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The Certified Private Wealth Advisor® (CPWA®) certification is an advanced credential created specifically for wealth managers working with high-net-worth clients, focusing on the life cycle of wealth: accumulation, preservation and distribution. Candidates who earn the certification understand how to develop specific strategies to minimize taxes, monetize and protect assets, maximize growth, and transfer wealth. Areas of specialized knowledge include applied behavioral finance, family dynamics, risk management, estate planning and portfolio management.
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Plan advisors who earn the Certified Plan Fiduciary Advisor® (CPFA®) credential demonstrate the expertise required to work with company retirement plans and act as a plan fiduciary or help plan fiduciaries manage their roles and responsibilities. The CPFA® credential was developed by the National Association of Plan Advisors and is the issuing organization.
CPFA® credential holders are knowledgeable about ERISA rules relative to plan fiduciaries and disclosure requirements, the rules differentiating investment advice from education, and the difference between service providers’ fiduciary and non-fiduciary roles.
They have specialized insight into operational errors and how to prevent them, required daily activities for plan sponsors, prohibited transactions and exemptions, fiduciary breaches and corrections, service-provider compensation and revenue-sharing restrictions, share class and revenue-sharing arrangements with fund companies, prudent process documentation, and the risk of litigation on investment selection.
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A Retirement Income Certified Professional® is equipped with the knowledge to effectively manage the transition from asset accumulation during a client’s working years to asset distribution in retirement. The RICP® designation enables the advisor to demonstrate tremendous value by delivering smart strategies for creating secure, sustainable income for a client’s retirement.
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Most people think that all financial planners are “certified,” but this isn’t true. Anyone can call himself or herself a “financial planner.” Only those who have fulfilled the certification and renewal requirements of CFP Board can display the CFP® certification marks.
Individuals certified by CFP Board have taken the extra step to demonstrate their professionalism by voluntarily submitting to the rigorous CFP® certification process that includes demanding education, examination, experience and ethical requirements. These standards are called “the four E’s,” and they are four important reasons why the financial planning practitioner you select should display the CFP® certification marks.
When selecting a financial planner, you need to feel confident that the person you choose to help you plan for your future is competent and ethical. The CFP® certification provides that sense of security by allowing only those who meet the following requirements the right to use the CFP® certification marks.
CFP® Certification Requirements: the four E’s.
Education: CFP® professionals must develop their theoretical and practical financial planning knowledge by completing a comprehensive course of study at a college or university offering a financial planning curriculum approved by CFP Board. Other options for satisfying the education component include submitting a transcript review or previous financial planning-related coursework to CFP Board for review and credit, or showing the attainment of certain professional designations or academic degrees.
Examination: CFP® practitioners must pass a comprehensive two-day, six-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format. Based on regular research of what planners do, the exam covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance.
Experience: CFP® professionals must have three years’ minimum experience in the financial planning process prior to earning the right to use the CFP® certification marks. As a result, CFP® practitioners possess financial counseling skills in addition to financial planning knowledge.
Ethics: As a final step to certification, CFP® practitioners agree to abide by a strict code of professional conduct, known as CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers. CFP Board also performs a background check during this process, and each individual must disclose any investigations or legal proceedings related to their professional or business conduct.
How does CFP Board’s Code of Ethics benefit me?
Through the Code of Ethics, CFP® practitioners agree to act fairly and diligently when providing you with financial planning advice and services, putting your interests first. The Code of Ethics states that CFP® practitioners are to act with integrity, offering you professional services that are objective and based on your needs. They are required to provide you with information about their sources of compensation and conflicts of interest in writing.
Ongoing certification requirements
Once certified, CFP® practitioners are required to maintain technical competence and fulfill ethical obligations. Every two years, they must complete a minimum 30 hours of continuing education to stay current with developments in the financial planning profession and better serve clients. Two of these hours are spent studying or discussing CFP Board’s Code of Ethics or Practice Standards. In addition to the biennial continuing education requirement, all CFP® practitioners voluntarily disclose any public, civil, criminal or disciplinary actions that may have been taken against them during the previous two years as part of the renewal process.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Our credentials may just sound like a bunch of titles until you see firsthand how the specialized knowledge can greatly benefit you personally in your financial life.
