Ethics CE: CFP Board’s Revised Code and Standards

Interactive Poll - Group Demographics

Interactive Poll - Group Experience

Review 6 Learning Objectives

20 Minutes Learning Objective #1

UNDERSTAND THE STRUCTURE AND CONTENT OF THE REVISED CODE AND STANDARDS, INCLUDING SIGNIFICANT CHANGES FROM PRIOR RULES. 

(14 Slides) Most Significant Changes

Code of Ethics

Organizational Structure

Significant Changes to Benefit the Public

Fiduciary Duty

Disclosing Conflicts of Interest

Duty to Self-Report Adverse  Conduct

Duties Owed of CFP® Professional

Compensation Disclosure

Duties when working with Additional Persons

Learning Objectives #2, #3 & #4

Details of Significant Changes

15 Minutes Learning Objective #2

DESCRIBE CFP BOARD’S FIDUCIARY DUTY 

(7 Slides) Video: Significant Expansion of the Fiduciary Obligation

Act in the Client’s Best Interest

Duty of Loyalty; Duty of Care; Duty to Follow Client Instructions

Application to Financial Advice; Financial Advice Defined

Case Study #1: Fiduciary Duty when dealing with limited options

- Interactive Poll

Case Study #2: Compensation Disclosure  of different share classes

- Interactive Poll

15 Minutes Learning Objective #3

IDENTIFY MATERIAL CONFLICTS OF INTEREST AND HOW TO AVOID, OR FULLY DISCLOSE, OBTAIN INFORMED CONSENT, AND MANAGE THEM. 

(9 Slides) Conflicts of Interest

Updated Definition of Material Conflicts

Determining When the Practice Standards Apply

Case Study #3 - Recognizing Conflicts of Interest

- Interactive Poll

How to Address Material Conflicts

How to Manage Conflicts of Interest

Full Disclosure and Informed Consent

15  Minutes Learning Objective #4

UNDERSTAND THE DUTY TO REPORT TO CFP BOARD AND THE DUTY TO COOPERATE. 

(9 Slides) Duty to Report

When and How

Duty to Cooperate

Review of Compliance Document describing CFP® professional obligations

Importance of Self-Reporting and Cooperation

20 Minutes Learning Objective #5

IDENTIFY THE PRACTICE STANDARDS WHEN PROVIDING FINANCIAL ADVICE THAT REQUIRES FINANCIAL ADVICE OR FINANCIAL PLANNING

(9 Slides) Video - Application of the Practice Standards

The Practice Standards apply in 3 situations

Documentation Requirements

Video - Integration Factors

What to do when Clients need Financial Planning but decline the service

The Seven Step Financial Planning Process

Video - Steps 1, 2 & 3

Video - Steps 4 & 5

Video - Steps 6 & 7

15 Minutes Learning Objective #6

UNDERSTAND THE DUTY TO PROVIDE INFORMATION TO CLIENTS WHEN PROVIDING FINANCIAL ADVICE AND/OR FINANCIAL PLANNING. 

(9 Slides) The Financial Advice Framework

What is Financial Advice

What is NOT Financial Advice - Interactive Poll 

Written vs Oral Disclosures when providing Financial Advice

Written vs Oral Disclosures when providing Financial Planning

Checklist: Am I Providing Financial Planning

Timing, Delivering & Updating Information

Advisor Resources at www.CFP.net/Code

5 Minutes Wrap-up: Filing  credits electronically & Questions.