The Financial Planners Skill Set
General Principles of Financial Planning
1) Financial Planning Process
2) Personal financial statements
3) Budgeting
4) Emergency fund planning
5) Credit and debt management
6) Buying vs. leasing
7) Educational funding
8) Financial planning for special circumstances
9) Business law
10) Economic concepts
11) Time value of money
12) Business Law
13) Quantitative analysis
14) Monetary settlement planning
15) Characteristic and consequences of types of entities
16) Characteristic and consequences of property titling
17) Financial services industry regulation requirements
18) CFP Boards Code of Ethics and Professional Responsibility and Disciplinary Rules and Procedures
19) CFP Boards Financial Planning Practice Standards
20) Function, purpose and regulation of financial institutions | | Estate Planning
1) Methods of property transfer at death
2) Estate planning documents
3) Gifting strategies
4) Gift taxation and compliance
5) Incapacity planning
6) Estate tax calculations and compliance
7) Satisfying liquidity needs
8) Powers of appointment
9) Types, features, and taxation of trusts
10) Qualified interest trusts
11) Charitable giving
12) Use of life insurance in estate planning
13) Valuation ideas
14) Marital deduction
15) Deferral and minimization of estate taxes
16) Intra-family and other business transfer techniques
17) Disposition of Estate
18) Generation-skipping transfer tax (GSTT)
19) Fiduciary responsibilities
20) Income in respect of a decedent (IRD) |
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Investment Planning
1) Types and use of investment vehicles
2) Types of investment risk
3) Measure of investment risk
4) Measure of investment returns
5) Time-influenced security valuation concepts
6) Bond and stock valuation methods
7) Portfolio management and measurement concepts
8) Formula investing
9) Investment strategies
10) Asset allocation and portfolio diversification
11) Efficient Market Theory
12) Asset pricing models
13) Leverage of investment assets
14) Hedging and option strategies
15) Tax efficient investing
16) Investment strategies in tax advantaged accounts
17) Taxation of investment vehicles | | Insurance Planning and Risk Management
1) Principles of insurance
2) Analysis and evaluation of risk exposures
3) Legal aspects of insurance
4) Property and casualty insurance (individual and business)
5) General business liability
6) Health insurance: individual
7) Disability insurance : individual and joint
8) Long term care insurance : individual and joint
9) Life Insurance
10) Viatical settlements
11) Insurance needs analysis and rationale
12) Taxation of life, disability and long term care insurance
13) Insurance policy selection
14) Insurance company selection and due diligence |
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Income Tax Planning
1) Income tax law fundamentals
2) Tax compliance
3) Income tax fundamentals and calculation
4) Tax accounting methods
5) Tax characteristics of entities
6) Income taxation of trusts and estates
7) Basis
8) Cost recovery concepts
9) Tax consequences of like-kind exchanges
10) Tax consequences of gain or loss on sale of assets
11) Alternative Minimum Tax (AMT)
12) Tax management techniques
13) Passive activity and at risk rules
14) Tax implications of changing circumstances
15) Charitable contributions and deductions | | Retirement Planning
1) Retirement needs analysis
2) Social Security Old Age, Survivor, and Disability Income (OASDI)
3) Medicare
4) Types of retirement plans
5) Qualified plan rules and options
6) Other tax-advantaged retirement plans
7) Regulatory considerations
8) Plan selection for business-key factors affecting selection
9) Investment considerations for retirement plans
10) Distribution rules, alternatives, and taxation |
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Employee Benefits Planning
1) Employee benefit plans
2) Employee stock options
3) Stock plans
4) Non qualified deferred compensation
5) Employer / Employee insurance arrangements | | |
