CFP Board Financial Planning Competency Handbook, 2nd U.S. Edition -  - ebook

CFP Board Financial Planning Competency Handbook, 2nd U.S. Edition ebook

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The official CFP guide for career excellence CFP Board Financial Planning Competency Handbook is the essential reference for those at any stage of CFP certification and a one-stop resource for practitioners looking to better serve their clients. This fully updated second edition includes brand new content on connections diagrams, new case studies, and new instructional videos, and a completely new section devoted to the interdisciplinary nature of financial planning. You'll gain insights from diverse fields like psychology, behavioral finance, communication, and marriage and family therapy to help you better connect with and guide your clients, alongside the detailed financial knowledge you need to perform to the highest expectations as a financial planner. The only official CFP Board handbook on the market, this book contains over ninety chapters that are essential for practitioners, students, and faculty. Whether a practitioner, student, or faculty member, this guide is the invaluable reference you need at your fingertips. Comprehensive, clear, and detailed, this handbook forms the foundation of the smart financial planner's library. Each jurisdiction has its own laws and regulations surrounding financial planning, but the information in this book represents the core body of knowledge the profession demands no matter where you practice. CFP Board Financial Planning Competency Handbook guides you from student to practitioner and far beyond, with the information you need when you need it.

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CFP Board Financial Planning Competency Handbook

Second Edition

CHARLES R. CHAFFIN, EdD Editor

Cover design: Wiley

Copyright © 2015 by Certified Financial Planner Board of Standards, Inc. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

Financial planning competency handbook.    CFP Board financial planning competency handbook / CFP Board. — Second Edition.       pages cm. — (Wiley finance series)    Includes index.    ISBN 978-1-119-09496-8 (cloth)    ISBN 978-1-119-09500-2 (ePDF)    ISBN 978-1-119-09498-2 (ePub)    1. Financial planners. 2. Investment advisors. 3. Finance, Personal. 4. Financial planning industry. I. Certified Financial Planner Board of Standards. II. Title.    HG179.5.F5663 2015    332.024—dc23

2015018032

Contents

Acknowledgments

About the Book

Preface

NOTES

About the Practice Questions

About the Contributors

PART ONE Introduction

1 Theory and Practice

PART ONE

CHAPTER INTRODUCTIONS

STUDENT-CENTERED LEARNING OBJECTIVES BASED ON CFP BOARD PRINCIPAL TOPICS

IN CLASS

BLOOM’S TAXONOMY

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

PART TWO

PART THREE

NOTES

2 Function, Purpose, and Regulation of Financial Institutions

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVE

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

3 Financial Services Regulations and Requirements

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

4 Consumer Protection Laws

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVE

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

5 Fiduciary

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVE

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

6 Financial Planning Process

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

7 Financial Statements

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

8 Cash Flow Management

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

9 Financing Strategies

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

10 Economic Concepts

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

11 Time Value of Money

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTE

12 Client and Planner Attitudes, Values, Biases, and Behavioral Finance

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

13 Principles of Communication and Counseling

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

14 Debt Management

CONNECTIONS DIAGRAM

OVERVIEW

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

15 Education Needs Analysis

CONNECTIONS DIAGRAM

INTRODUCTION

NEEDS ANALYSIS CALCULATION

LEARNING OBJECTIVES:

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

16 Education Savings Vehicles

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

17 Financial Aid (Education)

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

18 Gift and Income Tax Strategies (Education)

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

19 Education Financing

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVE

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

20 Principles of Risk and Insurance

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

21 Analysis and Evaluation of Risk Exposures

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

22 Health Insurance and Health Care Cost Management

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTE

23 Disability Income Insurance (Individual)

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

24 Long-Term Care Insurance

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

25 Annuities

CONNECTION DIAGRAM

INTRODUCTION

FREQUENCY OF CONTRIBUTIONS

DISTRIBUTION ALTERNATIVES

DISTRIBUTION OPTIONS

INVESTMENT OPTIONS

TAXATION OF ANNUITIES

FEES AND CHARGES IN ANNUITIES

PENSION PROTECTION ACT OF 2006

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

26 Life Insurance (Individual)

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

27 Business Uses of Insurance

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

28 Insurance Needs Analysis

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVE

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

29 Insurance Policy and Company Selection

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

30 Property and Casualty Insurance

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTE

31 Characteristics, Uses, and Taxation of Investment Vehicles

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTE

32 Types of Investment Risk

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

33 Quantitative Investment Concepts

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

34 Measures of Investment Returns

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTE

35 Asset Allocation and Portfolio Diversification

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

36 Bond and Stock Valuation Concepts

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

37 Portfolio Development and Analysis

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

38 Investment Strategies

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

39 Alternative Investments

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVE

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

40 Fundamental Tax Law

CONNECTION DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

41 Income Tax Fundamentals and Calculations

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

42 Characteristics and Income Taxation of Business Entities

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

43 Income Taxation of Trusts and Estates

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

44 Alternative Minimum Tax (AMT)

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

45 Tax Reduction and Management Techniques

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

46 Tax Consequences of Property Transactions

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

47 Passive Activity and At-Risk Rules

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVE

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

48 Tax Implications of Special Circumstances

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

49 Charitable/Philanthropic Contributions and Deductions

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

50 Retirement Needs Analysis

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

51 Social Security and Medicare

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

52 Medicaid

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

53 Types of Retirement Plans

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

54 Qualified Plan Rules and Options

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

55 Other Tax-Advantaged Plans

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTE

56 Regulatory Considerations

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVE

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

57 Key Factors Affecting Plan Selection for Businesses

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

58 Distribution Rules and Taxation

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

59 Retirement Income and Distribution Strategies

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

60 Business Succession Planning

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

61 Characteristics and Consequences of Property Titling

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

62 Gifting Strategies

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

63 Estate Planning Documents

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

64 Estate Tax Compliance and Tax Calculation

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

65 Sources for Estate Liquidity

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

66 Types, Features, and Taxation of Trusts

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTES

67 Marital Deduction

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

68 Intra-Family and Other Business Transfer Techniques

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVE

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

69 Postmortem Estate Planning Techniques

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

70 Estate Planning for Non-Traditional Relationships

CONNECTIONS DIAGRAM

INTRODUCTION

LEARNING OBJECTIVES

IN CLASS

PROFESSIONAL PRACTICE CAPABILITIES

IN PRACTICE

NOTE

Supplement: CFP Board’s Code of Ethics and Professional Responsibility

PART TWO Introduction

THE JAMESON FAMILY

NOTE

71 Establishing and Defining the Client-Planner Relationship

DEFINITION

PURPOSE

TECHNIQUES

IN PRACTICE

NOTES

72 Gathering Information Necessary to Fulfill the Engagement

DEFINITION

PURPOSE

TECHNIQUES

IN PRACTICE

NOTES

73 Analyzing and Evaluating the Client’s Current Financial Status

DEFINITION

PURPOSE

TECHNIQUES

IN PRACTICE

NOTES

74 Developing Financial Planning Recommendations

DEFINING A RECOMMENDATION

PURPOSE OF A RECOMMENDATION

TECHNIQUES IN DEVELOPING A RECOMMENDATION

IN PRACTICE

NOTES

75 Communicating the Financial Planning Recommendations

DEFINITION

PURPOSE

IN PRACTICE

NOTES

76 Implementing the Financial Planning Recommendations

DEFINITION

PURPOSE

IN PRACTICE

NOTE

77 Monitoring the Financial Planning Recommendations

DEFINITION

PURPOSE

TECHNIQUES

IN PRACTICE

NOTE

PART THREE Introduction

78 Gathering Data from Clients:: Insights from Cognitive Task Analysis and Requirements Engineering

APPROACHES TO KNOWLEDGE ELICITATION

SOME KNOWLEDGE ELICITATION TECHNIQUES

KNOWLEDGE ELICITATION FOR FINANCIAL PLANNING

NOTES

79 The Need for Education

JOHN AND JOANN

KATHY AND MARIO

LOU AND KAREN

80 Financial Planning Standards Board

INTRODUCTION

FINANCIAL PLANNER ABILITIES FRAMEWORK

FINANCIAL PLANNING FUNCTIONS

CORE FINANCIAL PLANNING COMPETENCIES

FUNDAMENTAL FINANCIAL PLANNING PRACTICES

FINANCIAL PLANNING COMPONENTS

TERMS USED IN THE FINANCIAL PLANNER ABILITIES MATRIX

FINANCIAL PLANNER PROFESSIONAL SKILLS

FINANCIAL PLANNING KNOWLEDGE BASE

FPSB FINANCIAL PLANNING TOPIC LIST

FINANCIAL PLANNING CURRICULUM FRAMEWORK

LOOKING FORWARD

WORKING TOGETHER

NOTE

81 Behavioral Finance and Its Implications for Financial Advisors

HEURISTIC SIMPLIFICATION

SELF-DECEPTION

AFFECTIVE AND SOCIAL INFLUENCES

UNCERTAINTY, COMPLEXITY, AND TIME CONSTRAINTS

IN PRACTICE

NOTES

82 Applications of Behavioral Economics in Personal Financial Planning

INTRODUCTION

THE FINANCIAL DECISION-MAKING PROCESS

HEURISTICS AND BIASES

PROSPECT THEORY

MENTAL ACCOUNTING

THE OSTRICH EFFECT

RISK TOLERANCE

OVERCONFIDENCE

FINANCIAL LITERACY

SELF-REGULATION

PSYCHOPHYSIOLOGICAL ECONOMICS

SAVE MORE TOMORROW PROGRAM

SUMMARY

NOTES

83 Marriage and Family Therapy Applications to Financial Planning

APPLICATIONS FROM MARRIAGE AND FAMILY THERAPY

SYSTEMS THEORY

ECOLOGICAL THEORY

SIMILARITIES AND DIFFERENCES BETWEEN SYSTEMS AND ECOLOGICAL THEORY

SYSTEMS AND ECOLOGICAL PERSPECTIVES IN THE FINANCIAL PLANNING PROCESS

IN PRACTICE

STRATEGIES FOR WORKING WITH MULTIPLE FAMILY MEMBERS

CONCLUSION

NOTES

84 Financial Therapy: The Integration of Financial Planning and Theory

INTRODUCTION AND RATIONALE FOR FINANCIAL THERAPY IN FINANCIAL PLANNING

KEY CONCEPTS IN FINANCIAL THERAPY

MONEY SCRIPTS

MONEY DISORDERS

MULTICULTURAL CONSIDERATIONS

THEORETICAL PERSPECTIVES IN FINANCIAL THERAPY

COLLABORATIVE RELATIONAL MODEL

TOOLS FOR EDUCATION

CONCLUSION

NOTES

85 Aging Clients: Special Considerations

SEASONS OF RETIREMENT LIFE

CRITICAL CONVERSATIONS RELATED TO LIFESTYLE

THREATS TO LATER LIFE COGNITIVE FUNCTION

CLIENT COGNITIVE ABILITY AND PLANNER FIDUCIARY RESPONSIBILITY

ELDER ABUSE

CRITICAL CONVERSATIONS RELATED TO DECISION-MAKING CAPACITY

CRITICAL CONVERSATIONS RELATED TO HEALTH

HOME IS A NEW PLACE

HOME IS IN THE SAME PLACE … OR CLOSE TO IT

AGING IN PLACE

EMERGING HOUSING ALTERNATIVES

CRITICAL CONVERSATIONS RELATED TO HOUSING

LATER TIMED PARENTING

LATER LIFE DIVORCE

LATER LIFE COHABITATION

MAY–DECEMBER MARRIAGE

CAREGIVING CONCERNS

RECEIVING CARE

CLIENT CONVERSATIONS CONCERNING FAMILY

PROFESSIONAL PRACTICE CONSIDERATIONS

NOTES

86 Accounting for Time: Important Distinctions and Concepts for Financial Planners

TIME PERSPECTIVE THEORY

PREDICTING BEHAVIOR USING TIME PERSPECTIVES

EMPIRICAL EVIDENCE

USING TIME PERSPECTIVE TO HELP CLIENTS

SUMMARY

NOTES

87 The Psychology of Decisions: A Short Tutorial

INTRODUCTION

ATTRIBUTE SUBSTITUTION: THE AVAILABILITY, REPRESENTATIVENESS, AND AFFECT HEURISTICS

THE REPRESENTATIVENESS HEURISTIC

THE AVAILABILITY HEURISTIC

THE AFFECT HEURISTIC

ANCHORING

LOSS AVERSION

UNREALISTIC OPTIMISM

CONCLUSION

NOTES

CONCLUSION

88 Moving Forward

DEVELOPMENT OF A PROFESSION

CAREER PATH

DEMOGRAPHICS

RESEARCH IN FINANCIAL PLANNING

FOCUS ON PLANNING

NOTES

Index

Access Code

EULA

List of Tables

Chapter 4

Table 4.1

Chapter 14

Table 14.1

Chapter 29

Table 29.1

Chapter 30

Table 30.1

Chapter 37

Table 37.1

Chapter 39

Table 39.1

Chapter 53

Table 53.1

Chapter 78

Table 78.1

Table 78.2

Chapter 85

Table 85.1

List of Illustrations

Chapter 6

Figure 6.1

The Systematic Financial Planning Process

Chapter 78

Figure 78.1

A Concept Map on the Topic of the U.S. Government

Figure 78.2

Financial Planning Concept Map

Chapter 83

Figure 83.1

Systemic Model of Family and Business

Figure 83.2

Similarities and Differences between Systems and Ecological Theory

Chapter 85

Figure 85.1

Population 65+ in the United States, 1900–2050

Figure 85.2

Budget Shares Illustrated

Figure 85.3

Housing Continuum

Figure 85.4

Phased Relocation

Figure 85.5

Marital Age Difference

Chapter 86

Figure 86.1

Categories of Time Orientation

Guide

Cover

Table of Contents

Preface

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Acknowledgments

A work of this magnitude could not come to fruition without the commitment of a large number of dedicated, accomplished individuals. First, I want to thank the 39 contributors, consisting of practitioners, researchers, and educators from within the profession and beyond, who shared their scholarship and practice experience for this book. I am grateful for their generosity and collaboration throughout this immense project. I suspect that as you read each chapter, you will witness the dedication of these individuals to both this book as well as the profession as a whole. I want to thank them for allowing me to pester them incessantly regarding deadlines, revisions, and content. They are a respected group of individuals with whom I am lucky to have had the pleasure to collaborate throughout this important project.

Thank you to Tula Batanchiev, Stacey Rivera, Laura Walsh, and all of my friends at John Wiley & Sons for their help throughout this process. Wiley continues to be a wonderful partner in this important endeavor, encouraging creative ideas and helping us expand the body of knowledge for this young yet dynamic profession.

I would like to thank the board of directors at CFP Board for their unwavering commitment to this project. I also would like to thank the CFP Board Education and Examinations staff for their years of hard work in helping develop and refine the certification requirements that help serve as the basis for this book. I am grateful to the Professional Standards, Marketing, and Public Relations departments for their generosity in supporting several key components of this project. Also, thank you to Lisa Braverman and Nancy Odenthal for their assistance in providing some vital support to this immense, year-long endeavor.

I am grateful to Kevin Keller, CEO of CFP Board, and Michele Warholic, CFP Board Managing Director—Examination, Education, and Talent, for their support and encouragement throughout each stage of the development of this book. CFP Board is a special place that cultivates creativity and innovation for a common purpose and I hope the CFP Board Financial Planning Competency Handbook is representative of that special environment.

In the end, I take responsibility for this work—this snapshot of the living, breathing body of knowledge for our profession. A body of knowledge that, similar to the profession it supports, continues to grow through the collaborative work of practitioners and academics. It is my hope that this book will not only expand the current thinking of practitioners and academics alike, but also serve as a time capsule for this profession, illustrating how far we as a discipline, as a profession, will grow in the years and decades to come.

Charles R. Chaffin, EdD

About the Book

CFP Board is pleased to develop this important work that outlines the knowledge, actions, and contexts associated with financial planning. This book represents the advancement in the profession by practitioners, educators, and researchers in moving toward a universal body of knowledge for the discipline as a whole. This publication is not meant to replace any existing textbook or provide any specific examination preparation, but rather to further the theoretical knowledge base of our growing discipline.

This book serves the entire financial planning profession, including students, faculty, researchers, and practitioners in financial planning and related professions. The book was designed to treat theory and practice not as binary functions, but as one entity, where content was defined but also applied, both within the learning environment and in practice. Part One outlines the 78 topics required to meet the CFP Board Education requirement. Each topic is defined specifically with regard to financial planning and presented in the form of student-centered Learning Objectives. These objectives indicate what the student should be able to do relative to a given concept. The In Class section illustrates ways to facilitate higher-order cognitive thinking relative to each topic in both the traditional classroom as well as the online learning environment. Professional Practice Capabilities outline what practitioners should be able to do relative to three distinct career stages. Vignettes in each chapter, In Practice, illustrate how each particular concept is applied and/or exists in practice. Part Two outlines the domains that are part of the CFP Board Examination requirement. This section defines each of the domains and presents the associated Techniques for completing the domains as well as how they occur In Practice. There are questions specific to each of the chapters in Part One that assess the reader’s content knowledge relative to each of the topic areas. Students can benefit from these questions to test their understanding of these vital areas, as well as CFP® professionals who can also choose to obtain the full 28 credit hours by taking and passing the test. Visit www.wiley.com/go/wileycfpboard2e for more details.

Part Two is devoted to the financial planning process, illustrating the rationale, techniques, and contexts where the process takes place. In this edition, a case, The Jameson Family, runs through each stage of the financial planning process, outlining how each step affects the context as well as how the context can impact each step.

Finally, Part Three focuses on the interdisciplinary nature of financial planning, focusing on both the theory and practical implications of related disciplines such as behavioral finance, marriage and family therapy, psychology, communication, and others. The purpose of Part Three is to bring new theory into this discipline for faculty and researchers while driving implications related to this theory directly to practitioners.

It is important to note that this book is designed to have universal applicability for the profession of personal financial planning. However, certification and practice requirements vary depending upon location of residence. The reader is encouraged to visit www.CFP.net for information about requirements for certification within the United States and www.fpsb.org for information about requirements outside of the United States.

Preface

Charles R. Chaffin, EdD

CFP Board

Personal financial planning has grown and evolved considerably over the past several years. The field hardly existed just four decades ago.1 As the population’s financial planning needs have grown, so too has practice. As of 2015, there are over 71,000 CFP® professionals in the United States, and the designation exists in 24 countries worldwide.2 Many labor forecasts are predicting a significant rise in the number of employment opportunities in personal financial planning even in the midst of a stagnant global economy. In order to meet this need, an increasing number of institutions and countries are preparing and certifying individuals to become personal financial planners. With an increased need has also come a growing complexity in the financial planning needs of the client. This increased complexity requires higher skill on the part of the practitioner. Practitioners must demonstrate proficiency relative to a broad range of content areas, from retirement planning and estate planning to insurance, taxation, and investments. Within all of this complexity, financial planners are also required to communicate with the client in an effective manner. This communication may be as involved as presentation of complex information in an accessible manner or as simple as listening and empathizing with a client regarding a serious life event. Given the increased need and complexity of this growing field, personal financial planning has taken some important steps in the past several decades. However, has it matured into a profession?

In the last analysis, the law is what the lawyers are. And the law and the lawyers are what the law schools make them.

—Felix Frankfurter3

A profession, at its foundation, entails a specialized body of knowledge and skills. Education precedes any other attribute of a profession. Wilensky explains how the University of Pennsylvania Medical School was founded in 1795, long before the development of the American Medical Association in 1847.4 As Abbott suggests, there have to be doctors before one can develop an association of them.5 This specialized body of knowledge is developed through practical experience as well as empirical study of every facet of the discipline. The knowledge gained from practical experience and research is then disseminated to current and future professionals. The dissemination, and therefore acquisition and application, of this body of knowledge, occurs at institutions of higher learning where prospective professionals learn how and when to solve real-world problems relative to a chosen profession. At these institutions, the individuals entrusted to prepare these future professionals have both a high level of education relative to this field of study as well as practical experience. The experiences of the faculty members within these institutions enables them to devise learning experiences that bring the subject matter to life, offering opportunities for the prospective professionals not only to hone their new skills relative to a specific problem, but also to learn when to utilize these skills in contexts they will encounter in practice.

In financial planning, the colleges and universities that offer CFP Board registered programs are locations where individuals learn specialized knowledge relative to several content areas across financial planning. This specialized knowledge is more than just the memorization of a series of inert facts, but is instead a basic theoretical understanding, most immediately followed by application and creation that directly relate to contextual settings within the discipline of personal financial planning. The aspiring professional needs to be able not only to comprehend and subsequently apply basic theoretical content relative to a given content area, but also to ascertain how this content area directly relates to the other basic content areas across the discipline of financial planning. For example, estate planning and taxation do not exist in a vacuum relative to a client’s needs, but may directly relate to the investment and retirement needs of the future client. The financial planning professional must have a working knowledge of the relationships among these key and vital content areas.

The education of the financial planning professional goes beyond basic theoretical content and actions in practice, but also teaches important communication skills. The successful financial planning professional must be able to develop a plan for the future client relative to the client’s needs and situation, and, just as importantly, must communicate it to this client in an effective manner. Successful personal financial planners are ones who can effectively present, articulate, listen, and in many cases show care and empathy for their clients. This success is no different from that in many other disciplines where communication and engagement are vital to success. In his book, Blink: The Power of Thinking without Thinking, Malcolm Gladwell discusses the reasons why doctors get sued by their patients:

The overwhelming number of people who suffer an injury due to the negligence of a doctor never file a malpractice suit at all. In other words, patients don’t file lawsuits because they’ve been harmed by shoddy medical care. Patients file lawsuits because they’ve been harmed by shoddy medical care and something else happens to them. . . . What comes up again and again in malpractice cases is that patients say they were rushed or ignored or treated poorly.6

It is, therefore, the relationship between the personal financial planning professional and the client that is a key contributor to success. It is not that doctors, lawyers, or personal financial planning professionals do not need to have achieved a high level of understanding and application relative to the demands of their field of study; it merely means that these professionals must also possess the ability to communicate, engage, and, on some level, care for their clients and patients. The act of communicating in personal financial planning is one that requires education, where the individual learns how to present complex areas such as investments in a way that is both accessible and relevant to each client.

Within any society, professions hold an extraordinary amount of power and influence. Members of this group have a specialized expertise that provides great value to the population as a whole. This value to society is inherently provided with little or no self-interest.7 This notion of specialization also creates an element of autonomy for the profession, as these individuals exercise authority in determining right and wrong relative to their service.8 Individuals within this profession have the responsibility to act in a competent, ethical manner that will be in the best interests of the greater population. Thus, a given trade or occupation must have professional ethics in order to be called a profession.

As Hughes suggests:

Not only do the practitioners, by virtue of gaining admission to the charmed circle of the profession, individually exercise a license to do things others do not, but collectively they presume to tell society what is good and right for it in a broad and crucial aspect of life. Indeed, they set the very terms of thinking about it. When such a presumption is granted as legitimate, a profession in the full sense has come into being.9

Within this license to which Hughes is referring, practitioners in a given profession must have the highest level of competence in serving the public as well as specific guidelines relative to ethics and professional conduct. This competence and ethical conduct is recognized as valuable to the general population. Without this recognition from the public, the profession would likely be unsustainable.

Almost all professions have some sort of code of ethics. The first profession to establish a modern code of ethics was medicine in the eighteenth century.10 The medical profession developed these codes to ease internal strife among members of the profession as well as to raise the status of the profession as a whole. The profession felt the need to defend itself from fraudulent individuals who misleadingly characterized themselves as medical experts. Ethical codes most often occur in writing and generally develop after a profession becomes organized. These codes require that the individual maintain a higher level of standards than what is required by law.11 The requirements are not developed in isolation, but rather with the objective of service to the population as a whole. These codes outline how professionals are to pursue a common cause with minimal cost to themselves or to the general population.12 The requirements also evolve based on events, such as government law and economic and social changes in the environment. For example, in medieval England, in response to growing hostility toward the legal profession, regulation of the legal profession began with adoption of a series of requirements to curb incompetence, unethical practices, and conflicts of interest.13 It is important to note that a code also protects members from certain pressures, such as cutting corners, cheating, or other forms of misconduct. A code of ethics is a guide to the professional, and the profession at large, concerning certain practices and expectations regarding aspects of one’s service to the population as a whole. Practitioners in a given profession benefit from a code of ethics that is required of their members, and therefore they should follow this code for the benefit of the entire group of professionals. Further, professionals must adhere to the code of conduct or be subject to discipline.

Financial planning contains a set of Standards of Professional Conduct that outline the ethical standards for CFP® professionals. The CFP Board’s Code of Ethics expresses the professional’s recognition of his or her “responsibilities to the public, to clients, to colleagues, and to employers.”14 Given the important responsibilities of the personal financial planner, the CFP® professional must adhere to a variety of rules of conduct in order to serve the public in a competent, ethical manner. It is not enough, however, to merely have a code of ethics; it is vital that there exists evidence of enforcement of this code as well.

Individuals within a profession must identify themselves as part of that profession. The objective of service to the general population and the notion of competence and ethical responsibilities associated with such service become a guiding philosophy to members of a given profession. Practitioners in a given profession, therefore, identify themselves as service-oriented, competent, and ethical, and most importantly, their actions and decisions reflect this philosophy and ultimately their membership in a given profession. Individuals who are attracted to a given profession are attracted because of the guiding principles of the profession.

Organizations within a profession can provide unity to practitioners relative to common goals and shared problems. Associations within a profession provide opportunities for engagement through social functions as well as group problem solving of shared concerns. Associations work so that the practitioner does not cope with social and economic matters relative to the profession alone. Within financial planning, the Financial Planning Association (FPA®) and the National Association of Personal Financial Advisors (NAPFA) provide a voice to practitioners regarding issues and challenges within financial planning as well as opportunities to engage through conference and electronic means.

Personal financial planning has grown and evolved considerably over the past several decades. As described earlier, the field contains many of the primary attributes of a profession. The education, objectives, professional code of ethics, and associations have provided financial planning with the framework to become a robust profession. However, there is considerable work yet to be done in each of these areas. Education of current and future practitioners requires additional qualified faculty providing contextual learning experiences based on practice and empirical research. Leaders in education and the profession must be equally skilled in professional practice as well as in conducting lines of inquiry that will challenge and refine all areas of practice. Practitioners must continue to wholeheartedly embrace the notion of service and the responsibilities that come from serving an important function to the general population. Professional standards and ethical codes within financial planning must continue to be followed and enforced by leaders in the profession such as the CFP Board and the Financial Planning Standards Board. Finally, professional organizations must continue to provide a platform for practitioners to engage one another as well as explore critical problems and opportunities within this exciting and growing field.

It is our hope that this book, a handbook outlining the what, why, how, and when of this exciting field, can enable personal financial planning to take one more critical step toward becoming a mature profession.

NOTES

1.

E. Denby Brandon, Jr., and H. Oliver Welch,

The History of Financial Planning: The Transformation of Financial Services

(Hoboken, NJ: John Wiley & Sons, 2009).

2.

CFP Board,

CFP

®

Certificant Profile

(November 30, 2012). Retrieved from

www.cfp.net/media/profile.asp

.

3.

Quoted in H. T. Edwards, “The Growing Disjunction between Legal Education and the Legal Profession,”

Michigan Law Review

(1992): 34–70.

4.

Harold L. Wilensky, “The Professionalization of Everyone?”

American Journal of Sociology

70, no. 2 (1964): 137–158.

5.

Andrew Abbott, “The Order of Professionalization: An Empirical Analysis,”

Work and Occupations

18, no. 4 (1991): 355–384.

6.

Malcolm Gladwell,

Blink: The Power of Thinking without Thinking

(New York: Little, Brown, 2005).

7.

L. H. Furguson and J. D. Ramsay, “Professional Issues Development of the Profession: The Role of Education & Certification in Occupational Safety Becoming a Profession,”

Professional Safety

55, no. 10 (2010): 24.

8.

Andrew Brien, “Professional Ethics and the Culture of Trust,”

Journal of Business Ethics

17, no. 4 (1998): 391–409.

9.

Everett C. Hughes, “Professions,”

Daedalus

92, no. 4 (1963): 655–668.

10.

Jeanne F. Backof and Charles L. Martin, Jr., “Historical Perspectives: Development of the Codes of Ethics in the Legal, Medical and Accounting Professions,”

Journal of Business Ethics

10, no. 2 (1991): 99–110.

11.

Ibid.

12.

Michael Davis, “Thinking Like an Engineer: The Place of a Code of Ethics in the Practice of a Profession,”

Philosophy and Public Affairs

20, no. 2 (1991): 150–168.

13.

Jonathan Rose, “The Legal Profession in Medieval England: A History of Regulation,”

Syracuse Law Review

48, no. 1 (1998).

14.

CFP Board,

Code of Ethics and Professional Responsibility

(July 2003). Retrieved from

www.cfp.net/for-cfp-professionals/professional-standards-enforcement/standards-of-professional-conduct/code-of-ethics- professional-responsibility

.

About the Practice Questions

Visit www.wiley.com/go/wileycfpboard2e to access nearly 400 practice questions. Your access code is at the back of this book. CFP® professionals in the United States can also choose to obtain the full 28 credit hours by taking and passing the test.

About the Contributors

Charles R. Chaffin, EdD

Dr. Charles Chaffin arrived at the CFP Board in March 2010, where he provides guidance and oversight to the 378 CFP Board registered programs. His educational background has focused upon teaching pedagogy, curriculum and instruction, educational and cognitive psychology, learner assessment, and higher education administration. He has taught all levels of learners, from elementary school, baccalaureate, graduate, and doctoral studies, through a variety of instructional platforms. He has published several papers that have focused upon the cognitive workload of learners in different task settings, reflective practice, and best practices in higher education curriculum and instruction. He holds a Doctor of Education degree from the University of Illinois at Urbana- Champaign with an additional graduate degree from the University of Michigan.

Sailesh Acharya

Sailesh Acharya is a Master’s student in the department of Family, Youth, and Community Sciences at the University of Florida. His current research focuses on decision making about taking student loans and its implications.

Kristy L. Archuleta, PhD, LMFT

Kristy L. Archuleta, PhD, LMFT, is Associate Professor of Personal Financial Planning at Kansas State University. Archuleta holds a Bachelor’s degree in Family Relations and Child Development with a minor in Business Management from Oklahoma State University and Master’s and Doctoral degrees in Marriage and Family Therapy with an emphasis in Personal Financial Planning from Kansas State University.

Sarah D. Asebedo, MS, CFP®

Sarah D. Asebedo, MS, CFP®, is Assistant Professor of Practice in Financial Planning at Virginia Tech and is currently pursuing a doctorate in Personal Financial Planning from Kansas State University. Her research interests focus on the connection between well-being and economic behavior for individuals and families. She has been a practitioner for over 10 years and is currently President of Perennial Wealth Group, Inc. Sarah also serves as a board member for the Financial Therapy Association.

Sonya L. Britt, PhD, CFP®

Sonya L. Britt, PhD, CFP®, is Associate Professor of Personal Financial Planning at Kansas State University. She holds a Bachelor’s degree in personal financial planning and a Master’s degree in marriage and family therapy from Kansas State University and a PhD in personal financial planning from Texas Tech University.

Elissa Buie, MBA, CFP®

Elissa Buie, CFP®, earned an MBA from UMD and a BS in commerce from the University of Virginia. Elissa is past Chair of the Foundation for Financial Planning and Financial Planning Association (U.S.). She is Dean for FPA’s Residency Program and was named to the inaugural Financial Times Top 100 Women Financial Advisers list. Additionally, Elissa received the prestigious P. Kemp Fain, Jr. Award, the financial planning profession’s equivalent of a lifetime achievement award. She holds an appointment as Distinguished Adjunct Professor at GGU.

Sharon A. Burns, PhD, CPA (Inactive)

Sharon Burns served as a clinical associate professor at Purdue University from 2009 to 2012, teaching retirement planning and negotiations. She is an expert in retirement planning, the economics of aging, and financial planning for women.

Swarn Chatterjee, PhD

Swarn Chatterjee, PhD, is Associate Professor of Financial Planning at the University of Georgia. He has published more than 40 peer-reviewed papers and teaches classes in investing, portfolio management, and behavioral finance. He serves as co-director of the Financial Planning Performance Laboratory at the University of Georgia.

L. Ann Coulson, PhD, CFP®

L. Ann Coulson, PhD, CFP®, is a faculty member in Personal Financial Planning at Kansas State University. She earned her BS and PhD from the University of Missouri and her MS from the University of Arkansas. Additionally, she earned the CFP designation in 1991. Dr. Coulson serves as the CFP Board Registered Program Director for the BS, MS, and graduate certificate programs at Kansas State University.

Martie Gillen, PhD

Martie Gillen is Assistant Professor in the Department of Family, Youth, and Community Sciences at the University of Florida. She earned her doctorate in family studies from the University of Kentucky. Her research interests include behavioral economics, the economic well-being of older adults, Social Security retirement benefits, and retirement planning. Dr. Gillen teaches undergraduate courses in research methods and personal and family financial planning, as well as courses for the Graduate Certificate in Personal and Family Financial Planning Program, a CFP Board registered program.

John Gilliam, PhD, CFP®

John Gilliam, ChFC, CLU, is Associate Professor in the Department of Personal Financial Planning at Texas Tech University. His academic interests are strongly influenced by more than 30 years of professional experience as a financial and insurance advisor.

Joseph W. Goetz, PhD

Joseph W. Goetz, PhD, is Associate Professor of Financial Planning at the University of Georgia, co-founder of the ASPIRE Clinic, and a founding principal of Elwood & Goetz Wealth Advisory Group. He has authored numerous publications in the areas of financial planning pedagogy, investment risk tolerance, and financial planning communication. He received his Bachelor’s degree from the University of Missouri–Columbia, and completed three graduate degrees in the areas of financial planning, psychology, and consumer economics at Texas Tech University.

John E. Grable, PhD, CFP®

John E. Grable, PhD, CFP®, holds an Athletic Association Endowed Professorship at the University of Georgia. Dr. Grable served as the founding editor for the Journal of Personal Finance and the founding co-editor of the Journal of Financial Therapy. His research interests include financial risk-tolerance assessment, behavioral financial planning, and psychophysiological economics. He is Director of the Financial Planning Performance Laboratory at the University of Georgia.

Michael Gutter, PhD

Dr. Michael Gutter is Associate Dean for Extension and State Program Leader for 4-H Youth Development, Families, and Communities for the Institute of Food and Agricultural Sciences at the University of Florida. He serves as the current program director of the three certificate programs. Dr. Gutter’s research focuses on examining how socioeconomic status, financial education, personal psychology, and financial socialization are related to financial behaviors. His outreach focuses on improving financial behaviors by increasing knowledge, skills, and access to services.

Vickie Hampton, PhD, CFP®

Vickie Hampton is Professor and Department Chair of Personal Financial Planning at Texas Tech University. She has authored articles on career development, determinants of success on the CFP® Certification Examination, and financial planning benchmarks for measuring financial well-being. Vickie has been active on national boards, serving on the Board of Trustees for the American College, the Certified Financial Planner (CFP) Board of Governors and Board of Examiners, the Academy of Financial Services Board, and the Louisiana State University CFP Advisory Board. She received her MS and PhD degrees in family and consumption economics at the University of Illinois at Urbana-Champaign.

Andrew Head, MA, CFP®

Andrew Head, MA, CFP®, joined Western Kentucky University in 2010 and teaches courses on personal finance, estate, tax, and insurance planning, among others, in addition to serving as the Director of the WKU CFP® Board Registered Financial Planning Programs as well as the WKU Center for Financial Success. He is faculty advisor to the WKU FPA™ Student Chapter and Membership Chair for FPA™ of Kentuckiana. Andrew is also managing partner of Journey Financial Management, LLC, a multistate RIA.

Webster Hewitt, CPA, CFP®

Webster Hewitt owns a fee-only financial planning firm, Hewitt Lane, with his wife Mandy, located in Athens, Georgia. He has earned both the CPA and CFP® designations and is working toward his PhD.

Bradley T. Klontz, PsyD, CFP®

Bradley T. Klontz, PsyD, CFP®, is Associate Professor in Financial Planning at Kansas State University, a Partner at Occidental Asset Management, LLC, and Co-Founder of the Financial Psychology Institute™. He is a co-author/editor of Mind Over Money: Overcoming the Money Disorders that Threaten Our Financial Health (Broadway Business), Facilitating Financial Health: Tools for Financial Planners, Coaches, & Therapists (National Underwriter Company), Wired for Wealth (HCI), The Financial Wisdom of Ebenezer Scrooge (HCI), and Financial Therapy: Theory, Research, & Practice (Springer).

L. Michael Ladd, CFA, CAIA, CMT, CFP®

L. Michael Ladd has been an investment manager and analyst for over 20 years and has covered a host of the world’s stock, bond, and currency markets throughout his career. He is currently the President and Chief Investment Officer of an SEC-registered investment advisory firm, as well as an Adjunct Professor teaching investments at both Point Loma Nazarene University and San Diego State University. Michael received his MBA from the University of Oklahoma.

Derek R. Lawson, MS

Derek R. Lawson, MS is a financial planner at Sonas Financial Group in Kansas City, Missouri. Beginning August 2015, he plans to pursue a PhD in financial planning with an emphasis in financial therapy and behavioral finance. Derek is the Director of NexGen for the FPA of Greater Kansas City, and is the Social Media Coordinator for NAPFA Genesis. Additionally, he is a member of the Financial Therapy Association.

Ruth Lytton, PhD

Dr. Ruth Lytton is a professor and Director of the CFP Board Registered Financial Planning Program at Virginia Tech. Dr. Lytton has received various student association, college, university, and professional association awards for her contributions as a teacher, researcher, and career/academic advisor. In 2009 she was awarded the John H. Cecil Lifetime Service Award from the Central Virginia Chapter of FPA, and in 2012 she was awarded the national FPA Heart of Financial Planning Award.

Jason S. McCarley, PhD

Jason S. McCarley holds a PhD in experimental psychology from the University of Louisville. He is currently a professor in the Applied Cognitive Psychology program in the School of Psychology, Flinders University of South Australia.

Lance Palmer, PhD, CPA, CFP®