlo analysis to emulate particular market conditions for certain periods of time; for example, adjusting the first ten years of an expected timeline to reflect expectations based on current valuations.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz reviews two blog articles: Net Unrealized Appreciation Tax Strategies and Why Tax-Loss Harvesting During Down Markets Isn’t Always A Good Idea.

1. Describe the rules that must be followed for a Net Unrealized Appreciation transaction to potentially reduce an individual’s tax liability. 
2. Understand the circumstances where a taxpayer could most benefit from a Net Unrealized Appreciation. 
3. Explain how tax-loss harvesting can create future tax liabilities by lowering the portfolio’s cost basis
4. Describe situations where tax-loss harvesting may not be beneficial for a client
5. Analyze the tax-deferral benefit of tax-loss harvesting

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Tax Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 1.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Capital Gains: The profit on the sale of an asset (stock, real estate, art) that has increased over time.

Capital Loss: The value below the cost basis someone receives after the sale of an asset.

Lump-Sum Distribution: Withdrawal of the entire balance owned by an individual who is a plan participant of their employer’s qualified retirement plan. The distribution must take place within a single tax year, and generally takes place only after the participant leaves the company, reaches age 59 ½, becomes permanently and totally disabled, or dies.

Net Investment Income Tax (NIIT): A 3.8% tax on income received from an investment asset before taxes.

Net Unrealized Appreciation (NUA): Appreciation of the employer’s company stock held in an individual’s retirement plan sponsored by the employer.

Tax-Loss Harvesting: A strategy for generating tax savings that involves selling a security in a taxable account for a loss to create a tax deduction, then using the proceeds to buy a similar security to remain invested in the market.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz will include a review of the following articles: Limits Of Tax Diversification And The Tax Alpha Of Roth Optimization and How S-Corp Owner Employees Can Accurately Track Home Office Deductions.

1. Explain how the timing of account contributions is important in Roth optimization.
2. Understand why splitting contributions between Roth and Traditional IRAs isn’t really a means of achieving tax diversification.
3. Identify the tax thresholds that impact Roth optimization strategies.
4. Understand eligibility guidelines for claiming the home office deduction.
5. Discuss the drawbacks and benefits of each of the 2 methods used to calculate the home office deduction.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Tax Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Tax Equivalency Principle: The principle that the value of tax-free growth in a Roth account is equivalent to the value of the upfront tax deduction taken for a contribution to a traditional retirement account, assuming that tax rates stay the same over time.  

Roth Optimization: Strategically allocating contributions between Roth and Traditional retirement accounts by factoring in the timing of one’s own tax circumstances 

Marginal Tax Rate: The tax rate that applies only to each additional dollar earned as income. 

Effective Tax Rate: The average tax, calculated by dividing total amount of tax by total income. 

Exclusive-Use Test: This test must be passed to claim the home office deduction, where the portion of the home that is deemed the home office must be used entirely for business purposes. 

Regular-Use Requirement: A requirement that must be met to claim the home office deduction, where the home office must be used on a regular basis. Simply using one’s home office on occasion would be insufficient to claim the deduction. 

Principal-Place-of-Business Requirement: A requirement that must be met to claim the home office deduction, where the home office must be the taxpayer’s principal place of business as determined by the amount of time spent at various business locations and the importance of tasks performed at each location. 

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

In this continuing education session, learners will review two blog articles: Why Pre-Commitment Strategies Can Work And 3 Steps To Implement Them With (The Right) Prospects and Maximizing The Step-Up In Basis By Gifting Assets Between Spouses. In the first article, Dr. Meghaan Lurtz, FBS explains the psychology behind pre-commitment strategies along with the potential pitfalls of using the pre-commitment strategy of providing a free financial plan to prospects. In the second article, Jeff Levine, CPA/PFS, CFP®, AIF, CWS®, MSA explains how maximizing the step-up in basis at death can be a powerful planning tool and details how advisors can help spouses to proactively plan for the step-up rules during life to maximize their benefit.

1. Discuss the behavioral biases that make pre-commitment strategies so effective.
2. Explain how to mitigate the potential downsides of implementing pre-commitment strategies.
3. Understand when assets in a decedent’s estate receive a step-up in basis.
4. Explain how step-up in basis rules differ in separate-property and community-property states.
5. Describe the pitfalls of transferring assets to Medicaid-eligible spouses.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Endowment Effect: Tendency to overestimate the value of things we own.

Loss Aversion: The desire to avoid loss, based on the premise that the pain of loss is more potent than the pleasure of gain.

Status Quo Bias: A cognitive effect whereby individuals prefer to stay in their current situation when faced with the possibility of change.

Step-Up In Basis: The readjustment of an asset’s value when the asset has appreciated between the time it was purchased and the time it is received by a beneficiary.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz will include a review of the following articles: Factor Investing And Its (Behavioral) Persistence: Facts and Fiction About The Zoo Of Factors and Instant-Issue Term Life Insurance: What Are The Costs Of Low-Hassle Coverage, And When Are They Worth It?

1. Define what factor-based investing is and how to assess whether a particular factor may be worthy of consideration.
2. Understand some of the risk-based and behavioral theories offered for different factor styles.
3. Explain the screening process for traditional versus instant-issue insurance
4. Discuss the pros and cons of instant-issue term life insurance.
5. Evaluate whether instant-issue term insurance may be appropriate for a client.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Risk Management and Insurance Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Investment Factor: specific drivers that influence a security or portfolio’s return. Th two main types of factors include macroeconomic (e.g., economic growth, inflation, credit, etc.) or style (e.g., value, momentum, quality, size, carry).

Capital Asset Pricing Model (CAPM): A model that defined how risk can drive expected returns of a particular investment by examining risk and return through its exposure to market beta.

Beta: A measure of a security’s (or portfolio’s) volatility, or risk relative to the overall market.

Instant-Issue Term Insurance: Term life insurance policy that provides a (nearly) instantaneous decision to an applicant with no underwriting requirements.

Accelerated/Non-Med Insurance: Term life insurance policy that provides a faster decision (often around 2-4 weeks) and simpler underwriting requirements than traditional term life insurance policies.

Underwriting: A process that helps insurance companies determine the risk involved with insurance applicants through gathering information to develop a profile based on the applicant’s age, gender, health, medical history, and lifestyle factors that can impact a person’s health.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz will include a review of the following articles: Framing Prospect Conversations Around What Motivates Them Today (And Not Their Future Goals) and Discovery Meeting Framework: 6 Questions To Help Prospects Who Are Resistant To Change

1. Describe the impact of discussing dreams and goals in discovery meetings.
2. Explain how focusing on current pain points can motivate clients more than discussing future dreams when it comes to taking action on their financial plans.
3. Apply 3 approaches to creating more meaningful conversations in prospect discovery meetings.
4. Understand the challenges clients may face in discovery meetings.
5. Recognize how the Transtheoretical Model of Change can apply to financial planning clients.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Psychology of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Action Stage Of Change: The stage when clients take the plan that they were putting together in the preparation stage and actually set it in motion.

Contemplation Stage Of Change: The second stage in the Transtheoretical Model of Change, where individuals are aware that they have an issue, know that their behaviors have consequences affecting the issue, and have developed an intention to make a change.

Discovery Meeting: A meeting with prospects where the advisor and prospect can learn about one another to facilitate deciding whether they will enjoy working together and envisioning the scope of work that will be done through the engagement.

Maintenance Stage Of Change: The final stage of change in the Transtheoretical Model of Change. Clients in this stage are turning new actions (implemented in the previous “Action” stage) into habits and, in doing so, need to build up financial self-efficacy.

Pre-Contemplation Stage Of Change: The first stage in the Transtheoretical Model of Change, where individuals often do not know or believe that they need to make a change.

Preparation Stage Of Change: The third stage in the Transtheoretical Model of Change, often denoted by the fact that the client, although not ready for action, is actually trying to take an idea from the Contemplation stage and map out how to get it done once they are finally ready for action.

Transtheoretical Model (TTM) Of Change: A theoretical model developed by James Prochaska, John Norcross, and Carlo DiClemente, which describes the process of change in six stages.

Termination Stage of Change: A stage commonly applied to a mental health therapy setting, when patients feel they no longer need guidance from their therapist to make the change they initially sought because it has become fully integrated into their lives.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz reviews two blog articles: Navigating the Thrift Savings Plan: Planning Opportunities To Support Federal Employees, Military Servicemembers, And Veterans and The HSA ‘Deathbed Drawdown’: Making Tax-Efficient Distributions Of Large Balances (When There Isn’t Much Time). In the first article, Stacy Miller, CFP®, walks readers through the Thrift Savings Plan. This article details the background of the plan and why professional advice can be helpful to federal employees and military servicemembers, especially as military servicemembers transition back into civilian life. She concludes this article with actionable steps that advisors can take to support clients that are participants in the Thrift Savings Plan.

In the second article, Ben Henry-Moreland, Senior Financial Planning Nerd at Kitces.com reviews the benefits of Health Savings Accounts (HSAs) along with the pitfalls of having funds remaining in the accounts at the death of the owner. He further explains two strategies for managing HSA funds.

1. Describe the history of the Thrift Savings Plan and the current state of the plan.
2. Explain the main features of the Thrift Savings Plan.
3. Determine how to support clients that are participants in the Thrift Savings Plan.
4. Explain 2 standard approaches to managing HSAs.
5. Assess the benefits and potential drawbacks of superfunding Health Savings Accounts.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Retirement Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Blended Retirement System (BRS): The military retirement system that was developed out of an effort to create flexibility and mirror what retirement benefits are available to civilians.

Health Savings Account (HSA): A savings account that receives favorable tax treatment when distributions are used to pay for medical expenses. Contributions are tax-deductible, growth is tax-deferred, and withdrawals used to pay for (qualified) healthcare expenses are tax-free. In order to contribute, an individual must be covered by an HSA-eligible HDHP and have no other health coverage, may not be enrolled in Medicare, may not be claimed as a dependent on someone else’s tax return.

High-Deductible Health Plan (HDHP): A healthcare plan that has a higher deductible requirement than a traditional health insurance plan. In order to be an HSA-eligible HDHP, a plan must have a minimum annual deductible and a maximum annual out-out-pocket amount that meets the limits set by the IRS.

Thrift Savings Plan (TSP): The Federal employee and military member’s version of the 401(k) plan.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz reviews two Nerd’s Eye View blog articles: Tax-Loss Harvesting Best Practices (And How To Scale It Across A Client Base) and Reconstructing Lost IRA Basis to Help Avoid Double Taxation. In the first article, participants will learn how to determine if tax-loss harvesting is appropriate for a client and review potential pitfalls when executing these transactions. In the second article, participants will turn their attention to lost IRA basis, covering how basis can be lost, how to effectively track basis, and how to recover basis if it is lost.

1. Analyze factors to consider when determining if tax-loss harvesting for a client would make sense.
2. Explain how tax harvesting can be used to defer or arbitrage taxes.
3. Describe tax regulations related to wash sales and how to avoid this type of transaction.
4. Identify the common ways in which IRA basis can be lost.
5. Identify strategies to help clients recover lost basis.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Tax Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Basis: The original cost paid for an investment, which can be different from the actual value of the investment at the time of sale.  

Capital Loss: The value below the cost basis someone receives after the sale of an asset. 

Non-Deductible IRA: Different from traditional IRAs, contributions are made with after-tax dollars and, therefore, offer no immediate tax benefit.

Tax-Loss Harvesting: A strategy that relies on the deliberate sale of securities resulting in a capital loss so that capital gains (or, to some extent, ordinary income) taxes can be reduced. 

Traditional IRA: An individual retirement account that allows individuals to contribute pre-tax dollars that grow tax-deferred until withdrawal. Withdrawals are then taxed at the individual’s income tax rate at the time of withdrawal. 

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz will include a review of the following articles: Performance Advertising Guidelines For Investment Advisers Under the SEC’s New Marketing Rule and IAR CE: Continuing Education Requirements For Investment Adviser Representatives And How Different States Adopt NASAA’s Model Rule

1. Explain the regulations regarding performance advertising in the SEC’s Marketing Rule.
2. Describe the types of communication that are defined as advertisements under the first ‘prong’ of the SEC’s Marketing Rule.
3. List the 7 performance advertising prohibitions under the SEC’s Marketing Rule.
4. Describe the new continuing education requirements for Investment Adviser Representatives.
5. Determine whether or not an IAR is required to complete continuing education.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning / Investment Planning / Retirement Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

SEC Marketing Rule: An SEC regulation adopted in 2020 (and requiring compliance by November 4, 2022) that introduced new rules and revised existing rules for SEC-registered investment advisers, most notably allowing the use of third-party testimonials and endorsements.

Gross Performance: Investment returns that are reported without accounting for fees or expenses that would be paid by the client

Net Performance: Investment returns that are reported after accounting for fees and expenses paid by the client

Hypothetical Performance: Investment returns that are reported for a portfolio that does not actually exist in reality, but is instead calculated based on historical investment data, market assumptions, or other calculations, and is heavily scrutinized by the SEC for its potential to mislead investors.

Form U4: Document used to establish an individual’s registration with applicable states as an Investment Adviser Representative (IAR) of a registered investment adviser.

Registered Investment Advisor (RIA): A firm or individual registered with the Securities and Exchange Commission or state authorities and working in the investment advice business.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz will include a review of the following articles: How Advisors Can Help (Not-So HNW) Clients Maximize Asset Protection By Assessing Strategies, Tools, And Education and Navigating The Double Consolidation Process To Help Parent PLUS Student Loan Borrowers Reduce Loan Burden

1. Explain options for asset protection for non-HNW clients.
2. Understand when the use of a trust or the formation of a corporate entity (e.g., an LLC) can make sense for an individual as an asset protection strategy.
3. Describe the protection that ERISA provides to qualified plan assets and how to determine the protection it provides to IRA accounts.
4. Recognize the financial planning opportunities for Parent PLUS student loan borrowers.
5. Describe how Parent PLUS loans can qualify for Income-Driven Repayment (IDR) plans through a double consolidation loan strategy.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Bankruptcy: A legal process that begins when a person or business who cannot pay outstanding debts files a case under the U.S. Bankruptcy Code in order to free themselves from the debt. As part of the process, their assets are evaluated and can be used to repay part of the outstanding debt.

Homestead Exemption: A provision offered by most states that serves to protect a personal residence from creditors after the owner dies or declares bankruptcy.

Limited Liability Company (LLC): A business structure that can be recognized by the IRS as a corporation, partnership, or a disregarded entity, depending on the nature of the structure and the election made by the owners of the structure. LLCs can protect owners from personal liability of business debt.

Spousal Lifetime Asset Trust (SLAT): A trust that can be used in lieu of a bypass trust, it is intended to benefit the spouse (and/or children) of the grantor. Funded by gift while the donor is still alive, SLATs provide the surviving spouse with access to principal and income of the trust.

Umbrella Insurance: Personal liability insurance that extends coverage generally provided by homeowners or auto insurance policies.

Uniform Fraudulent Transfers Act (UFTA):  A model act adopted by most states, which serves to define when a creditor can make a claim to fraudulently transferred assets.

Monte Carlo Analysis: A type of probability-based analysis often used in retirement planning, which at a basic level calculates multiple iterations of a client’s projected income and spending over a specified time period while randomizing investment returns, with an output representing the percentage of iterations in which the client did (or did not) deplete their assets over the time period.

Sequence-Of-Inflation Risk: The risk presented by inflation volatility over time, as even if high short-term inflation rates average out into lower long-term averages, a retiree could still be in significant trouble if the sequence of those returns is unfavorable (e.g., high inflation rates occurring at the beginning of retirement may require larger drawdowns that compromise the portfolio’s subsequent potential for future growth).

Sequence-Of-Return Risk: The risk presented by return volatility over time, as even if short-term volatility averages out into favorable long-term returns, a retiree could still be in significant trouble if the sequence of those returns is unfavorable (e.g., if bad returns occur at the beginning of retirement).

Direct Loans: Federal government loans provided through the William D. Ford Federal Direct Loan program.

Income-Driven Repayment: A repayment plan for Federal student loans where the monthly payment is based on a percentage of the borrower’s discretionary income rather than on the loan balance and interest rate.

Loan Consolidation: Allows a borrower to combine multiple Federal student loans into one loan. Consolidation does come with risk, particularly for those pursuing loan forgiveness on an Income-Driven Repayment plan, because it wipes out the loan history attached to the original loans.

Loan Forgiveness: The cancellation of a borrower’s obligation to repay some or all of the remaining amount owed on a loan.

Saving on A Valuable Education (SAVE) Plan: An Income-Driven Repayment plan introduced by the Biden Administration for Federal student loan borrowers serving to replace the REPAYE plan and reduce borrowers’ monthly student loan payments.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz will include a review of the following articles: Why International Diversification Is Still The Prudent Strategy (While Keeping Behavioral Biases, Risks, And Results In A Healthy Perspective) and Changes To Student Loan Planning With The New SAVE Income-Driven Repayment (IDR) Plan

1. Understand how recency bias can impact an investor’s viewpoint on global diversification.
2. Discuss the general trend of market diversification across countries after a systemic financial crisis.
3. Explain the rationale for a disciplined approach to global diversification.
4. Evaluate how changes to student loan regulations impact student loan borrowers.
5. Describe the intricacies of the new SAVE Income-Driven Repayment (IDR) Plan.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Investment Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Recency Bias: A behavioral bias that cause individuals to overweight the importance of recent events over those that occurred farther in the past.

Cyclically Adjusted Price-To-Earnings (CAPE) Ratio: Valuation measure that calculates the share price of an asset (generally broad equity indices) divided by the average inflation-adjusted earnings over a given period, usually 10 to 20 years. The Shiller P/E Ratio is a 10-year CAPE ratio.

Investment Factor: Specific drivers that influence a security or portfolio’s return. The two main types of factors are macroeconomic (e.g., economic growth, inflation, credit, etc.) and style (e.g., value, momentum, quality, size, carry).

Loan Consolidation: Allows a borrower to combine multiple federal education loans into one loan. Consolidation does come with risk, particularly for those pursuing loan forgiveness on an Income Driven Repayment plan, because it wipes out the loan history attached to the original loans.

Loan Forgiveness: The cancellation of a borrower’s obligation to repay some or all of the remaining amount owed on a loan.

Income-Driven Repayment: A repayment plan for Federal student loans where the monthly payment is based on a percentage of the borrower’s discretionary income rather than on the loan balance and interest rate.

Public Service Loan Forgiveness (PSLF): Government program offering forgiveness of outstanding student loan balances for borrowers who dedicate 120 months (10 years) to a full-time job in public service (i.e., a nonprofit or government job).

Saving on A Valuable Education (SAVE) Plan: An Income-Driven Repayment plan introduced by the Biden Administration for Federal student loan borrowers serving to replace the REPAYE plan and reduce borrowers’ monthly student loan payments.

Negative Amortization: An increase in principal loan balance due to failure to pay sufficient interest to cover the loan. Balances amortize higher as excess unpaid interest accrues and compounds.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This month, we review two Nerd’s Eye View articles: 1st Quarter 2024 Economic And Market Outlook: Potential Increased Volatility, Threats To Economic Growth, And Equity Markets and In The Long Run, Stocks Outperform Bonds… Or Do They? by Larry Swedroe, the Head of Financial and Economic Research for Buckingham Strategic Wealth.

In the first article, Swedroe provides an overview of the 1st quarter 2024 economic outlook, where he reviews key aspects of economic activity in the 1st quarter of 2024, examines what the behaviors in the various financial markets might suggest about investor expectations, and offers insight into how advisors might help clients prepare for current economic conditions.

In the second article, Swedroe explains recent studies on the performance of stocks and bonds and how these studies may alter the advisor’s understanding of long-term stock and bond performance and of using bonds as portfolio diversifiers.

1. Explain the key issues impacting the U.S. Economy in the 1st quarter of 2024.
2. Describe the risks associated with a rising debt-to-GDP ratio.
3. Assess strategies to help clients weather the potential economic risks and take advantage of possible opportunities.
4. Discuss current research on the long-term performance of stocks and bonds.
5. Re-evaluate client asset allocation construction based on current research on diversifying risk.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Investment Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Gross Domestic Product (GDP): A measure of the value of all finished goods and services produced within a particular country.

Consumer Price Index (CPI): A measure of the average change in prices that consumers pay for a market basket of goods and services; it is generally used to assess the effectiveness of government policies.

Correlation: a relationship between two or more things. In finance specifically, correlation refers to the degree to which two securities move in relation to each other.

Cyclically Adjusted Price-To-Earnings (CAPE) Ratio: Valuation measure that calculates the share price of an asset (generally broad equity indices) divided by the average inflation-adjusted earnings over a given period, usually 10 to 20 years. The Shiller P/E Ratio is a 10-year CAPE ratio.

Federal Funds Rate: The target interest rate determined by the Federal Open Market Committee and used by commercial banks as an overnight rate when lending and borrowing excess reserves to each other.

Magnificent 7: A financial moniker for 7 high-performing tech stocks, including Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla.

Recession: The contractionary business cycle period when economic activity (including consumer spending) declines.

Recency Bias: A behavioral bias that causes individuals to overestimate the importance of recent events over those that occurred further in the past.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

In this continuing education session, the learner will read 4 articles from the Nerd’s Eye View blog: The Problem Of High U.S. Equity Valuations And How Advisors Can Factor In Current Evaluations Risks, Why Moving To A Lower-Tax State Doesn’t Always Result In Lower State Taxes On Deferred Income, How Communicating Guardrails Withdrawal Strategies Can Improve Client Experience And Decrease Stress, and Why Guyton-Klinger Guardrails Are Too Risky For Most Retirees (And How Risk-Based Guardrails Can Help).

Each of the 4 articles will discuss important aspects of retirement planning through the lens of investing and tax planning. In The Problem Of High U.S. Equity Valuations And How Advisors Can Factor In Current Evaluations Risks, Larry Swedroe, Head of Financial and Economic Research for Buckingham Strategic Wealth, explains how advisors can create more reasonable return assumptions for long-term financial planning. Swedroe explains the factors that have led to the high average equity returns from the last decade, why these high U.S. equity returns are not likely to continue into the future, and how to account for these high U.S. equity valuations in investment portfolios.

In Why Moving To A Lower-Tax State Doesn’t Always Result In Lower State Taxes On Deferred Income, Ben Henry-Moreland explains state taxation for deferred compensation and how to factor in state tax laws when relocating to minimize taxation on future retirement income.

Derek Tharp is featured in 2 articles this month: How Communicating Guardrails Withdrawal Strategies Can Improve Client Experience And Decrease Stress and Why Guyton-Klinger Guardrails Are Too Risky For Most Retirees (co-authored by Justin Fitzpatrick). He explains the importance of explaining withdrawal guardrails to clients to reduce stress and provide clarity on how to cope with economic downturns in retirement. In the second article on retirement guardrails, the authors explain the strengths and weaknesses of the Guyton-Klinger guardrail method and explain how risk-based guardrails can be used to better manage retirement income risk.

1. Summarize the factors that have led to the high valuations for U.S. equities.
2. Develop a plan to address the issue of high U.S. equities valuations in a client’s investment portfolio.
3. Determine how a client’s deferred income would be taxed at the state level.
4. Articulate why it is important to communicate withdrawal guardrails to clients.
5. Explain how Guyton-Klinger withdrawal guardrails work along with their strengths and weaknesses.
6. Compare Guyton-Klinger withdrawal guardrails with the risk-based retirement guardrails.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Retirement Savings and Income Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

Capital Gains: The profit on the sale of an asset (stock, real estate, art) that has increased over time.

Equity Compensation: Non-cash payment for services that provides ownership in a company. It is commonly offered to executives and key employees in addition to their pay and includes different forms of company stock.

Guardrails Strategy: A retirement spending approach developed by Guyton and Klinger, this strategy considers upper and lower portfolio limits (i.e., the “guardrails”), that serve as pre-determined thresholds for determining when to increase or decrease future spending.

Monte Carlo Analysis: A type of probability-based analysis often used in retirement planning, which at a basic level calculates multiple iterations of a client’s projected income and spending over a specified time period while randomizing investment returns, with an output representing the percentage of iterations in which the client did (or did not) deplete their assets over the time period.

Recency Bias: A behavioral bias that causes individuals to overweight the importance of recent events over those that occurred farther in the past.

Restricted Stock Options: Also referred to as share grants or performance shares, provide employees with shares of the company, but are subject to vesting criteria.

Risk-Based Guardrails: A holistic approach to adjusting client income based on a range of factors, including longevity expectations, expected future cash flows, expected future (real) income changes, and other factors.

Stock Options: These give employees the right (not the obligation) to buy company shares at a fixed price (known as the exercise or grant price).

• 1.5 CFP hours
• 1.5 NASBA hours
• 1.5 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This month, we review 2 blog articles. The first article, A Proposed Salesperson’s Exemption To The DoL’s Retirement Security Rule?, the XY Planning Network Public Comment letter submitted to the Department of Labor regarding its proposed Retirement Security Rule, is shared with Nerd’s Eye View readers. The ethical concerns of consumers not understanding if they are working with an advisor or a salesperson are discussed along with the regulatory history separating advice and sales. In FinCEN’s New 2024 Requirement For State-Registered RIAs (And Other Small Businesses) To Report Beneficial Ownership Information (BOI), new reporting requirements proposed by the Corporate Transparency Act (CTA) are summarized, covering exemption businesses, reporting deadlines, necessary information, and penalties for non-compliance.

1. Describe the evolution of regulation and fiduciary obligations of financial advisors and financial services salespeople.
2. Explain how consumer perceptions can be impacted by the titles of advisors and salespeople.
3. State the elements of the proposed “Salesperson Exemption” to the Department of Labor’s proposed Retirement Security Rule.
4. Summarize the proposed small business reporting requirements of the Corporate Transparency Act.
5. Understand the proposed penalties for willfully reporting inaccurate Beneficial Ownership Information (BOI).

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Professional Conduct and Regulation
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

Investment Advisers Act Of 1940 (“the Advisers Act”): law that places certain requirements and restrictions on investment advisers pertaining to registration, compensation, and creation of advisory agreements.

Retirement Security Rule (RIN 1210-AC02): A Department of Labor proposal to update regulation that defines “fiduciary” under the Employee Retirement Income Security Act.  

Financial Crimes Enforcement Network (FinCEN): a bureau of the United States Department of the Treasury that collects and analyzes financial data and transactions with the mission of protecting the financial system from illicit use and money laundering.

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 1.0 IWI Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This continuing education session focuses on client interaction and psychology when engaging in the financial planning process through the review of three articles: Fact, Situation, Feeling – Using The Iceberg Follow-Up Model To Connect With And Motivate Clients, Using Reflection Questions To Help Prospects Find Clarity And Focus On A Shared Planning Vision, Flip ‘Plan Presentation’ Into ‘Plan Engagement’ Meetings To Generate More Focus And Reflective Questions From Clients. Two articles will focus on the benefit of asking focused questions. The first article will detail how to implement a strategy to ask better follow-up questions to build deeper relationships with clients, and the second explains how to utilize reflection questions with clients to help them narrow their goals for a financial planning engagement and find the motivation to stick with their plan. The final article in this series highlights trends in how advisors present financial plans to clients and explains the concept of a flipped classroom with an illustration of how a ‘flipped’ classroom teaching style could be used in client presentations.

1. Explain the benefits of utilizing follow-up questions in the financial planning process.
2. Utilize the Iceberg Method of follow-up questions to deepen client relationships.
3. Describe a ‘flipped classroom’ approach and how it can be applied to a financial planning meeting. 
4. Recognize the benefits of utilizing reflection questions in prospect meetings.
5. Employ reflection questions in discovery meetings with prospects.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Psychology of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

Close-Ended Questions: Questions that can often be answered with just a single word, such as “Fine”, “Great”, or “Okay”.

Discovery Meeting: A meeting with prospects where the advisor and prospect can learn about one another to facilitate deciding whether they will enjoy working together and envisioning the scope of work that will be done through the engagement.

‘Flipped’ Meeting: When information is presented in advance rather than during the meeting itself.

Follow-Up Question:  A question that is used with the sole purpose of understanding the speaker better.

Open-Ended Questions: Questions that cannot be answered with a single word, and that are useful for encouraging careful thought and reflection.

Reflection: Repeating back to a client (or friend, family member, office mate) something they just said.

Social Constructionism: A theory that suggests reality can be developed collaboratively.

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

In this continuing education session, the learner will read two articles from the Nerd’s Eye View blog: “4th Quarter 2023 Economic And Market Outlook: Labor Market, Inflation, And Geopolitics” and “Designing “Custom GPTs” With Advanced ChatGPT Features To Enhance Advisor Capabilities With AI”.

In “4th Quarter 2023 Economic And Market Outlook: Labor Market, Inflation, And Geopolitics,” Larry Swedroe provides a Q4 2023 market outlook, providing an overview of current economic challenges, potential headwinds, and the future of interest rates. This piece concludes with thoughts on how investors can prepare for market uncertainty and protection against downside risk.

In “Designing “Custom GPTs” With Advanced ChatGPT Features To Enhance Advisor Capabilities With AI, David Ortiz walks readers through how he uses CustomGPTs to create efficiency in his practice through prompt engineering. Ortiz explains how AI tools can be utilized in conjunction with client meetings to enhance client engagement.

1. Discuss the state of the economy based on the 4th Quarter 2023 economic and market trends.
2. Explain 4th Quarter 2023 trends in the labor market.
3. Explain investment strategies to prepare for potential downturns and economic uncertainty.
4. Understand how AI tools can be utilized in the financial planning process.
5. Evaluate AI prompts that could be used to enhance client engagement.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Investment Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

Consumer Price Index (CPI): A measure of the average change in prices that consumers pay for a market basket of goods and services and is generally used to assess how effective government policies are.

Gross Domestic Product (GDP): A measure of the value of all finished goods and services produced within a particular country.

Inflation: The general increase in prices that corresponds with a fall in purchasing power over time.

Recession: The contractionary period of a business cycle when economic activity (including consumer spending) declines.

ChatGPT: An artificial intelligence program created by Open AI that provides responses to user-provided prompts.

Custom GPTs: The customization of ChatGPT to create bots that are trained to perform an exact user-defined task.

Generative AI: a form of artificial intelligence that processes large amounts of pre-existing data and picks up on patterns within that data through various types of advanced ‘learning’ techniques, which it then uses to make inferences about the future.

• 1.0 CFP hours
• 1.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

In this continuing education session, the learner will read three articles from the Nerd’s Eye View blog: “Using ‘Magic Wand’ Questions To Help Clients Articulate Financial Needs And Goals (That They Otherwise Struggle To Express)”, “Drafting A Power Of Attorney (POA) Using A Comprehensive ‘Kitchen Sink’ Approach To Avoid Common Pitfalls”, and “Using A Testamentary Charitable Remainder Unitrust (T-CRUT) To Give Twice To Both Loved Ones And Charitable Organizations”.

In “Using ‘Magic Wand’ Questions To Help Clients Articulate Financial Needs And Goals (That They Otherwise Struggle To Express)”, Dr. Meghaan Lurtz discusses how to use “magic wand” questions to ease client tensions while exploring their financial goals, concerns, and dreams. How this strategy can be used to facilitate financial discussions with couple clients is also discussed.

In “Drafting A Power Of Attorney (POA) Using A Comprehensive ‘Kitchen Sink’ Approach To Avoid Common Pitfalls”, David Hauhgton, JD, CPWA, explains the common power of attorney features that could lead to rejection by financial institutions and how they can be addressed through conscientious drafting or with actions post-rejection.

In “Using A Testamentary Charitable Remainder Unitrust (T-CRUT) To Give Twice To Both Loved Ones And Charitable Organizations,” Kathleen M. Rehl, PhD, CFP, CEFT emeritus, explains how Testamentary Charitable Remainder Unitrusts function and shares her experience in establishing one. She concludes this article with a review of the pros and cons of implementing a T-CRUT and the types of clients these trusts may be a good fit for.

1. Utilize magic wand questions to help clients articulate their needs and goals in a positive environment.
2. Explain the function of the types of powers of attorney and their specific use purposes.
3. Evaluate whether a client’s power of attorney could be subject to rejection by financial institutions.
4. Describe how a Testamentary Charitable Remainder Unitrust (T-CRUT) functions.
5. Explain the pros and cons of utilizing a Testamentary Charitable Remainder Unitrust (T-CRUT) in an estate plan and who they are suitable for.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: Estate Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New and emerging issues or products for the IAR to navigate

Durable Power of Attorney: This type of POA becomes effective as soon as it is signed and continues to be effective even after or through the principal becoming incapacitated. 

Power Of Attorney (POA): A legal document that grants an individual (or group of persons, or even an organization) the right (i.e., the power) to act on another person’s behalf.  

Springing Power of Attorney: This type of POA only comes into action (i.e., it springs into action) in the event of incapacitation.  

Testamentary Charitable Remainder Trust (T-CRUT): A charitable remainder trust that is created after the death of the grantor. After the T-CRUT is funded, the trust then distributes a fixed percentage of trust income, equal to at least 5% but no more than 50% of the actual value of the trust, to beneficiaries for either a specified number of years not to exceed 20 or the life of the beneficiary. After this period, at least 10% of the original contribution to the trust must be transferred to a charity as the remainder beneficiary.

• 1.5 CFP hours
• 2.0 NASBA hours
• 1.5 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This month, we review December blog articles. This quiz includes the following articles: When Does A Financial Coach Need To Register As An Investment Adviser? The “ABCS” Test To Determine Status and AI-Generated Financial Advice And The Fiduciary Catch-22.

1. Restate the history of the investment adviser registration.
2. Explain the intricacies of the ABCS Test for determining the necessity for investment adviser registration.
3. Assess whether financial coaching services would require registration as an investment adviser.
4. Describe how a financial advisor’s fiduciary duties apply to technology use.
5. Comprehend the risks of using AI in their advisory practice and how to remain compliant when using AI tools.

• CFP: Professional Conduct and Regulation
• NASBA: Specialized Knowledge (Personal Financial Planning)\
• IAR: New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This month, we review December blog articles. This quiz includes the following articles: Preserving HSA Eligibility And Maximizing Contributions After Age 65 and Implementation Questions To Properly Prioritize And Address To-Dos For Consistent Follow-Through.

1. Explain the benefits of utilizing and building savings in an HSA.
2. State the requirements for an individual to contribute to an HSA and the associated contribution limits.
3. Describe strategies to preserve HSA eligibility after age 65.
4. Analyze roadblocks that a client may be facing when implementing a financial plan.
5. Understand how to utilize questions to help clients follow through on the implementation of their financial plan.

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• IAR: Specialized Knowledge (Personal Financial Planning)

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This month we review October blog articles. This quiz includes the following articles: 3rd Quarter Economic And Market Outlook: Understanding Risks And Opportunities In The Web Of Inflation, Interest Rates, Valuations, And More; and Avoid Getting Caught Up In Big Market Delusions: The Case Study Of Electric Vehicles

1. Contrast the current economic trends of increasing demand for services and the U.S. manufacturing sector recession.
2. Describe some of the drivers involved in current inflationary trends.
3. Discuss how entitlement spending is impacting Federal debt levels.
4. Understand what is meant by “big market delusion” and recognize the warning signs that signal a potential event.
5. Explain how the electric vehicle industry has illustrated a big market delusion that began in the late 2010s.

• CFP: General Principles of Financial Planning
• NASBA: Finance

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Ethics
• Nerd's Eye View

This month we review October blog articles. This quiz includes the following articles: A Guide To Conducting And Documenting An Annual Compliance Review Under New SEC Amendment and Crafting An Annual Compliance Calendar For A (Solo) RIA: Staying On Top Of Compliance Tasks While Serving Clients.

1. Understand why an amendment was made to the SEC Compliance Rule to clarify the requirement for advisers to maintain documentation of compliance reviews.
2. Describe the key elements that advisers need to evaluate when conducting an annual compliance review.
3. Discuss how annual compliance review documentation helps the SEC better understand a particular adviser’s compliance program.
4. Describe the basic compliance requirements for which a solo RIA is responsible.
5. Develop a plan to construct a “compliance calendar” to assist in the process of annual RIA compliance tasks.

• CFP: Psychology of Financial Planning
• NASBA: Regulatory Ethics

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 1.0 IWI Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Ethics
• Nerd's Eye View

This month we review October blog articles. This quiz includes the following articles: Switching Between State And SEC Registration: Evaluating Options (And Requirements) For RIAs Nearing $100 Million RAUM  and Extracting Actionable Takeaways From The SEC’s Staff Bulletin Regarding An RIA’s Standard Of Care.

1. Understand the different requirements for registering with the SEC and at the state level, and when advisers need to switch between state and SEC registration.
2. Determine when an RIA should register with the SEC.
3. Understand when it is necessary for an RIA to de-register from the SEC.
4. Explain 3 of the primary actions an RIA can take to fulfill their Fiduciary duty of care.
5. Identify the components that should be considered in a client’s investment profile.

• CFP: Psychology of Financial Planning
• NASBA: Regulatory Ethics

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 1.0 IWI Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This month we review the August blog articles. This quiz includes the following articles: Motivational Interviewing Techniques To Help Clients Talk Themselves Into Implementing Advice and Crafting More Equitable Advisor Non-Solicit Agreements With The ACRES Agreement

1. Evaluate how the 4 guiding principles of motivational interviewing support the general steps involved in the process.
2. Describe the stages of change and where ambivalence most commonly occurs during those stages.
3. Discuss the role of desire and fear in motivation.
4. Understand the role of the Broker Protocol in the historical use of employment agreements by financial services companies.
5. Differentiate the differences between non-compete and non-solicit agreements and how each have played a role in the financial advice industry.

• CFP and IWI: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA Topic Area(s): New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This month we review the August blog articles. This quiz includes the following articles: Planning For Adoption: Understanding Different Pathways And Their Costs, Tax Breaks, And Financial Assistance Available; IRS Notice 2023-54 Provides Welcome Relief To 10-Year Rule Beneficiaries And Retirement Account Owners Born In 1951; “Legacy IRA” Rollover To A Charitable Gift Annuity: Using This New Tax-Advantaged Opportunity To Help Clients Achieve Charitable And Retirement Goals

1. Explain different tax planning opportunities available to adoptive parents.
2. Describe various pathways to adoption and associated cost estimates.
3. Discuss the impact of IRS Notices 2023-53 and 2023-54 on RMDs for inherited retirement accounts.
4. Understand the updated RMD requirements for individuals depending on age and birthdates.
5. Understand how SECURE 2.0 made Legacy IRAs available by expanding the provisions for charitable IRA rollovers.

• CFP and IWI: Tax Planning
• NASBA: Taxes
• NASAA Topic Area(s): New and emerging issues or products for the IAR to navigate

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Ethics
• Nerd's Eye View

This quiz includes the following articles: Form U4: Common Missteps And Best Practices For RIAs; and RIA Code Of Ethics: Important Nuances To Note In Relatively Straightforward Requirements.

1. Understand the purpose of Form U4 and what it discloses.
2. Describe common mistakes made when filing Form U4 and some best practices to avoid those mistakes.
3. Understand the challenges an RIA facse when preparing Form U4.
4. Describe the 5 components that constitute the minimum requirements related to Codes of Ethics that must be maintained by all SEC-registered investment advisers.
5. Develop a compliant code of ethics.

• CFP: General Principles of Financial Planning
• IWI: Ethics
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: Ethics

• 1.0 CFP hours
• 1.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 1.0 IWI Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Ethics
• Nerd's Eye View

This quiz includes the following articles: Paid Solicitation Under The SEC Marketing Rule: Using Third-Parties For Lead Generation And Prospecting; Form ADV Part 1: Common Missteps And Best Practices For RIAs.

1. Understand the differences between solicitors, promoters, and providers, as defined by the SEC.
2. Distinguish between ADV Part 1 and ADV Part 2A.
3. Distinguish when testimonials and endorsements are considered advertisements.
4. Recognize common issues faced when completing Form ADV Part 1.
5. Identify the difference between the four ADV forms.

• CFP: General Principles of Financial Planning
• IWI: Ethics
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: Ethics

• 1.0 CFP hours
• 1.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 1.0 IWI Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This month we review May blog articles. This quiz includes the following articles: Foster More Productive Client Meetings By Mitigating Interruptions Based On (Conversational) ‘Intensity Level’, Instead Of Asking “Why”, Try “What Else” To Get Clients To Open Up About Goals, and 5 Screening Questions To Assess Client Readiness And Appropriateness (And Why It’s Especially Useful For Some Firms)

1. Describe different individual conversational intensity levels.
2. Discuss how individuals with different conversational intensity levels are impacted by interruptions.
3. Explain the caveats of asking clients the question, “Why?” as a way to get explore their financial backgrounds.
4. Understand when a screening call process can be most beneficial for a financial planning firm.
5. Discuss how screening call questions can be used to identify relationships that will be a good fit for an advisor’s firm.

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

IAR CE applied for, but reporting may be delayed.

This month we review May blog articles. This quiz includes the following articles: Investing For Nonimmigrant Visa Holders: Understanding Visa Types, Investment Challenges, And Tax Implications and Pass-Through Entity Taxes: Mechanics, Considerations, And Planning Opportunities For Navigating SALT Cap Workarounds.

1. Describe the types of nonimmigrant worker visas and the prerequisites to obtain them.
2. Discuss the investment challenges faced by foreign nonimmigrant workers in the U.S.
3. Understand what the Federal SALT deduction cap and how it impacts individual taxpayers.
4. Explain how the Pass-Through Entity Tax is being used by some states to alleviate the impact of the Federal SALT deduction cap on certain business owners.
5. Describe some of the scenarios where electing the PTET can benefit an individual taxpayer.

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz includes the following articles: (1) Equity Compensation Planning as a Niche: Market Opportunities and Differentiated Value and (2) Investing a Roth IRA in Early Stage Growth Companies without Violating Prohibited Transaction Rules

LO#1: Understand how to conduct valuation and investment risk analysis for clients with equity compensation

LO#2: Learn how to conduct tax strategy modeling for clients with equity compensation and the documents needed for this analysis

LO#3: Understand the Prohibited Transaction limitations for IRAs owning small businesses

LO#4: Learn how a client can legally move shares of an existing business into a Roth IRA

LO#5: Understand how an individual receiving compensation from a company owned by their IRA can create a Prohibited Transaction

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)

• 1.0 CFP hours
• 2.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Equity Compensation: This is non-cash payment for services that provides ownership in a company. It is commonly offered to executives and key employees in addition to their pay and includes different forms of company stock.

Employee Stock Options: These give recipients the right (not the obligation) to buy company shares at a fixed price (known as the exercise or grant price).

Restricted Stock Options: Also referred to as share grants or performance shares, provide employees with shares of the company, but are subject to vesting criteria.

Stock Plan Service (SPS) Providers: Companies that provide both software and services to administer large corporate equity award programs

Prohibited Transaction Rules: IRS rules restricting an individual from using their IRA to engage in various types of transactions with certain “Disqualified Persons”.

Disqualified Person: The IRS prohibits an IRA from purchasing property from a Disqualified Person, which can include the IRA owner; the IRA owner’s spouse, ancestors, lineal descendants, and any spouse of a lineal descendant; or an officer or director (or person with similar responsibilities), 10% or more shareholder, or other individual who earns 10% or more of the wages, of a company that is owned 50% or more by the IRA owner and other disqualified persons (combined); or a business that is 50% or more owned by a Disqualified Person.

Prohibited Personal Compensation: When an individual’s IRA exercises control over a business, the IRA owner is no longer able to receive compensation personally from that business.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz reviews the following two blog articles: Why High Equity Valuations And Low Bond Yields Won’t (Necessarily) Break The 4% Rule and Maximizing The Step-Up In Basis By Gifting Assets Between Spouses.

1. Explain what the 4% Rule means and how it is meant to be implemented.
2. Discuss why Morningstar’s recent research report recommends updating the traditionally referenced safe withdrawal rate of 4%.
3. Understand how current market conditions are used to predict future safe withdrawal rates.
4. Understand when assets in a decedent’s estate receive a step-up in basis.
5. Explain how step-up in basis rules differ in separate property and community property states.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)

• 1.0 CFP hours
• 2.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Safe Withdrawal Rate: The highest initial withdrawal rate, followed by withdrawals of the same dollar amount every year in subsequent years, that will never result in the retiree fully drawing down their portfolio over the specified time horizon, even in the worst possible market conditions.

Cyclically Adjusted Price-To Earnings (CAPE) or P/E 10 Ratio: A ratio used to value equities based on the real price to earnings data over 10 years.

Robert Shiller: 2013 Nobel Laureate and Yale University behavioral finance economist who compiled various historical stock market data sets and confidence indexes, and is known for his research on stock prices, asserting that the market is inefficient.

Monte Carlo Analysis: A method of assessing the probability of certain outcomes and success levels by analyzing a large number of separate trials, generally based on historical market returns.

Step-Up In Basis: The readjustment of an asset’s value when the asset has appreciated between the time it was purchased, and the time it is received by a beneficiary.

Community Property: Property acquired by two spouses during marriage and considered to be divided 50/50 between each spouse.

Separate Property: Property acquired (and owned) by only one spouse during marriage, typically as a gift (including inheritances) or brought into the marriage (acquired by one spouse prior to marriage).

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz includes the following articles: Maximizing Split-Interest Charitable Deductions With New Pooled Income Funds Over CRTs, and Can A Charitable Remainder UniTrust (CRUT) Truly Replace The Benefits Of The “Stretch” IRA?

LO #1: Understand the differences and benefits of Pooled Income Funds, New Pooled Income Funds, and Charitable Remainder Trusts.
LO #2: Identify important considerations that help clients to determine the benefits and drawbacks of PIFs, NPIFs, and CRTs, and to choose which vehicle is best for their situation.
LO #3: Examine how the SECURE Act changed the stretch IRA and the impact of the 10-Year Rule.
LO #4:  Examine the process of establishing a CRT and understand the factors to consider when designing the CRT payout.
LO #5: Understand what client factors planners should consider when suggesting the CRT.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)

• 1.5 CFP hours
• 2.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

5-Year Rule for Inherited Retirement Accounts: The rule applying to non-designated beneficiaries where all assets must be out of an IRA by Dec. 31^st of the fifth year following the year of the original IRA-owner’s death.

10-Year Rule for Inherited Retirement Accounts: The new rule created by the SECURE Act that requires IRA beneficiaries to withdraw the entire balance of the IRA by December 31 of the year containing the 10^th anniversary of the owner’s death.

Charitable Remainder Trust (CRT): A tax-exempt irrevocable trust designed to reduce taxable income by first providing income to beneficiaries for a certain period of time, with the remainder left to a qualified charity. Two main types of CRTs are Charitable Remainder Unitrusts (CRUTs), which distribute a fixed percentage of the trusts’ balance to beneficiaries, and Charitable Remainder Annuity Trusts (CRATs), which distribute a fixed dollar amount to beneficiaries.

Charitable Remainder Unitrust (CRUT) Breakeven Point: The amount of time it would take for wealth created via distributions from a CRUT to catch up to wealth created via leaving the same amount of money to beneficiaries directly.

Donor Advised Fund (DAF): A private fund administered by a third party that accommodates tax-deductible donations that grow tax-free and that are designed to benefit qualified charitable organizations.

New Pooled Income Fund (NPIF): A type of Pooled Income Fund (PIF) that has been in existence for less than 3 taxable years preceding the year of contribution.

Pooled Income Fund (PIF): A type of charitable trust introduced as part of the 1969 Tax Reform Act. It is created and maintained by a public charity (who serves as the remainder beneficiary) and pools assets contributed by multiple donors. It pays lifetime income to individual income beneficiaries designated by the donor.

Qualified Charitable Distributions (QCDs): Non-taxable distributions made from an IRA given to a qualified charity by a donor who is at least 70½ years old.

Setting Every Community Up For Retirement Enhancement (SECURE) Act: Signed into law by President Donald Trump on December 20, 2019, this piece of legislation will have the largest direct impact on retirement accounts since the passage of the Pension Protection Act in 2006.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz highlights a series of articles surrounding questions and other critical communication skills that advisors will want to consider in order to deepen and enrich client relationships through the financial planning process.

1. Describe how the three meeting skills of preparing, managing, and listening are essential to create a positive client meeting experience.
2. Be familiar with resources for newer advisors to help them practice honing their meeting skills.
3. Discuss how advisors can use ‘true’ follow-up questions to demonstrate responsiveness to clients.
4. Describe four types of direct indexing and when using each type of strategy makes the most sense.
5. Explain how asking prospects “Why now?” can help advisors demonstrate the value of behavioral coaching.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)

• 1.0 CFP hours
• 2.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Follow-Up Question:  A question that is used with the sole purpose of understanding the speaker better.  

Behavioral Coaching: In the context of financial planning, the process of helping clients make rational financial decisions and follow through on their priorities. 

Passive Listening: Nonverbal form of communication involving attention to body language and eye contact.  

Active listening: Listening that involves distilling information received from the speaker and reiterating the message back, to acknowledge the message was received and to assure the speaker that it was understood correctly. 

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz includes the following articles: Adjusting Monte Carlo Success Thresholds By Tolerance For Spending Volatility, Getting Comfortable Delaying Social Security With Six-Month ‘Reversible’ Delays, and Analyzing Net Unrealized Appreciation (NUA) Opportunities For Privately Held Company Employee Stock Ownership Plans (ESOPs)

LO #1: Understand the rules for retroactively claiming Social Security Benefits.

LO #2: Discuss how advisors can use 6-month ‘delay nudges’ to help clients make good decisions around claiming their Social Security benefits.

LO #3: Understand how (and when) employees of private companies can take advantage of NUA, and when alternate strategies should be considered when using NUA is not the best option for the individual.

LO #4: Understand the limitations of using a default probability-of-success target for all client plans.

LO #5: Identify how dynamic probability of success targets can be chosen for client plans.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)

• 1.0 CFP hours
• 2.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Average Indexed Monthly Earnings (AIME): Metric used to calculate an individual’s Social Security benefit, calculated by taking the average of the 35 highest-earning years, indexed for wage inflation.

Full Retirement Age (FRA): The age at which an individual is entitled to 100% of their Social Security benefits, and generally ranges between age 66 and age 67, depending on the individual’s date of birth.

Lump-Sum Distribution: Withdrawal of the entire balance owned by an individual who is a plan participant of their employer’s qualified retirement plan. The distribution must take place within a single tax year, and generally takes place only after the participant leaves the company, reaches age 59 ½, becomes permanently and totally disabled, or dies.

Monte Carlo Analysis: A method of assessing the probability of certain outcomes and success levels by analyzing a large number of separate trials, generally based on historical market returns.

Net Unrealized Appreciation (NUA): Appreciation of the employer’s company stock held in an individual’s retirement plan sponsored by the employer

NUA Triggering Event: One of three conditions that must be met in order for a NUA transaction to take place.

Risk tolerance: How much risk a client is willing to tolerate.

Sequence of Return Risk: a phenomenon which reveals that even if long-term returns average out in the long run, it doesn’t necessarily mean the portfolio can sustain ongoing withdrawals with volatile returns in the meantime.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This quiz covers questions and strategies advisors can employ with clients experiencing crisis. Crisis can include things like losing a spouse or market event, or even just being anxious around an expected financial change.

1. Identify the use of purpose of narrative therapy.
2. Understand how ‘audience questions’ can help clients respond to stressful financial situations.
3. Discuss some of the communication challenges for advisors working with newly widowed clients.
4. Describe strategies advisors can use to stay connected with newly widowed clients.
5. Identify questions to ask and meeting processes for newly widowed clients.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)

• 1.0 CFP hours
• 2.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

Narrative Therapy: A process that focuses on finding and using words to create or modify the stories an individual tells themselves to help change the way they may see a certain issue.  

Audience Question: A type of question used to generate new perspectives and potentially new ideas for solving a problem; for example, asking an individual how they would recommend that a friend solve the problem at hand. 

End-Of-History Illusion: The expectation that a person will undergo relatively little change in the future. 

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Nerd's Eye View

This month we review the November blog articles. This quiz includes the following articles: Maximizing Health Savings Accounts (HSAs) Tax Benefits With Adult Children Under Age 26, Establishing Solo 401(k) Plans For Self-Employed Workers: Options, Contribution Limits, Deadlines, And More!, and Tax Advice Restrictions For Financial Advisors: How To Offer Tax Planning And Remain In Compliance

1. Explain the requirements for an adult child to establish a Health Savings Account (HSA).
2. Discuss the features of High-Deductible Health Plan (HDHP) coverage and Planned Provider Organization (PPO) plans, and when it makes sense for an individual or family to choose one over the other.
3. Describe the features and benefits of implementing a Solo 401(k) plan for self-employed workers.
4. Distinguish between tax advice and tax planning.
5. Explain how financial advisors who are not designated tax professionals can best offer tax planning recommendations for clients.

• CFP/IWI: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New & emerging issues and/or products for the IAR to navigate

• 2.0 CFP hours
• 2.0 NASBA hours
• 2.0 IWI General Financial Planning hours
• 2.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 2.0 IAR PP Hours

Health Savings Account (HSA): A savings account that receives favorable tax treatment when distributions are used to pay for medical expenses. Contributions are tax-deductible, growth is tax-deferred, and withdrawals used to pay for (qualified) healthcare expenses are tax-free. In order to contribute, an individual must be covered by an HSA-eligible HDHP and have no other health coverage, may not be enrolled in Medicare, may not be claimed as a dependent on someone else’s tax return.

High-Deductible Health Plan (HDHP): A healthcare plan that has a higher deductible requirement than a traditional health insurance plan. In order to be an HSA-eligible HDHP, a plan must have a minimum annual deductible and a maximum annual out-out-pocket amount that meets the limits set by the IRS.

Medicare: The Federal health insurance program for individuals 65 and older. In some cases, younger individuals with disabilities also qualify.

Solo 401(k) Plan: Retirement plan similar to a traditional 401(k) plan but restricted to self-employed business owners with no employees other than themselves (with the exception of the business owner’s spouse as the only other employee). The business owner may make contributions as an employee (with an annual limit of the smaller of 100% of compensation or up to $20,500 in 2022), and as an employer (up to 25% of their compensation).

Form 5500-EZ: IRS Form titled “Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan” that must be submitted annually by certain retirement plan owners, including single-participant plans.

Tax Advice: making a recommendation of a plan of action on a tax strategy. This is in contrast to tax planning, which does not involve making a recommendation.

Tax Planning: the consideration, analysis, and/or projection of tax strategies without taking the step of making a recommendation. This is in contrast to tax advice, which does involve making a recommendation.

Tax Avoidance: the provision of tax-related recommendations that are designed to (legally) minimize the amount of taxes paid by an individual.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Ethics
• Nerd's Eye View

This quiz includes the following articles: How To Register Your RIA: State Vs SEC Registration And When Notice Filing Is Required and Upfront And Ongoing RIA Compliance Obligations Of State Vs SEC-Registered Investment Advisers

This course covers the obligations of IARs for registering their RIA and their ongoing compliance obligations once registered, including allowed marketing activities, rules for advisory agreements, and fee disclosures.

This course is NOT applicable for CFP credit.

1. Distinguish between the definitions of “Investment Adviser” as provided by the Federal Investment Advisers Act of 1940, and the model securities act for state registration (Uniform Securities Act of 2002).
2. Discuss the exemptions that allow an RIA to register under the SEC.
3. Explain when a state-registered adviser may need to notice file in a state.
4. Discuss the main differences between the requirements for investment advisors to apply for Federal versus state registration.
5. Describe the main parts of Form ADV and other documents that investment advisers must complete and submit to the SEC (for Federally registered advisers) and to their respective states (for state-registered advisers).

-IWI: Intermediate

-NASBA: Basic

• NASAA: Quality and accuracy of communications with clients and prospects
• NASBA: Specialized Knowledge (Personal Financial Planning)

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 1.0 IWI Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

Form ADV: Foundational registration documents that must be submitted by any investment adviser seeking to become registered with the SEC or the states.

Form U4: Document used to establish an individual’s registration with applicable states as an Investment Adviser Representative (IAR) of a registered investment adviser.

Investment Adviser: As defined by the Advisers Act, “any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities”. The investment adviser generally refers to the firm (entity).

Investment Advisers Act of 1940 (“the Advisers Act”): Federal law that places certain requirements and restrictions on investment advisers pertaining to registration, compensation, and creation of advisory agreements.

Notice Filing: Requirement imposed on certain SEC-registered investment advisers to provide applicable state securities authorities copies of documents that are filed with the SEC, along with any applicable fees.

Supervised Person: As defined by the Advisers Act, any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

Uniform Securities Act of 2002 (“the 2002 Act”): model securities act created by the Uniform Law Commission, which many states use to model their own securities acts to place certain requirements and restrictions on investment advisers doing business in their state, pertaining to registration, compensation, and creation of advisory agreements.

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Ethics
• Nerd's Eye View

This program is not applicable to CFP Ethics requirements. Completion will award general CE hours for CFP.

This quiz includes articles from August 2021 and November 2021: Navigating Minimum Net Capital And Surety Bond Requirements For State-Registered RIAs and How Financial Advisor Titles Shape Consumer Perceptions. The course’s content addresses ethics and professional responsibility as it pertains to an advisor’s responsibility to remain financially solvent in accordance with state regulations and to accurately portray their services and duties to their clients in their titles and disclosures.

-LO #1: Discuss the requirements for many state-registered investment advisers to ensure a minimum level of assets available in the event of a legal claim from the RIA’s clients.

-LO #2: Understand the difference between minimum net capital and surety bond requirements.

-LO #3: Learn about what empirical research demonstrates about the effects of advisor titles and disclosures on consumers’ perception of the roles and obligations of financial professionals

-LO #4: Discusses how various regulatory approaches to advisor titles might improve consumer clarity

-LO #5: Understand several proposed Federal and state regulations of financial advisor titles.

• CFP: General Principles of Financial Planning
• IWI: Ethics
• NASBA: Regulatory Ethics
• NASAA: Ethics, Professional Responsibility

• 1.0 CFP hours
• 1.0 NASBA hours
• 1.0 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 1.0 IWI Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

6/7/2022

• CFP/IWI: Intermediate  
• NASBA: Basic 

N/A

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

N/A

• Ethics
• Nerd's Eye View

This program is not applicable to CFP Ethics requirements. Completion will award general CE hours for CFP.

This quiz includes the following article from June of 2019: Advisor’s Guide To The SEC’s Final Regulation Best Interest And Form CRS. The course’s content addresses ethics and professional responsibility as it pertains to an advisor’s responsibility to avoid or disclose conflicts of interest and remain compliant with SEC regulations (and those of any states that choose to adopt the Federal regulations).

-LO #1: Learn the obligations for broker-dealers to act in the best interests of their client when making investment recommendations under the SEC’s Regulation Best Interest rule.

-LO #2: Understand the requirements for the new Form CRS that broker-dealers and SEC-registered RIAs are required to provide to potential clients.

-LO#3: Explain the clarification of RIAs’ fiduciary duty to clients that was released alongside the Regulation Best Interest rule.

-LO#4: Understand the SEC’s re-interpretation of the “solely incidental advice” exemption for broker-dealers to provide advice without needing to register as an investment adviser.

-LO#5: Explain an advisor’s responsibility to avoid or disclose conflicts of interest and remain compliant with SEC regulations.

• CFP/IMCA: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New & emerging issues and/or products for the IAR to navigate.

• 1.0 CFP hours
• 1.0 NASBA hours
• 1.0 IMCA General Financial Planning hours
• 0.0 IMCA Taxes and Regulations hours
• 1.0 IMCA Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Ethics
• Nerd's Eye View

This program is not applicable to CFP Ethics requirements. Completion will award general CE hours for CFP.

This program reviews the article Advertising With Testimonials And Endorsements Under The New SEC Marketing Rule. The article covers the the SEC’s new marketing rule and its implications for financial advisors, including what is defined as an “advertisement” under the rule, the enumerated prohibitions on RIA advertising, the new regulations applicable to testimonials and endorsements under the new rule, and the rule’s provisions regarding advertisement of third-party ratings. The session addresses ethics as pertains to remaining compliant with Federal and state securities laws and avoiding false or misleading statements in communications and advertising.

LO #1: Understand the new rules for advisor marketing.

LO #2: Examine the implications of the new marketing rules for advisors who want to use endorsements or advertising.

LO #3: Understand the vocabulary associated with the new advertising rules.

LO #4: Understand the seven general violations to avoid with RIA advertising compliance under the new rules.

LO #5: Learn the required disclosures for an RIA promoter providing a testimonial or endorsement.

• CFP/IMCA: Intermediate  
• NASBA: Basic  

• CFP: General Principles of Financial Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New & emerging issues and/or products for the IAR to navigate.

• 1.0 CFP hours
• 1.0 NASBA hours
• 1.0 IMCA General Financial Planning hours
• 0.0 IMCA Taxes and Regulations hours
• 1.0 IMCA Ethics hours
• 1.0 IAR EPR Hours
• 0.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Client Trust & Communication
• General Planning
• Investments

This month we review the March blog articles in two quizzes. This quiz includes the following articles: Asking ‘Have You Worked With An Advisor Before?’ To Uncover What Prospects Really Value Most, The 30-Minute Prospect Meeting: A Framework And Agenda That Convert By Focusing On The Prospect’s (Immediate) Problem, and The ‘Yield-Split’ Method Of Asset Location To Improve Tax Efficiency Of Index Funds 

LO #1. Understand why it is valuable to learn about a prospect’s previous relationships with financial professionals.

LO #2. Describe why asking prospects about their personal memories and attitudes could make them nervous or defensive.

LO #3. Explain what an advisor can do in the initial meeting to help prospects understand how the advisor can solve their problems.

LO #4. Describe how implementing an asset location strategy can be valuable for financial planning clients

LO #5. Explain how a yield-split asset location strategy can add tax efficiency to a client’s portfolio

• CFP/IMCA: Intermediate
• NASBA: Basic

• CFP: General Principles of Financial Planning / Investment Planning / Retirement Planning
• NASBA: Specialized Knowledge (Personal Financial Planning)
• NASAA: New & emerging issues and/or products for the IAR to navigate.

• 1.0 CFP hours
• 1.5 NASBA hours
• 1.0 IMCA General Financial Planning hours
• 0.0 IMCA Taxes and Regulations hours
• 0.0 IMCA Ethics hours
• 0.0 IAR EPR Hours
• 1.0 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• General Planning

When speaking with clients about the legacy they want to create with their remaining assets at death, there are 3 basic options. They can leave their money to their family, the government via taxes, or charity. For most clients, leaving a legacy of tax payments is not the plan, creating the necessity for the optimization of gifting during life. For clients with charitable intentions, Dr. Russell James gives a masterclass on his top 10 rules for charitable planning for clients. Starting with his number one rule of never donating cash and delving into more advanced charitable giving strategies such as charitable swapping, using retained life estate deeds, and creating charitable trusts. He further explains ways to utilize charitable planning to offset income-producing events, such as required minimum distributions and Roth conversions. The presentation concludes with ideas of how charitable planning can help maintain wealth for multiple generations, furthering the impact a client’s legacy can have while avoiding some of the potential pitfalls of inheritance.

1. LO #1: Evaluate the benefits and downsides of gifting various types of assets, such as cash, appreciated assets, and collectibles.
2. LO #2: Describe the rules and benefits of utilizing qualified charitable deductions.
3. LO #3: Recommend methods for clients to create an immediate charitable deduction to offset income-producing events, such as Roth conversions.
4. LO #4: Plan with advanced charitable giving strategies, such as charitable swapping and the use of charitable trusts.
5. LO #5: Explain options for maintaining wealth for multiple generations utilizing charitable planning strategies.

• 1.5 CFP hours
• 1.5 NASBA hours
• 1.5 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• General Planning

Every day, financial advisors help clients plan for their retirement. Retirement goals are discussed, financial models are run, and retirement withdrawals are optimized. However, financial preparation is only one pillar of happiness in retirement. Michael Finke, Ph.D., CFP® walks us through the latest research on retiree happiness, highlighting other areas where clients should invest to secure their future life satisfaction. Topics discussed include the impacts of relationships on retiree happiness, cognitive decline’s relationship with investment performance, and the factors associated with having a higher likelihood of overspending or underspending in retirement. Throughout the presentation, Michael provides strategies that advisors can use to ensure that once they help clients prepare for retirement financially, they can also help them prepare to actually enjoy it.

• LO #1: Summarize trends in life satisfaction during retirement
• LO #2: Initiate client conversations to plan for a fulfilling retirement, including setting lifestyle and legacy goals
• LO #3: Explain the impact of relationships on retiree happiness
• LO #4: Describe the issues associated with spending in retirement, along with factors that increase the likelihood of underspending and overspending in retirement
• LO #5: Anticipate the physical and cognitive decline of aging clients and understand the potential impacts on their behavior as an investor

• 1.5 CFP hours
• 1.5 NASBA hours
• 1.5 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Taxes

Jeff Levine, CPA/PFS, CFP® and Director of Advisor Education at Kitces.com, will be walk advisors through regular year-end planning discussions advisors will likely be having with clients as well as discussions based on the tax, inflation, and market environment experienced in 2024. Such topics include addressing risk for near- and current retirees in the current market environment as well as changes to relevant rules. In addition, the webinar will discuss Roth conversions, Tax-Loss Harvesting, and other strategies and questions to cover with clients in order to help them think about the present as well as the future. Financial planners will walk away with greater awareness of potential changes and strategies to close out 2024 and start 2025. 

– LO #1: Identify near/recent retiree conversations around sequence of return risk and how to talk to clients in those situations about tradeoffs.
– LO #2: Review recent legislation, RMD rules, and FSA rules and how to plan moving into the future.
– LO #3: Review strategies and considerations for Roth conversions, year-end contributions, as well as both tax loss and tax gain harvesting.
– LO #4: Reviewing tax withholding considerations and how to have conversations about future tax rates
– LO #5: Review Medicare open enrollment and revisit home office deductions.
– LO #6: Identify other conversations, such as State And Local Tax (SALT) planning and beneficiary reviews, that can also bring value to end of year planning and reviews.

• 1.5 CFP hours
• 1.5 NASBA hours
• 1.5 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Financial Psychology

Election season can represent a stressful time for many clients, leading to an uptick in emotional responses, such as anger, anxiousness, or worry. Advisors know that clients bring their whole selves to their engagements, and advisors often must address these feelings to help clients progress with their financial goals and objectives productively. Barbara Kay explains how advisors can quickly assess their client’s personality types and then provides guidance on how advisors can adapt their approach to connect with and calm clients based on their unique needs. Throughout her presentation, Barbara explains the scenarios that may cause clients stress and why and provides some context around how stress can present itself depending on the client’s personality type. Barbara concludes with advice on how financial advisors can use financial counseling techniques to effectively communicate with clients during times of high emotion and address client biases.

-CFP/IWI: Intermediate
-NASBA: Basic

• LO #1: Explain how the Big 5 personality types relate to DISC styles – 12 minutes
• LO #2: Identity your DISC style, quickly assess your client’s DISC styles, and adapt your DISC style to effectively connect with clients – 12 minutes
• LO #3: Understand how negative triggers may impact clients and how to calm clients based on their DISC style – 12 minutes
• LO #4: Describe common biases and how they relate to personality types and DISC styles – 8 minutes
• LO #5: Apply financial counseling techniques to communicate experiencing emotional upheaval – 9

1.5 CFP hours
1.5 NASBA hours
0.0 EA hours
1.5 IWI General Financial Planning hours
0.0 IWI Taxes and Regulations hours
0.0 IWI Ethics hours
0.0 IAR EPR Hours
1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Investments

ETFs have become commonplace in client portfolios as the ETF market has continued to grow at a rapid pace. However, despite the efficiency of the ETF market, this system has also become more fragile, leading to tons of news headlines speculating about the future of ETFs and various investing trends. David Nadig takes advisors through a deep dive into how the ETF market has developed, areas that advisors should actually be concerned about and continue to monitor, and trends that will impact the future of ETF investing. This webinar also features a review of tools and metrics that advisors can use to conduct ETF due diligence, along with a specific list of tools with their pros and cons, including a walkthrough of some commonly used and affordable options.

-CFP/IWI: Intermediate
-NASBA: Basic

1. Discuss the current state of the ETF industry
2. Consider how ETFs are created and redeemed and their unique characteristics when making choices about utilizing them in a client portfolio – 12 minutes
3. Evaluate platforms to obtain information necessary to complete due diligence on ETFs based on your needs as an advisor and the clients you serve – 12 minutes
4. Explain aspects of the ETF market that may be cause for concern or monitoring in the future – 10 minutes
5. Discuss trends in the market that will impact the future of ETF investing – 10 minutes

1.5 CFP hours
1.5 NASBA hours
0.0 EA hours
1.5 IWI General Financial Planning hours
0.0 IWI Taxes and Regulations hours
0.0 IWI Ethics hours
0.0 IAR EPR Hours
1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• General Planning

The Corporate Transparency Act (CTA) has created additional filing obligations for an estimated 32 million existing entities, including client entities, such as LLCs and Family Limited Partnerships. However, the filing requirements, who they apply to, and how to best help clients navigate the broad scope of the CTA are still being determined. In this webinar, Martin Shenkman, CPA, MBA, PFS, AEP (distinguished), JD, explains the background of the CTA, the scope, filing requirements, reporting exceptions, and the people who need to report. Through the webinar, Shenkman highlights the role advisors can fill in educating clients about CTA requirements and provides helpful information regarding making compliance less cumbersome.

-CFP/IWI: Intermediate
-NASBA: Basic

• LO #1: Explain the purpose and scope of the Corporate Transparency Act.
• LO #2: Develop a plan for educating clients on the Corporate Transparency Act and helping clients obtain filing assistance.
• LO #3: Identify when clients will be required to file a report with FinCen and the corresponding deadlines for compliance.
• LO #4: List the information that reporting companies will be required to provide to comply with the Corporate Transparency Act.
• LO #5: Describe the people who are required to report, considering unique circumstances like trust ownership.

• 1.5 CFP hours
  1.5 NASBA hours
  0.0 EA hours
  1.5 IWI General Financial Planning hours
  0.0 IWI Taxes and Regulations hours
  0.0 IWI Ethics hours
  0.0 IAR EPR Hours
  1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Insurance

Between life insurance, disability insurance, and long-term care insurance, insurance planning can be the focus of financial planning engagements when clients need to address gaps in their risk management. However, when addressing these risk management concerns, advisors commonly make the mistake of helping clients move forward with applying for insurance without proactively planning for the application process. This can lead clients to have a tougher application process and higher premiums that could have been planned for in advice. Carolyn McClanahan, MD, CFP® gives advisors the inside scoop on coding in medical records and their impact on client medical histories, common illnesses and their impact on insurability, and how to proactively plan for insurance applications to minimize insurance premiums for clients.

-CFP/IWI: Intermediate
-NASBA: Basic

1. Describe the process of applying for individual insurance, along with pointers on how to increase the likelihood of a smooth process
2. Talk with clients about common illnesses and how they could impact individual insurance premiums and ways to reduce these impacts
3. Understand the importance of documenting medical conditions accurately to obtain favorable insurance rates
4. Explain how life insurance companies evaluate and rate individuals with osteoarthritis, depression, and other chronic conditions
5. Recognize the role of gender, age, and specific health conditions in determining eligibility and premium rates for disability insurance and long-term care

• 1.5 CFP hours
• 1.5 NASBA hours
• 0.0 EA hours
• 1.5 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Retirement Planning

Managing and strategically planning for retirement accounts is an ever-present concern of financial advisors and their clients. In the last few years, there have been several tax changes that have impacted the way advisors plan for retirement accounts, and even more changes are on the horizon, leaving advisors with a host of tax legislation to sift through to avoid tax penalties and missed planning opportunities. In this webinar, Robert Keebler explains how recent tax measures can provide retirement account holders with tax relief and support during challenging circumstances and how recent tax court proceedings and PLRs have provided clarification around tax laws. During this presentation, Keebler also delves into strategy for the future with a discussion of planning for the Tax Cuts and Jobs Act sunset and post-mortem distribution planning for retirement accounts.

-CFP/IWI: Intermediate
-NASBA: Basic

1. Describe how recent tax measures have provided tax relief for retirement account holders
2. Explain tax law clarifications provided by tax court proceedings and recent private letter rulings on the management of individual retirement accounts
3. Analyze the benefits and considerations of using Roth conversions as a planning strategy for the sunset of the Tax Cuts and Jobs Act
4. Summarize the impact of SECURE Act 2.0 impact on retirement accounts for retirees and retirement savers
5. Plan for post-mortem retirement accounts distributions considering SECURE Act 1.0

• 1.5 CFP hours
• 1.5 NASBA hours
• 0.0 EA hours
• 1.5 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Insurance

Medicare can be a complicated insurance system for clients to navigate as they transition from employer-provided insurance, especially when many human resource professionals and insurance agents for employer group insurance plans often do not fully understand the nuances of Medicare. This lack of clarity can lead to ineffective coverage and costly healthcare expenses during retirement. Financial advisors have an opportunity to ease their clients’ transitions into retirement by sharpening their knowledge of Medicare options. In this webinar, Elaine Floyd walks us through the options for Medicare coverage along with the benefits and risks associated with Original Medicare and Medicare Advantage plans. She further details how to shop for and enroll in Original Medicare, Medigap, and Medicare Advantage with beneficial considerations when going through the process, leaving advisors with a clear, practical roadmap for clients seeking coverage.

-CFP/IWI: Intermediate
-NASBA: Basic

• LO #1: Summarize the differences between Original Medicare and Medicare Advantage.
• LO #2: Describe trends in the Medicare Advantage sales and enrollment.
• LO #3: Analyze whether Original Medicare or Medicare Advantage would be more suitable for a client’s needs.
• LO #4: Walk clients through the process of shopping for and enrolling in Original Medicare and Medigap plans.
• LO #5: Walk clients through the process of shopping for and enrolling in a Medicare Advantage plan.

• 1.5 CFP hours
• 1.5 NASBA hours
• 0.0 EA hours
• 1.5 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Investments

Over half a million divorces occur in America every year, indicating that financial planners are likely to encounter client couples facing divorce within their practice. Due to the adversarial nature of the legal process, the emotional and financial strain on divorcing couples is often exacerbated, leading clients to experience significant stress and leaving advisors looking for ways to offer help. While financial planners are uniquely positioned to provide impactful support due to the collaborative and problem-solving nature of their work, they must navigate complex ethical considerations when working with clients experiencing divorce. This includes maintaining professional integrity while managing evolving client relationships and knowing when to call in specialized divorce planning experts.

In this webinar, expert Michael Kothakota will discuss how financial planners can position themselves to support clients facing divorce. He will cover strategies to navigate the ethical and emotional aspects of divorce planning, ensuring that planners are well-equipped to provide the best possible guidance during such a challenging time.

-CFP/IWI: Intermediate
-NASBA: Basic

1. Define divorce, its methods, and the main considerations around custody, support, and asset division
2. Explain why divorce is not well-suited to the legal process and why financial planners are in a great position to help
3. Analyze when it’s ethical to work with a client couple facing divorce
4. Understand the emotional pitfalls that both clients and planners can face when dealing with divorce planning
5. Identify additional resources available to deepen financial planning knowledge related to divorce

• 1.5 CFP hours
• 1.5 NASBA hours
• 1.5 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.5 IAR PP Hours

All self-study courses will be available at least through December 31, 2024.
Live courses are only available for the scheduled date.
All of our courses are reviewed on a yearly basis and renewed or discontinued every December.

• Investments

Investment portfolios should be rebalanced. This is a commonly understood concept of investment management. Advisors less commonly have a chance to take a step back and consider what rebalancing is, how often it should be done, or if this practice is actually benefiting the client. In this webinar, Michael E. Kitces, MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL dives into these questions and sheds light on the practice of portfolio rebalancing, the rationales of rebalancing, and the practicalities of executing these portfolio maintenance activities. Kitces then explains the concept of tolerance band rebalancing to create a system for rebalancing, considering the complexity of multi-asset-class portfolios and the specific needs of different types of clients, such as savers and retirees, and asset types.

-CFP/IWI: Intermediate
-NASBA: Basic

• LO #1: Explain rebalancing, including its importance in portfolio management and potential pitfalls.
• LO #2: Assess the factors that would determine the optimal rebalancing frequency.
• LO #3: Explain the concept of tolerance band rebalancing.
• LO #4: Analyze the optimal tolerance bands for client portfolio rebalancing.
• LO #5: Create a rebalancing system utilizing tolerance bands considering the needs of different types of clients.

• 1.5 CFP hours
• 1.5 NASBA hours
• 1.5 IWI General Financial Planning hours
• 0.0 IWI Taxes and Regulations hours
• 0.0 IWI Ethics hours
• 0.0 IAR EPR Hours
• 1.5 IAR PP Hours