Читать книгу CFP Board Financial Planning Competency Handbook - Board CFP - Страница 34

Shaylea

Shaylea Mueller is a new financial planning graduate. She just received a job offer from a large financial planning company that requires Shaylea to pass a series of examinations before meeting with clients. Shaylea has researched the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) websites to learn more about the examinations she may need to take. As a registered representative, Shaylea has learned that she is subject to suitability standards and will be required to pass a series of FINRA examinations. Specifically, Shaylea is required to take the FINRA Series 7 and 65 examinations in order to sell most of the investment products offered by her firm. Now that Shaylea has a job, her employer is able to sponsor her to take these examinations.

Jorge

Jorge recently joined a financial planning firm. His primary responsibility involves meeting with employees of large firms to promote participation in each firm’s defined contribution plan, in which Jorge’s planning firm manages accounts. Jorge receives a base salary and a commission based on the total value of assets contributed by a firm’s employees. It is possible for Jorge to generate well over $100,000 per year in commission income. Recently, a newly hired employee asked Jorge how he was paid. Jorge told the employee that he earns a salary from his planning firm. He also noted that the new employee would not be responsible for paying any other fees other than ongoing fund management expenses. Six months later, Jorge received a reprimand from regulators based on the level of disclosures made to the new employee. By suggesting that he was only paid a salary, Jorge was found to have misrepresented his compensation method. Under fiduciary rules, Jorge should have disclosed the commission portion of his compensation when asked.