A 2024 tip sheet on SEC exams; the certification all retirement planners should know
Financial Planning
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REGULATION AND COMPLIANCE: If the SEC comes knocking this year, its inspectors are likely to be looking for lapses related to cryptocurrency, cybersecurity, marketing and hybrid advisory-brokerage firms.
All those topics figure in the Wall Street regulator's examination priorities for 2024, released early this week. Securities and Exchange Commission examiners now pay a visit to every one of the more than 15,000 federally registered financial advisors at least once every seven years. And the Financial Industry Regulatory Authority, the broker-dealer industry's self-regulator operating under the SEC, examines every one of the nearly 3,400 U.S. registered brokerages at least once every four years, sometimes more frequently if they are deemed risky.
PROFESSIONAL DEVELOPMENT: From RICP (retirement income certified professional) to CSRP (certified specialist in retirement planning), retirement certifications abound in the industry. Yet the CRPC appears to carry significant weight, even in the crowded designation world. The College for Financial Planning, owned by Kaplan, maintains the certification, which was first offered in 1997. It is one of the oldest and most respected, according to Mike Harris, who runs the CRPC program there.?
"Retirement planning is a little bit of a different animal, and the financial services industry really needs some outside help in going into all the details," said Harris, an associate professor at the college.?
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RIA LEADERS 2023: After it agreed to be acquired by Creative Planning, Goldman Sachs Personal Financial Management quietly dropped out of the RIA referral program run by Fidelity Investments.
None of the three firms answered questions about the disappearance of Goldman PFM from a website listing the registered investment advisory firms participating in Fidelity's referral program, Fidelity Wealth Advisor Solutions, after the August announcement that the former United Capital unit and its $29 billion in client assets would fold into Creative this quarter.?
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