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Fiduciary and financial advisor are related terms, but they are not synonymous. Some fiduciaries are financial advisors, but the term also includes individuals who do not work in finance.
The CFP board and other organizations have communicated with the Consumer Financial Protection Bureau to augment accredited degree standards and ranking of professional designations. [13] The CFP Certification Examination is a multiple choice, computer-based exam consisting of 170 questions, broken into two sessions separated by a 40-minute break.
The FPAC syllabus is over two exams: the first 3-hour paper, covers underlying knowledge of financial planning and analysis; the second 4.5 hour paper, is a case-based test of applied analytics and business support. Certificants have three years experience and hold a relevant degree or other qualification; AFP thereafter specifies continuing ...
There are those focused on specific areas such as investment advisors or wealth managers, or those with certain certifications such as specialists holding a certified financial planner (CFP ...
An IA must adhere to a fiduciary standard of care laid out in the US Investment Advisers Act of 1940.This standard requires IAs to act and serve a client's best interests with the intent to eliminate, or at least to expose, all potential conflicts of interest which might incline an investment adviser—consciously or unconsciously—to render advice which was not in the best interest of the IA ...
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A Registered Investment Adviser (RIA) refers to an IA that is registered with the SEC or a state's securities agency and typically provides investment advice to a retail investor or registered investment company such as a mutual fund, or exchange-traded fund. Registered Investment Advisors are regulated by either the SEC or by the individual ...
The Association for Investment Management and Research (AIMR) was founded in 1990 as the umbrella organization for the ICFA and the FAF, still separate entities at that time. ICFA and the FAF consolidated under AIMR in 1999. [8] In 2004, the Association for Investment Management and Research voted to change its name to the CFA Institute. [11]