Where are client assets held?

Client assets are held in safekeeping by one of the largest custodians in the Registered Investment Advisory business.  Formation Wealth Management is granted limited power of attorney to implement the investment strategy, but we never take control or possession of your assets.  Our authority is limited to managing the investment holdings in accordance with your signed agreement, sending money to external bank accounts owned by you and servicing the account.  Please contact us if you have additional questions.
 

What is the CFP Board and a CFP® Professional?

The CERTIFIED FINANCIAL PLANNER™, CFP® and federally registered CFP (with flame design) marks (collectively, the “CFP® marks”) are professional certification marks granted in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”).

The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. Currently, more than 71,000 individuals have obtained CFP® certification in the United States.

 

To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements:

  • Education – Complete an advanced college-level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor’s Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning;
     
  • Examination – Pass the comprehensive CFP® Certification Examination. The examination includes case studies and client scenarios designed to test one’s ability to correctly diagnose financial planning issues and apply one’s knowledge of financial planning to real world circumstances
     
  • Experience – Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours per year)
     
  • Ethics – Agree to be bound by CFP Board’s Standards of Professional Conduct, a set of documents outlining the ethical and practice standards for CFP®professionals.  Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks
     
  • Continuing Education – Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field
     
  • Ethics – Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP®professionals must provide financial planning services in the best interests of their clients.

CFP® professionals who fail to comply with the above standards and requirements may be subject to CFP Board’s enforcement process, which could result in suspension or permanent revocation of their CFP® certification.

 

What is a Certified Wealth Strategist®

This designation is awarded to those individuals completing a comprehensive program of study surrounding key wealth management issues facing clients today.  

Obtaining the Certified Wealth Strategist® designation provides financial services professionals with the technical knowledge, practice management processes, and the client communication skills needed to create and build a client-centric wealth advisory practice. The primary goal of the Certified Wealth Strategist® practice is to work as an effective partner for their clients with more complex wealth issues.  

The Certified Wealth Strategist® education and designation are administered by Cannon Financial Institute. The CWS® Board of Standards awards credentials to individuals who successfully complete initial and ongoing certification requirements