CFP^® Certification Program

The Need for Financial Planning Assistance
Americans are becoming more and more concerned about their financial futures as well as those of their children. Many pension plans have floundered—some have failed altogether. Everyone knows that Social Security provides little security, and the system will suffer enormous problems in the not-too-distant future. Medical and long-term care costs are staggering and are eating away the savings of parents who’d hoped to leave their children an inheritance.

As Baby Boomers approach retirement age, tremendous attention is focused on financial planning. Unfortunately, there is much confusion and a certain amount of distrust concerning those who provide financial advice. The professionals traditionally regarded as the natural providers of financial advice—stock brokers—are now sometimes perceived to promote self-serving investments. In addition, they have not typically been knowledgeable about other important financial issues—insurance, estate planning, retirement and employee benefits planning, and tax issues. People are now looking for a one-stop gatekeeper who knows all facets of financial planning.

To offer sound financial guidance, advisors need solid grounding in each of these areas. The complexities are significant and the issues change constantly. Consequently, well-trained professionals who are committed to staying abreast of the rapidly changing financial environment are greatly needed. To meet this need, a new profession arose 20 years ago and has been growing ever since—Financial Planning.

The Importance of Accreditation in Financial Planning
Although federal and state regulations have placed restrictions and set requirements for anyone selling investment products, the financial planning industry has suffered because some planners were not properly trained and were operating in a nonethical manner. To ensure quality and ethical behavior, the Certified Financial Planner Board of Standards, Inc. (CFP Board), which had been in existence under another name since 1985, was formed in 1994. The Board’s mission is “to help people benefit from competent, professional, and ethical financial planning.” The CFP Board administers the CFP® and CERTIFIED FINANCIAL PLANNER™ certifications, with strict member requirements of the “four Es”—education, experience, examination, and ethics. Financial planners who hold the CFP® mark have agreed to “adhere to the highest internationally recognized standards of competence and ethical practice as set out by the Financial Planners Standards Council (FPSC).” More than 70,000 individuals worldwide have been authorized to use the CFP® mark, certifying that they have earned the highest level of accreditation offered in the industry.

The Value of the CFP^® Certification to CPAs
Public accountants are in the perfect position to offer financial planning advice. They have the reputation of being financial advisors and being independent, and in spite of some recent accounting scandals, they still are regarded as highly trusted advisors. CPAs already meet with clients in regard to their tax and financial issues, and with additional instruction in the areas of insurance, estate planning, investments, and retirement planning (which these accountants may already be well acquainted with), they will have the perfect training and experience to become fully qualified financial planners.

The opportunities for CPAs entering the financial planning field are extraordinary. In an era when demand for traditional CPA services is stagnant or dwindling, personal financial planning services will grow at an unprecedented rate over the next several decades (more than 70 million people are expected to retire in the next 20 years). Currently, it is not uncommon for CPAs who enter the financial planning field to make more income in this specific area than during several prior years of their entire accounting practice.

The CFP® mark conveys to current and potential clients that a CPA has achieved the highest level of certification available for financial planning. The certification also assures clients that their CPA is staying abreast of financial planning changes through ongoing continuing education and that he/she meets strict ethical requirements.

The Path to the CFP^® Certification
As previously mentioned, there are four elements required to achieve and maintain the CFP® mark—the “four Es” of certification—education, experience, examination, and ethics. Education has several elements related to attaining and maintaining the CFP® certification. Beginning January 1, 2007, all applicants must have a 4-year college degree. They must have taken a course at least 32 hours in length that is accredited by the CFP Board. After attaining CFP® certification, they must take 30 hours of continuing education from accredited providers every two years. Three years of Experience in financial planning are required to become a CFP® professional. Examination refers to the exam administered by the CFP Board that is offered three times a year. Finally, a CFP® practitioner is required to conform to a strict code of Ethics adopted by the Board.

Western CPE's Innovative Approach to CFP^® Certification
Traditional approaches to becoming a CFP® professional have included coursework at a local college or correspondence coursework. Both usually involve 1- to-2-years of study and coursework.

Western CPE has teamed with Jeff Rattiner, CFP®, a highly respected and successful trainer, in conjunction with Metropolitan State College of Denver. The program is called Rattiner's Financial Planning Review Course for the CFP® Certification Examination, which Western CPE has named the CPA Shortcut,™ where attendance is only required at a final 5-day exam review course. For CPAs with considerable previous financial planning experience, the CPA Shortcut™, combined with individual review of self-study materials, provides the quickest means of attaining the CFP® mark.

After completion of the CPA Shortcut™, you are ready to take the CFP® Certification Examination and begin your financial planning consulting practice. Coursework is specifically geared to practicing CPAs, and schedules are arranged around the typical “pressure points” of a practicing public accountant. The only module scheduled during tax season covers taxes itself, which can be made up at another time.

Lead Instructor Jeffrey Rattiner, CPA, CFP^®
Jeff Rattiner is President and CEO of the JR Financial Group, Inc., which services consumers and the financial services industry. His involvement in Metropolitan State College’s Financial Planning Fast Track® program, which fulfills the education requirement for CFP® certification, won critical acclaim in the December 2001 issue of Financial Planning Magazine. He is the author of numerous books, including Rattiner’s Financial Planning Bible, Rattiner’s Review for the CFP® Certification Examination Fast Track Study Guide for John Wiley, Financial Planning Answer Book for Aspen Publishing, Getting Started as a Financial Planner by Bloomberg Press, plus many others. He is a columnist for Financial Advisor Magazine.

Certified Financial Planner Board of Standards Inc. owns the CFP® and CERTIFIED FINANCIAL PLANNER™ marks, which it awards to individuals who successfully complete initial and ongoing certification requirements.

JR Financial Group is a Review Course provider for the CFP® Certification Examination administered by Certified Financial Planner Board of Standards Inc. The CFP Board does not endorse any review course nor receive financial remuneration from Review Course providers.

Metropolitan State College is a registered program with Certified Financial Planner Board of Standards, Inc. Rattiner’s Financial Planning Fast Track, Inc., is the marketing organization for the instructors who teach the program, which is registered through Metropolitan State College of Denver.

Metropolitan State College does not certify individuals to use the CFP®, CERTIFIED FINANCIAL PLANNER™, or CFP® certification marks. CFP® certification is granted only by the Certified Financial Planner Board of Standards to those persons who, in addition to completing an education requirement such as this CFP Board-Accepted Program, have met its ethics, experience, and exam requirements.

Western CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417.Web site: www.nasba.org.

Western CPE is registered with the National Association of State Boards of Accountancy as a Quality Assurance Service (QAS) sponsor of continuing professional education. Participating state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding QAS program sponsors may be addressed to NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417.Web site: www.nasba.org.

Western CPE is a qualified sponsor of continuing professional education required for individuals enrolled to practice before the Internal Revenue Service (enrolled agents) and are in compliance with the requirements of Treasury Department Circular No 230, section 10.6(g).

We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.

CFP®, CERTIFIED FINANCIAL PLANNER®, and are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP® Board's initial and ongoing certification requirements.