Explore every episode of the podcast Open Exam Prep
| Title | Pub. Date | Duration | |
|---|---|---|---|
| [Fundamentals] 15, Candidate Fitness Standards | 24 Dec 2024 | 00:04:08 | |
Specific character and fitness standards for CFP® certification candidates. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 14, Learning Styles | 24 Dec 2024 | 00:03:54 | |
Visual, auditory, and kinesthetic methods to tailor financial advice to client preferences. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 4, Code of Ethics | 23 Dec 2024 | 00:04:03 | |
Includes honesty, integrity, client best interests, due care, conflict management, and confidentiality. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 3, Financial Planning Process | 23 Dec 2024 | 00:03:58 | |
Collaborative process to help clients meet life goals through integrated financial advice. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 2, Financial Advice Definition | 23 Dec 2024 | 00:03:56 | |
Recommendations on financial plans, asset management, and professional services. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 10, Compensation Models | 23 Dec 2024 | 00:03:52 | |
Fee-only, fee-based, and commission structures, with specific disclosure requirements. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 1, Ethics Emphasis | 21 Dec 2024 | 00:04:04 | |
Heavy focus on ethics, communication, and professional conduct in financial planning scenarios. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 19, Installment Payments of Estate Tax | 20 Dec 2024 | 00:04:09 | |
Sections 6166 & 6161 allow for extended payment periods for closely held business interests. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 18, Income in Respect of a Decedent (IRD) | 20 Dec 2024 | 00:03:38 | |
Income a decedent was entitled to but not received before death, included in the gross estate without a step-up in basis. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 17, Generation Skipping Transfer Tax (GSTT) | 20 Dec 2024 | 00:03:52 | |
Imposed on transfers to individuals two or more generations younger, with specific rules for direct skips and taxable terminations. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 16, Trusts in Estate Planning | 20 Dec 2024 | 00:03:50 | |
Used for management, creditor protection, and tax avoidance. Types include revocable, irrevocable, and specific trusts like GRATs and QPRTs. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 20, Special Use Valuation | 20 Dec 2024 | 00:03:57 | |
Section 2032A allows valuation of property based on current use rather than highest and best use, with specific conditions and limitations. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 13, Communication Skills | 24 Dec 2024 | 00:03:47 | |
Effective communication involves reflective listening, pacing, and rephrasing. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 12, Gifts and Gift Tax | 19 Dec 2024 | 00:03:53 | |
Gifts are taxed based on FMV at the date of gift. Split gifts and annual exclusions affect tax liability. CFP Exam Prep Podcast. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 11, Types of Property Ownership | 19 Dec 2024 | 00:04:03 | |
Sole ownership, tenants in common, JTWROS, tenants by the entirety, and community property have different probate and tax implications. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 15, Applicable Exclusion Amount | 19 Dec 2024 | 00:03:59 | |
Lifetime credit against estate and gift taxes, with specific calculations for taxable amounts. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 14, Marital and Charitable Deductions | 19 Dec 2024 | 00:03:56 | |
Unlimited deductions for transfers between spouses and to qualified charities. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 13, Crummey Provision | 19 Dec 2024 | 00:03:52 | |
Allows trust contributions to qualify for annual exclusion by creating a present interest. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 10, Avoiding Probate | 18 Dec 2024 | 00:03:47 | |
Achieved through state contract law, life insurance, annuities, and certain account types. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 9, Probate | 18 Dec 2024 | 00:03:55 | |
Legal process of retitling assets, with advantages like clear title but disadvantages like cost and publicity. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 8, Methods to Transfer Property | 18 Dec 2024 | 00:04:01 | |
Includes operation of law, contract, trust, probate, and intestate succession. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 7, Power of Attorney | 18 Dec 2024 | 00:03:51 | |
Allows an agent to act for the principal, ceasing at death. Powers can be general or limited. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 6, Will Provisions | 18 Dec 2024 | 00:03:51 | |
Survivorship and disclaimer clauses affect inheritance and tax implications. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 12, Monitoring Plans | 24 Dec 2024 | 00:04:15 | |
Regular and episodic reviews to ensure financial plans remain aligned with client goals. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 3, Important Definitions | 17 Dec 2024 | 00:03:35 | |
Decedent, heirs, legatees, donor, donee, abatement, and ademption are key terms in estate planning. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 2, Unauthorized Practice of Law | 17 Dec 2024 | 00:03:51 | |
Only licensed attorneys can draft legal documents. Planners should refer clients to attorneys for legal advice. CFP Exam Prep Podcast. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 1, Estate Planning Process | 17 Dec 2024 | 00:04:09 | |
Involves accumulation, management, conservation, and transfer of wealth considering legal, tax, and personal objectives. Effective and efficient transfers are crucial. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 4, Basic Documents | 17 Dec 2024 | 00:03:52 | |
Includes wills, durable power of attorney, and advance medical directives to manage assets and healthcare decisions. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Estate Planning] 5, Types of Wills | 17 Dec 2024 | 00:03:39 | |
Survivorship and disclaimer clauses affect inheritance and tax implications. -- Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 11, Financial Planning Standards | 24 Dec 2024 | 00:03:54 | |
Involves understanding client circumstances, goal setting, and plan implementation. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 9, Confidentiality | 23 Dec 2024 | 00:03:57 | |
Maintain client privacy and confidentiality, with exceptions for legal and enforcement purposes. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 8, Conflict of Interest | 23 Dec 2024 | 00:04:05 | |
Must disclose and manage conflicts, including compensation and product limitations. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 7, Fiduciary Duty | 23 Dec 2024 | 00:04:03 | |
CFP® professionals must act in the best interest of clients, adhering to fiduciary standards. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 6, Professionalism | 23 Dec 2024 | 00:03:52 | |
Requires dignity, courtesy, and appropriate use of CFP® marks in professional interactions. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Fundamentals] 5, Continuing Education | 23 Dec 2024 | 00:03:57 | |
CFP® certificants must complete 30 hours every two years, including ethics training. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 23, Roth vs. Traditional IRAs | 30 Dec 2024 | 00:03:48 | |
Roth IRAs offer tax-free withdrawals and no required minimum distributions, while traditional IRAs offer tax-deferred growth. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 22, Distribution Rules | 30 Dec 2024 | 00:04:03 | |
Qualified plans have specific rules for distributions, including penalties for early withdrawals and required minimum distributions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 20, Stock Bonus Plans | 29 Dec 2024 | 00:03:48 | |
Allow employers to contribute stock, with tax benefits for net unrealized appreciation on distributions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 18, 401(k) Plans | 28 Dec 2024 | 00:03:51 | |
Allow employee deferrals, often with employer matching, and are subject to ADP and ACP nondiscrimination tests. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 17, Profit Sharing Plans | 28 Dec 2024 | 00:03:58 | |
Contributions are discretionary but must be substantial and recurring, with limits based on employer compensation. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 16, Social Security Integration | 28 Dec 2024 | 00:03:56 | |
Allows plans to provide additional benefits to employees earning above the Social Security wage base. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 10, Highly Compensated Employees | 28 Dec 2024 | 00:03:55 | |
Defined as owning more than 5% of the company or earning over a specified amount, affecting plan testing. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 9, 50/40 Test | 28 Dec 2024 | 00:03:46 | |
Defined benefit plans must cover the lesser of 50 employees or 40% of all employees. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 8, Coverage Tests | 28 Dec 2024 | 00:03:52 | |
Ensure plans are nondiscriminatory, requiring coverage of a certain percentage of non-highly compensated employees. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 7, Eligibility Requirements | 28 Dec 2024 | 00:03:53 | |
Typically require age 21 and one year of service, with special rules for part-time employees under the SECURE Act. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 6, ERISA Protection | 28 Dec 2024 | 00:03:58 | |
Ensures plan assets are protected from creditors and bankruptcy, providing security for retirement savings. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 19, Safe Harbor 401(k) | 28 Dec 2024 | 00:04:09 | |
Avoids ADP and ACP testing by providing a minimum employer contribution that is fully vested. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 21, ESOPs | 30 Dec 2024 | 00:03:44 | |
Employee stock ownership plans provide stock to employees, with special rules for voting rights and distributions. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 3, Qualified Plans | 27 Dec 2024 | 00:04:12 | |
Include pension and profit-sharing plans, with specific types like 401(k), ESOPs, and cash balance plans. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||
| [Retirement] 5, Defined Benefit vs. Defined Contribution | 27 Dec 2024 | 00:03:45 | |
Defined benefit plans promise a specific payout at retirement, while defined contribution plans depend on contributions and investment performance. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/ | |||