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Career Advancement Articles

Showing 10 of 26 Career Advancement Articles

What Is the Accredited Wealth Management AdvisorSM (AWMA® ) Designation?

Accredited Wealth Management AdvisorSM (AWMA®) is a designation for experienced advisors who want to address the unique needs of high-net-worth clients. It is offered by the College for Financial Planning®—a Kaplan company (CFFP). This article explains what the designation is, why it’s valuable, how it can help you in your career, and how to get it.

What Is the AWMA® Designation?

The AWMA® designation program for financial professionals provides them with what they need to help clients capitalize on opportunities to preserve, grow, and transfer their wealth. The program contains sections dedicated to behavioral finance, working with small business owners, and succession and exit planning. There is also an entire module specifically dedicated to the fiduciary and regulatory issues that advisors will encounter. The program was started in 2005 and is offered exclusively online by CFFP. The certification is also listed by FINRA, which is a private, self-regulatory organization that regulates certain aspects of the securities industry.

Why the AWMA® Program Is Valuable

With all of the complex financial planning information available today, the AWMA® program prepares you to provide knowledgeable advice on the best assets and strategies for your clients. As an AWMA® student, you receive graduate-level education that focuses on wealth management. Study materials are written and updated regularly by full-time CFFP faculty who specialize in investments, insurance, taxation, retirement planning, and estate planning. They also work closely with investment professionals to provide the most current information available.

When asked about the value of the program, one certified AWMA® professional said: “Because of my AWMA® designation, I am now working with higher-net-worth clients, which allows me to work with fewer individuals while substantially increasing my income. Because my clients feel that I offer more individual attention and a top-notch level of service, I’ve received an increase in quality referrals."

Earning the AWMA® mark has other benefits as well. You receive credit for course FP513, Investment Planning, in the CFFP CFP® certification education program. You also receive credit for an elective in the CFFP MS Degree in Personal Financial Planning. This allows you to save both time and money while pursuing multiple credentials.

How the AWMA® Designation Can Help Your Career

The AWMA® designation is recognized as the industry benchmark for wealth management credentials and is endorsed by leading financial firms. It is an indication that you can effectively identify, analyze, and recommend strategies that are appropriate for the diverse needs of your high-net-worth clients. In addition, financial advisors with the AWMA® report an average earnings increase of 16 percent, as well as client-base growth and greater job satisfaction.

From the point of view of your high-net-worth clients, the AWMA® mark indicates that you have the knowledge and education to guide them to the right investments for their wealth management goals.

How to Earn the AWMA®

To earn the AWMA® designation, follow these steps:

  1. Complete an eight-module education program provided by CFFP. There are no prerequisites for this program, and you have a year to complete it. The modules cover getting to know your high-net-worth client; considerations for business owners; income tax strategies for high-net-worth clients; executive benefits planning for high-net-worth clients; estate planning for high-net-worth clients; and fiduciary, regulatory, and ethical issues for financial services providers.
  2. Take and pass the AWMA® exam. You must take the test for the first time within six months of enrolling for the program, and you have a year to pass it. There are 80 questions on the exam, and the passing score is 70 percent. According to Analyst Forum, you should plan on studying for about 150 hours.
  3. Agree to abide by a code of ethics.

Is the AWMA® Designation Right for You?

The AWMA® offers you a chance to distinguish yourself in wealth management. It is right for you if you are:

  • An experienced advisor who wants financial planning credentials to advance your career
  • A producer who is transitioning from product sales into offering a broader range of services
  • An advisor with a broad financial knowledge who wants to specialize in the unique needs of high-net-worth clients
  • An advisor who wants to pursue the CFP® Certification or a Master of Science degree at a later date

Learn more about the AWMA® program and how to enroll here.

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Posted by Kaplan Financial Education - February 3, 2020
What is AWMA - conceptual image

What Is the Chartered Retirement Plans SpecialistSM (CRPS®) Designation?

The Chartered Retirement Plans SpecialistSM (CRPS®) designation enables financial advisors and other professionals to demonstrate their expertise in administering retirement plans for businesses and wholesale clients. It is offered exclusively by the College for Financial Planning®—a Kaplan Company (CFFP). This article explains the designation, how it differs from the CRPC® mark, and the curriculum to help you decide if it's a good fit for your career.

About the CRPS® Designation

As retirement plan options evolve and tax complexity increases, many companies seek professional plan administrators to design, install, and maintain their company retirement plans. Firms, non-profits, and government organizations of all sizes recognize the unique skills needed to implement and oversee these internal retirement plans. The CRPS® designation demonstrates that you have those skills.

The CRPS® program addresses topics such as the types and characteristics of retirement plans, IRAs, SEP, SIMPLE, 401(k), and defined benefit plans. It also includes coursework that covers non-profit and government plans, qualified and IRA distributions, plan design, installation, and administration, and fiduciary issues.

How Does the CRPS® Differ from the CRPC®?

Candidates in the CRPS® program focus on retirement planning for employees and management in for-profit companies and public sector organizations. By contrast, the CRPC® designation is the industry benchmark for individual retirement planning. The CRPC® program guides candidates through specialized tax and estate objectives and strategies for a retiree and presents the financial and emotional aspects of financial planning that are unique to the retirement process for individuals.

The CRPS® Curriculum

The CRPS® curriculum consists of these seven modules:

  • Introduction to the Employee Retirement Income Security Act of 1974 (ERISA) and the Fiduciary Standard Employer-Funded Defined Contribution Plans
  • Participant-Directed Retirement Plans
  • Retirement Plan Solutions for Small Business Owners
  • Retirement Plan Selection, Design, and Implementation
  • Administering ERISA-Compliant Plans Working with Participants

Although most students complete the CRPS® program in 90 days, they have one full year from their enrollment date to complete these modules, and there is a final exam. The final exam contains 80 questions, and the passing score is 70 percent. To ensure that students are making satisfactory progress in their studies, they must test at least once every six months until the successful completion of the program.

The Benefits of the CRPS® Designation

The CRPS® mark can set you apart from other advisors because it demonstrates you have the knowledge and expertise to recommend implementation techniques that can be executed into well-structured, company-appropriate retirement plans. Businesses, non-profits, and government organizations will recognize that you can effectively administer wholesale retirement plans for their employees and management.

Earning the designation is also a sound financial decision. Advisors can expect an average of a 20 percent pay increase after earning the designation. Plus, it can help with your future education plans. CRPS® designees receive credit for an elective in the CFFP MS Degree in Personal Financial program. This allows you to save both time and money while pursuing multiple credentials.

Considering the CRPS® Designation?

The CRPS® designation is well-suited for:

  • Experienced advisors who desire financial planning credentials to advance their careers
  • Finance professionals who would like to specialize in wholesale-based retirement plans rather than planning for individuals
  • Advisors who would like to get a designation to boost their retirement planning skills that also gives them a headstart on earning the CFP® certification or a Master of Science degree

To learn more about how to earn a retirement planning designation endorsed by the top financial firms, visit the CRPS® web page.

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Posted by Kaplan Financial Education - December 18, 2019
CRPS designation work

Frequently Asked Questions about the Series 63 Exam

The questions most frequently asked about the Series 63 exam—such as exam difficulty, passing score, pass rates, questions, and topics—are answered in this article. Read on to get all the information you need to understand what the license is for and decide if you have to take the exam.

What is the Series 63 License? How long is it good for?

The Series 63 license, also known as the Uniform Securities Agent license, enables you to sell securities in a particular state. If you have a Series 6 or a Series 7 license, and you want to sell securities in the state where you live, work, or plan to work, you must also have a Series 63 license—except in Colorado, Florida, Louisiana, Maryland, Ohio, the District of Columbia, and Puerto Rico. None of these requires the Series 63.

The Series 63 license is good for the entire period that you work for a FINRA-member firm or self-regulatory organization (SRO). It only expires if you are terminated or leave a firm and do not find employment within two years at another FINRA-member firm or SRO.

Thinking about a career in securities? Download our free eBook, Launching Your Securities Career, to get tips and advice from 100+ securities professionals.

What is the difference between the Series 6, Series 7, and Series 63 licenses?

If you hold a Series 6 license, you’re called a limited representative, and you are entitled to sell mutual funds, variable annuities, and insurance premiums in Colorado, Florida, Louisiana, Maryland, Ohio, the District of Columbia, and Puerto Rico. If you’ve earned the Series 7 license, you’re called a registered representative, and you’re permitted to sell corporate stocks and bonds, municipal bonds, mutual funds, variable annuities, options, direct participation program partnerships, and collateralized mortgage obligations in the same states as Series 6. For all other states, you cannot sell any of these assets until you earn your Series 63 license, along with the Series 6, Series 7, or both.

What is the difference between the Series 63, 65, and 66 licenses?

The Series 63, Uniform Securities Agent, is a license for broker-dealer representatives. The Series 65 license, Uniform Investment Adviser, is for investment adviser representatives, which is anyone who works for an investment advisory company and provides investment-related advice for a fee. Holders of the Series 66 license are treated as if they earned both the Series 63 and Series 65 licenses. However, you cannot earn the Series 66 if you do not have a Series 7 license.

What jobs can I get with a Series 63 license?

If you have earned the Series 6 license and the Series 63 license, you can be a financial adviser or insurance agent who also sells mutual funds and works at a brokerage, investment firm, bank, or insurance company. If you have earned the Series 7 license, you can have a career as a stockbroker at a brokerage, investment firm, or bank.

How do I earn a Series 63 license?

Although you can earn the Series 63 license without sponsorship or any prerequisites, we suggest you approach the process in the following order:

  1. Take and pass the SIE exam.
  2. Secure a sponsorship from a FINRA-member firm, and register for the Series 7 exam, Series 6 exam, or both.
  3. Study for and pass the Series 7 exam, Series 6 exam, or both.
  4. Register for the Series 63 exam.
  5. Study for and pass the Series 63 exam.

What is the Series 63 exam? Why should I take it?

The Series 63, Uniform Securities Agent State Law Examination, is the state law test for broker-dealer representatives. It is a North American Securities Administrators Association (NASAA) exam administered by FINRA. You should take the exam if you have a Series 6 license, Series 7 license, or both, and do not live or work in Colorado, Florida, Louisiana, Maryland, New Jersey, Ohio, Vermont, the District of Columbia, and Puerto Rico. Outside of those states, you cannot sell securities without passing the Series 63 exam.

What are the requirements to sit for the Series 63 exam? Do I need a sponsor?

To take the Series 63 exam, you do not need a FINRA-member firm or SRO to sponsor you. You can use a Form U10 (Uniform Examination Request for non-FINRA candidates) to register. However, if you have worked for a FINRA-member firm for four months or more, they can file a Form U4 (Uniform Application for Securities Industry Registration) on your behalf.

There are no education requirements to sit for the Series 63 exam, although most candidates have a college degree in a finance-related field, and many choose to complete a Series 63 exam prep package prior to sitting for the exam.

Is the Series 63 exam paper or computer-based?

Like all other securities qualification exams, the Series 63 exam is administered by computer at a Prometric testing center.

What topics are covered on the exam?

The Series 63 exam topics are:

  • State securities acts and related rules and regulations
  • Ethical practices and fiduciary obligations

How many questions are on the exam?

The Series 63 exam consists of 60 multiple-choice questions. There are 36 questions about state securities acts and their related rules and regulations (60 percent) and 24 questions about ethical practices and fiduciary obligations (40 percent).

How much time does it take to study for the Series 63 exam?

Most candidates spend 30–40 hours studying for the FINRA Series 63. Best practices suggest that you spread those hours over about 10 days.

How hard is the Series 63 exam?

Expect the Series 63 to be challenging, mainly because of the short amount of time you have to complete the questions. You only have 75 minutes, so if you spend more than a minute and 15 seconds on each question, you can fall behind quickly. If you know the material and haven’t crammed, you have a good chance of passing.

How much does it cost to sit for the exam?

The exam cost is $125.

What is the passing score for the exam?

The passing score for the exam is 72 percent. 

What is the pass rate for the exam?

Because the Series 63 is a state exam, questions on the exam vary, and statistics are hard to capture. Therefore, no official pass or fail rate has been recorded. In 2014, the Wall Street Journal did a survey of 370,000 brokers and found that 86 percent passed on their first try. However, the exam changed significantly in 2016, so that percentage might not be accurate by today’s standards.

If I fail the Series 63 exam, what is the wait time before I can retake it?

Candidates who do not pass the exam must wait 30 days before taking it again. However, if you fail it three times in succession, you must wait 180 days.

Ready to earn your Series 63 license?

We hope this article answers all of your questions about the Series 63 exam and license. If you’re interested in taking the exam, check out our Series 63 exam preparation packages.

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Posted by Kaplan Financial Education - December 11, 2019
Series 63 FAQ - stockbroker

What Is the Accredited Asset Management Specialist (AAMS®) Designation?

Accredited Asset Management Specialist (AAMS®) is a professional designation designed for newcomers to the financial advice business that is awarded by the College for Financial Planning (CFFP)—a Kaplan company. Earning the designation also enables experienced advisors to learn more about asset management and improve their credentials. This article explains what the designation is, why it’s valuable, how it can help you in your career, and how to get it.

What Is AAMS®?

AAMS® is a designation program for financial professionals. The program provides advisors with fundamental financial knowledge of asset management and investments. It was started in 1994 and is offered exclusively online by CFFP. The designation is also listed by FINRA, which is a private, self-regulatory organization that regulates certain aspects of the securities industry.

Why the AAMS® Program Is Valuable

When asked about the value of the program, one AAMS® professional said: “This program gave me more knowledge to help structure my communication with my clients. The AAMS® program should be a requirement for anyone involved in asset allocation and money management."

The courses and tests associated with earning the AAMS teach advisors how to evaluate assets and make recommendations. Those who go through the program learn to identify new investment opportunities and also recognize insurance, tax, retirement, and estate issues.

The program is designed to help financial advisors who are just starting out in their careers. However, more experienced financial advisors can benefit from the credential, too, because it lets clients know they have a specialty in asset management. In addition, financial advisors with the AAMS® designation who plan to earn the CFP® designation receive credit for the completion of FP511 in the CFFP CFP® certification education program.

How the AAMS® Designation Can Help Your Career

The AAMS® designation is recognized as the industry benchmark for asset management credentials and is endorsed by leading financial firms. It enables you to serve individual, small business, or investment clients better. If you have an entry-level financial advice position or are a trainee, it can help you advance your financial career. In addition, financial advisors with the AAMS® report an average earnings increase of 20 percent, as well as client base growth and greater job satisfaction.

For clients, the AAMS® is a sign that you can identify investment opportunities specific to their needs. For example, it can reassure nervous clients who need to plan for college tuition or purchase a retirement home. Because you’ve been through the program and earned the AAMS® designation, you can guide those clients and others to the right investments for their goals.

How to Earn the AAMS®

To earn the AAMS® designation, follow these steps:

  1. Complete a 10-module education program provided by CFFP. There are no prerequisites for this program, which typically takes 9–11 weeks to complete. The modules cover the asset management process; risk, return, and investment performance; asset allocation and selection; investment strategies; taxation of investments; investing for retirement; deferred compensation and benefit plans; insurance products for investment clients; estate planning for investment clients; and fiduciary, regulatory, and ethical issues for advisors.
  2. Take and pass the AAMS® exam. You must take the test for the first time within six months of enrolling for the program, and you have a year to pass it. There are 80 questions on the exam, and the passing score is 70 percent. Plan on studying for about 80–100 hours.
  3. Agree to abide by a code of ethics.

Think the AAMS® Designation Is Right for You?

If you’re just starting out in your career, the AAMS® offers you a chance to build your credentials. If you’re experienced and want to earn your CFP® mark, the AAMS® program gives you a head start, plus you get a credential in the process. Learn more about the AAMS® program and how to enroll here.

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Posted by Kaplan Financial Education - October 14, 2019
Man with AAMS helping asset management clients

CRPC® Designation: Demonstrate the Retirement Planning Expertise Clients Demand

The CRPC® designation is the end result of a comprehensive program that helps financial advisors master the entire retirement planning process, going far beyond retirement income. With financial decisions that will determine their security and lifestyle for the balance of their lives, people born in the early 1960s are demanding a high level of knowledge from their advisors. This program is designed to help retirement planning counselors to meet these demands. This article provides an overview of the program.

Why the CRPC® Designation?

The youngest of the “baby boomer” generation, people born in 1964, are now solidly into their mid-50s, so retirement is weighing heavily on their minds. In fact, in a recent national survey of financial advisors, the College for Financial Planning®—a Kaplan Company found that more than three-quarters of their clients are “concerned” or “very concerned” about their retirement savings programs, and well over half worry about actually outliving their assets.

So, it’s not at all surprising that financial advisors are facing an increasingly complex onslaught of retirement planning questions as these baby boomers look for advice on when they’ll be able to retire, as well as guidance in finding investments to meet their lifestyle needs in 10 years, 20 years, or beyond.

Recognizing these challenges, the College for Financial Planning®—a Kaplan Company has created the Chartered Retirement Planning Counselor™ (CRPC®) education and designation program.

What is the Chartered Retirement Planning Counselor (CRPC®) Designation?

The CRPC® helps financial advisors by guiding them through specialized tax and estate objectives and strategies for a retiree and presents the unique financial and emotional aspects of financial planning that are unique to the retirement process. In short, the program helps advisors define a “road map to retirement,” enabling them to focus on the pre- and post-retirement needs of their clients.

The CRPC® designation is the industry benchmark for retirement planning credentials and is encouraged by the top firms in the industry. Graduates report a 9 percent increase in earnings in addition to increases in their number of clients and even their job satisfaction.

About the CRPC® Designation Course

The CRPC® Professional Education Program is a three-semester credit graduate-level course. The nine modules in the course are:

  • Maximizing the Client Experience During the Retirement Planning Process
  • Principles and Strategies When Investing for Retirement
  • Making the Most of Social Security Retirement Benefits
  • Bridging the Income Gap: Identifying Other Sources of Retirement Income
  • Navigating Health Care Options in Retirement
  • Making the Emotional and Financial Transition to Retirement
  • Designing Optimal Retirement Income Streams
  • Achieving Tax and Estate Planning Objectives in Retirement
  • Fiduciary, Ethical, and Regulatory Issues for Advisers

The typical student should expect to spend approximately 90–135 hours on course-related activities to study and prepare adequately for the course examination. The CRPC® course also does double-duty for professionals who are considering a master’s degree: designees receive direct credit for one course in the CFFP MS in Personal Financial Planning program, saving them time and money while enabling them to pursue multiple credentials.

Learn More

Many leading financial advisory firms endorse the CRPC® designation and will reimburse advisors for course-related expenses. For more information, visit the College’s website.

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Posted by Kaplan Financial Education - September 5, 2019
Woman with CRPC Designation helping clients

Adding Value to Your Client Relationships in Authentic Ways

If you’re in the financial or money business, you may want to skip this article. If, however, you are in the people business, this article will be of value to you. It is important to consciously recognize whether your primary value-add is offering all the tools for your clients or mastering relationships with your clients. They’re both important for a successful client experience, but the tools are table stakes. Mastering client relationships is where you can differentiate your business from the rest and provide invaluable service that will maintain life-long clients.

This article offers 3 main ways to add value to your client relationships, starting with always being on the hunt for different and authentic avenues to do so. Here are 3 tips.

1. Learn who is important in your client’s lives and show up to support them.

For example, your clients may be family-oriented. If they are excited about their children’s or grandchildren’s activities, you may want to ask if you can attend an upcoming event. Your clients likely want to have people they respect to show up and see their children succeed. If a child is a great musician, attend a recital or see the band. If the client has a son or daughter who is an athlete, go to watch a game. At graduation, make sure you’re in the crowd for the ceremony—and so on. Being present in different aspects of your clients’ lives builds a trust that shows you care about them.

Recently, I advised an advisor to ask his most important client for his daughter's upcoming high school basketball schedule. When the client asked why, he responded with, “You have told me so much about her college recruiting process that I wanted to see one of her games.” The client was thrilled and couldn’t wait to see the next game with the advisor. The impact of your presence will add value not only in your client relationship but also in the relationship between you and the children.

2. Understand your clients’ passions, and collect news about their interests.

Recently, an advisor mentioned that when he flies, he brings along a supply of magazines. On the flight, he peruses them for things that are of interest to his clients. Afterward, he may have a stack of 5 to 10 items that he can send to certain clients with a note that says, “I was on a flight recently and came across this article. I’m not sure if you saw this yet. Hope you enjoy.”

Imagine what clients must think when they receive something like that. How would you feel if you knew someone was thinking about you on their vacation or business trip? A gesture such as this shows your clients that you listen to what they say, and you are invested enough to go out of your way to show them.

3. Switch roles—ask for their opinion.

This is a great way to add value to relationships. If you called a client and asked them to lend an opinion to help you make a decision—personal or professional—they might feel more valued in your relationship. After all, your clients seek your advice, but how often do you seek advice from them? When advice and counsel go both ways, that’s a true hallmark of a great relationship.

Building a strong foundation

There are probably hundreds of ways to add value in relationships. Make sure you build a strong foundation of systems and tools for your business, so you can focus on being in the people business and dedicate your time to mastering relationships. It’s the future of our role. I would love to hear back from you on ways you are adding value that might be considered out of the norm.

About the author

Steven J. Atkinson, CFS is Managing Director, Advisor Relations for Loring Ward. Loring Ward is a comprehensive business partner for registered investment advisors.

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Posted by Steven J. Atkinson, CFS - August 5, 2019
Hands depicting building client relationships with puzzle pieces

Financial Advisor vs. Investment Adviser: What’s In a Name?

In a line made famous by Juliet in the William Shakespeare play, Romeo and Juliet, she says "A rose by any other name would smell as sweet." The phrase is commonly used today to suggest that the name given to something does not necessarily describe its meaning. In the case of a rose, there is a specific definition relating to a thorny bush coming from the Latin word, Rosa. So, call it a rock, call it a car, or call it whatever you want. It is still a rose. 

What if a securities professional uses the term financial advisor? What does that mean to you? Unfortunately, unlike the rose, there is no legal definition for that term, and, to quote Mr. Shakespeare again (this time from Hamlet), “Aye, that’s the rub.” Because anyone can call himself a financial advisor, confusion reigns in the financial industry, and the SEC has finally taken steps to attempt to address that issue.

Thinking about a career in securities? Download our free eBook, Launching Your Securities Career, to get tips and advice from 100+ securities professionals.

Similar to the rose, there is a legal term, investment adviser, found in the federal Investment Advisers Act of 1940 and the state law, the Uniform Securities Act. These persons are held to a fiduciary standard and are defined as an investment adviser by meeting a 3-prong test:

  1. The person gives advice on securities
  2. The advice is given as part of a regular business
  3. The person receives compensation for the advice

Furthermore, under both federal and state law, excluded from the definition of an investment adviser are broker-dealers if their performance of advisory services is solely incidental to the conduct of their business as a broker-dealer, and they do not receive any special compensation for their advisory services. But, what happens when broker-dealers and their salespersons call themselves financial advisors?

Historically, the stock brokerage industry has used many terms to describe those individuals who are involved in securities sales for broker-dealers. Legally, the term is registered representative (or agent under state law), but the most common term was stockbroker. Euphemisms abound because firms wanted their salespersons to sound like something other than a stock pusher. In the November 19, 1927, issue of The New Yorker magazine, the term customer’s man was used (there were few if any women registered at that time). Later on, they became account executives and, most recently, financial advisors.

In 2006, the Securities and Exchange Commission (SEC) commissioned The RAND Corporation, a major think tank, to conduct a study focused on two questions:

  • What are the current business practices of broker-dealers and investment advisers?
  • Do investors understand the differences between broker-dealers and investment advisers?

As RAND reported, “The study confirmed that the industry is becoming increasingly complex, firms are becoming more heterogeneous and intertwined, and investors do not have a clear understanding of the different functions and fiduciary responsibilities of financial professionals.”

Of significant importance were the responses to the second question. About two-thirds of the respondents were classified as “experienced” investors, meaning that they had investments outside of retirement plans and/or formal training in finance or investments. Yet, even with that background, when presented with a list of services and obligations and then being asked to indicate which items applied to investment advisers, brokers, and financial advisors, their responses showed that financial advisors were viewed more similarly to investment advisers than brokers.

They attributed part of their confusion to the dozens of titles used in the field, including generic titles, such as financial advisor and financial consultant. Another study, “the 913 study,” was mandated by Section 913 of the Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank), and the findings echoed those of the RAND study. Specifically, “Many retail investors and investor advocates submitted comments stating that retail investors do not understand the differences between investment advisers and broker-dealers or the standards of care applicable to broker-dealers and investment advisers. Many find the standards of care confusing, and are uncertain about the meaning of the various titles and designations used by investment advisers and broker-dealers.”

Finally, in April 2018, the SEC released a proposal to limit the use of the terms advisor and adviser. The proposal stated:

We agree that it is important to ensure that retail investors receive the information they need to understand the services, fees, conflicts, and disciplinary history of firms and financial professionals they are considering. Likewise, we believe that we should reduce the risk that retail investors could be confused or misled about the financial services they will receive as a result of the titles that firms and financial professionals use, and mitigate potential harm to investors as a result of that confusion. We are proposing rules that would (i) restrict the use of the terms ‘adviser’ and ‘advisor’ by broker-dealers and their associated financial professionals, and (ii) require broker-dealers and investment advisers to disclose in retail investor communications the firm’s registration status while also requiring their associated financial professionals to disclose their association with such firm. Specifically, we believe that certain names or titles used by broker-dealers, including ‘financial advisor,’ contribute to retail investor confusion about the distinction among different firms and investment professionals, and thus could mislead retail investors into believing that they are engaging with an investment adviser–and are receiving services commonly provided by an investment adviser and subject to an adviser’s fiduciary duty, which applies to the retail investors’ entire relationship–when they are not.

The proposal would restrict any broker-dealer and any individual associated with the broker-dealer from using, as part of its name or title, the words adviser or advisor unless the broker-dealer is registered as an investment adviser under the Advisers Act or with a state, or any individual who is an associated person of such broker or dealer is properly registered as an investment adviser representative.The effect of the proposal would restrict the ability of a broker-dealer (unless also registered as an investment adviser) to use the term adviser or advisor in any manner such as financial advisor/adviser, wealth advisor/adviser, trusted advisor/adviser, and advisory (e.g., “XYZ Firm Advisory”) when communicating with any retail investor.

What final form the rule will take is not clear, but what is clear is that, at least for broker-dealers and their reps, you won’t be able to call yourself a rose if you are not one.

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Posted by Chuck Lowenstein, Senior Securities Editor - April 9, 2019

3 Reasons Millennials Don't Want You to be Their Financial Advisor

If you’ve been working in the advisory business for some time, you might be wondering what the future of the industry could look like. Unfortunately, it probably won’t look like you. But that doesn’t mean you can’t serve the next generation of wealth successfully. After all, the opportunity is huge. The Millennial generation has officially surpassed Baby Boomers in terms of size. Also, and this isn’t the first time you’ve heard it, they are poised to inherit close to 30 trillion dollars over the next 30 years. Like I said, a huge opportunity!

At Stash Wealth, we cater exclusively to Millennials, and they’ve taught us a lot about what they are attracted to when it comes to choosing a financial advisor. Here are a few reasons why Millennials don’t work with you.

1. You Wear A Suit

Millennials don’t trust suits. Crazy, but true. At Stash, we agree that a few bad eggs (wearing suits) ruined it for all of us. Thanks to 2008/2009, Wall Street has officially lost the trust of the Millennial generation. Yes, we are regaining it slowly, but there’s a very unflattering stereotype embedded in everyone’s minds. And movies like The Big Short and Too Big To Fail haven’t helped. Even if you aren’t the stereotype, your suit and tie gives you away. If you don’t wear a suit and tie, you’re one step ahead….seriously. Perception is reality. If you look like a suit, you are a switch it up.

2. You Speak A Foreign Language

Imagine if your doctor told you your ice cream headache was Sphenopalatine ganglioneuralgia. Drop the jargon. Millennials don’t want to be talked down to. And they definitely don’t want to feel stupid. If you continue to use words like “diversification” and “tax-loss harvesting,” it’s likely that your efforts to educate and empower them will fall on deaf ears. Even if your heart’s in the right place, you need to get smart about how you communicate. Millennials trust clear communicators, not intimidating words and fancy mahogany offices.

3. You Think Your Firm Builds Your Credibility

If a client chooses to work with an individual over a robo-advisor, a common choice for Millennials, it’s likely that they value relationships just as much as technology. Most older advisors I know believe that their firm’s brand is what drives clients to them. Quite frankly, it’s a crutch and a dangerous one. If you work at a firm with hundreds of other advisors, you need to get clear on why Millennial clients should pick you. Advisors who can articulate their value prop beyond the firm’s mission have something real to stand on—something that extends beyond the name of the firm. Why are you unique? Stop falling back on the assumed credibility of your firm and figure out what your advantage is.

A final thought. If you’re in the middle of your career, there’s still time to incorporate a new target market into your strategy. Frankly, you’ll be able to capitalize on the fact that your colleagues probably haven’t seen the light yet. If they are still chasing wealth instead of wealth potential, that’s a good thing for you.

You know who Millennials trust? Other Millennials. So, if you're a Millennial who is interested in helping other Millennials, consider becoming a financial advisor or earning your CFP® certification. Learn more here.

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Posted by Priya Malani, Stash Wealth - April 8, 2019
Illustration of a millinnial looking for a financial advisor who understands his needs.

Strategies for Effectively Giving and Receiving Feedback in Business

Feedback: for most of us, this gift isn’t our first choice to receive. The term, whether we call it feedback, input, constructive criticism, or collaboration, resonates with most of us as a negative instead of positive. I soundly think that an individual’s ability to appropriately respond to and incorporate feedback makes or breaks leaders.

There are two sides to the “feedback gifting” equation: giving and receiving. In today’s workplace, the ability to refine both skills is critical to leading well. Feedback is an artform. Most people would prefer to opt out of participating because frankly, it takes some serious effort to articulate feedback in a constructive way. It is even more challenging to receive it in a wise way.

Below are my top 3 tips for both giving and receiving feedback in a way that promotes leading well.

How to Effectively Give Feedback   

  1. Be selective. Make sure it’s observed as a trend, because everyone has a bad day once. Ensure the feedback is based on a pattern that is causing the individual to reach an outcome that is not the desired one. Ensure the feedback is important enough to make a difference, as opposed to coming across as “nitpicking.” Plan appropriately to ensure sharing this feedback is actually helpful.
  2. Be gentle. Receiving input that has to do with changing behavior is not easy. Recognize this and think about how to express the input gently. Each recipient has a different tolerance for directness with coaching. Ideally, you’ll know your team member well enough to determine the best approach. With that said, always err on the side of being as gentle as possible during the feedback phase. If the behavior escalates to the point where it requires advanced coaching or disciplinary action, that is a different story. But for simple feedback, gentle is better.
  3. Be encouraging. Once you’ve shared the primary feedback, prepare to share a couple positives from the situation. Provide encouraging observations to relay that your intentions are genuinely intended to support the team member’s overall success.

How to Effectively Receive Feedback  

  1. Be attentive. Listen carefully and take notes if needed. Be 100% present in this moment to truly hear everything the giver is saying. Resist the urge to let your mind wander to a defensive place or tune the person out. The information they are sharing with you is a gift, and you can choose how to use it.
  2. Be engaged. Restate the feedback and the impact that it is causing, as you have heard it. Make sure this comes across as clarifying the feedback, not discounting it. Ask for ideas and suggestions to handle the particular situation or behavior in a way that would be more beneficial to all involved.
  3. Be appreciative. A team member bringing feedback to you, whether it be your boss, customer, or peer, is a way of them telling you, “I care about your success.” Thank them sincerely for the feedback. Let them know that any time they have feedback for you, it is welcomed. This will reinforce the culture of transparency and trust.

Real trust is built on honest dialogue. Receiving and giving feedback is part of honest dialogue. Spending the time, seeing it as a gift, and wrapping it well (whether giving or receiving), will have high returns in your ability to lead effectively. The best teammates are the ones who can be candid with one another. In order to trust each other, highlighting both negative and positive feedback is critical. Kaplan offers programs for leadership training that include giving appropriate feedback. Learn more about them here.


Asha Bianca is a dynamic, innovative, and resourceful Senior Level Executive with 20+ years of proven history in growing measurable value in student, customer, employee, and shareholder interests. Asha understands how to grow the bottom line without negatively impacting the business and corporate culture. Throughout her career, she has led teams and departments of all sizes through major change, while minimizing the risk to the business to ensure the organizational health of the company is strong.

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Posted by Kaplan Financial Education - March 29, 2019
Meeting betweek two colleagues to provide feedback on performance.

A Guide to Using the CFP® Marks

Not sure how to use the CFP® marks on your business card? You are not alone. The purpose of this guide is to help you better understand the proper usage of the CFP® marks. This helps CFP Board protect the value of the trademark.

To begin, it is important to know when to use the ® and when to the use the . When you spell out “CERTIFIED FINANCIAL PLANNER, you must use the trademark symbol immediately following it. When you abbreviate to CFP® you must use the registered mark.


When using CERTIFIED FINANCIAL PLANNER™, there are a number of rules you must follow beyond the ™ mark.

  • You must use all capital letters or small cap font.
  • You must use the ™ symbol at the end.
  • The mark must be associated with individual(s) certified by CFP Board – not companies or groups.
  • You may use “CERTIFIED FINANCIAL PLANNER™” following an individual name certified by CFP Board (ex. John Smith, CERTIFIED FINANCIAL PLANNER™)
  • If not using with an individual name, you must follow “CERTIFIED FINANCIAL PLANNER™” with one of CFP Board’s approved nouns. These include:

How to Use CFP® Marks

Similarly, when using “CFP®,” there are a number of rules you must follow beyond the ® mark.

  • You must use all capital letters.
  • You cannot use periods.
  • You must use the ® symbol after "CFP®."
  • The mark must be associated with individual(s) certified by CFP Board – not companies or groups.
  • You may use “CFP®” following an individual name certified by CFP Board (ex. John Smith, CFP®).
  • If not using with an individual name, you must follow “CFP®” with one of CFP Board’s approved nouns. These include:
    • Certificant
    • Professional
    • Practitioner
    • Certification
    • Mark
    • Exam


If you're able to advertise your CFP® Certification, that means it's time to make sure you know about continuing education. You can get more information here.

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Posted by Kaplan Financial Education - March 29, 2019
Question mark to depict confusion people have about using the CFP marks

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