CFP Certification Ethics
This category of conduct permanently bars an individual from becoming certified.
What is unacceptable conduct?
This is the first step in the financial planning process
What is understanding the client’s personal and financial circumstances?
Medicare does not pay for this type of long-term care.
What is custodial care?
Systematic risk is quantified by this statistic.
What is beta (β)?
Marginal tax rates apply to this specific portion of income.
What is the next dollar of earned income?
To challenge presumed unacceptable conduct, individuals must petition this group.
What is the Disciplinary and Ethics Commission (DEC)?
In Step 2, planners assist clients in doing these two actions with their goals.
What are selecting and prioritizing goals?
To qualify for long-term care benefits, an individual must meet one of these two triggers.
What are 2 of 6 ADLs or substantial cognitive impairment?
This is the measure used to calculate total investment risk.
What is standard deviation?
The annual gift tax exclusion for 2024 is this amount.
What is $18,000?
he ethics declaration of the Certification Application requires disclosure of these matters.
What are relevant matters?
Presenting recommendations occurs in this step of the financial planning process.
What is Step 5?
This disability insurance definition is most favorable to the insured but more expensive.
What is own-occupation?
This type of distribution curve illustrates outcomes around an average return.
What is a normal distribution curve?
This type of tax credit offsets liability on a dollar-to-dollar basis, even if liability is exceeded.
What is a refundable credit?
This type of sanction involves a written reproach mailed to the respondent.
What is private censure?
This step involves addressing implementation responsibilities and selecting actions.
What is implementing the financial planning recommendations (Step 6)?
This type of insurance protects against a client exhausting assets before Medicaid eligibility.
What is Partnership Long-Term Care Insurance?
Positively skewed distributions have outliers in this tail.
What is the upper or right tail?
This tax strategy allows spouses to double the annual exclusion per donee.
What is gift splitting?
This is the most severe form of discipline issued by the DEC.
What is revocation?
This step includes updating goals and monitoring client progress.
What is monitoring progress and updating (Step 7)?
Social Security Disability requires these two conditions to qualify for benefits.
What are inability to perform any occupation and a condition lasting at least 12 months or resulting in death?
Investments with high standard deviations often offer this trade-off.
What are greater returns and greater downside risk?
The lifetime gift tax exemption amount for 2024 is this.
What is $13,610,000?