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Are you a California CNA?
Principles of Wealth Management examines the financial planning discipline, including its need, as evidenced by the U.S. poverty rate, the U.S. savings rate, the lack of financial retirement readiness and the ever-increasing cost of higher education. The course details the principal steps in developing a financial plan, the critical issues in managing and protecting wealth, the products and concepts available to implement wealth management objectives and their tax treatment.
Course Publication Date: February 06, 2024
This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $90.00!
| Author: | Paul Winn |
| Course No: | FIN-WEALTH-12024 |
| Recommended CPE: | 9.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Finance
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Learning Objectives
- Identify the purpose of financial planning.
- List the major categories of financial planning.
- Recognize the need for financial planning.
- List the traditional steps in the financial planning process.
- Recognize the principal issues faced by individuals in their creation and management of wealth, including maintaining purchasing power in retirement to offset inflation erosion of income.
- Recognize the principal issues faced by individuals in their creation and management of wealth, including paying for needed long term care services.
- Recognize the principal issues faced by individuals in their creation and management of wealth, including minimizing estate transfer costs.
- Identify appropriate strategies to estimate income level needed at retirement to maintain a client’s lifestyle.
- Identify appropriate strategies to provide for increasing retirement income to maintain purchasing power without risking capital exhaustion.
- Identify appropriate strategies to address long term care risk.
- Determine the principal causes of retiree purchasing power decline.
- Discuss the probability that retirees will require long term care services, the current costs for those services and their funding sources.
- List the concerns that may affect appropriate asset transfer at death.
- Recognize the generally expanded role of annuities in the creation and management of client wealth.
- List the available fixed annuity variations, including bonus annuities.
- List the available fixed annuity variations, including multi-year guarantee annuities.
- List the available fixed annuity variations, including indexed annuities.
- Identify the features and benefits of indexed annuities that offer principal guarantees and interest crediting based on stock market gains.
- Discuss the risks, benefits and operation of variable annuities.
- Recognize the risks of requiring long term care.
- List the benefit triggers found in long term care insurance coverage.
- Discuss the tax treatment of long term care insurance premiums and benefits.
- Identify the methods by which long term care insurance benefits may be payable.
- Compare the differences between qualified and nonqualified long term care insurance policies.
- List and evaluate the various methods of meeting estate settlement costs.
- Identify methods available to enable clients to provide funds to pay estate settlement costs without increasing the value of the estate for tax purposes.
- Recognize the importance of asset retitling, trusts and appropriate life insurance ownership arrangements to reduce estate tax costs.
- Describe the use of life insurance to equalize inheritance.
- Discuss how charitable trusts may be employed to reduce estate taxes and increase client income.
- Identify the steps employed in the financial planning process.
- List the critical client objectives that normally need to be addressed in comprehensive financial planning.
- Apply traditional guidelines to assess a client’s risk-tolerance level.
- Recognize the advantages for clients of using deferred annuities for accumulating wealth, including potentially increased accumulations due to tax-deferral.
- Recognize the advantages for clients of using deferred annuities for accumulating wealth, including obtaining guaranteed death benefits enabling clients to lock-in gains.
- Recognize the advantages for clients of using deferred annuities for accumulating wealth, including having the ability to reallocate investments without incurring tax costs to address changes in risk-tolerance and in anticipation of market cycles.
- Describe how charitable and noncharitable gifting strategies may be effectively used to transfer wealth.
- List the general principles of income tax planning.
- Describe methods of income and deduction shifting.
- Identify the common methods of accelerating and deferring income and tax deductions.
- Explain the concept of tax loss harvesting.
- Identify the principal tax-favored methods of retirement funding.
- List the methods of tax-smart education funding, including Qualified Tuition Programs (QTPs).
- List the methods of tax-smart education funding, including Coverdell education savings accounts (ESAs)using education tax credits.
- List the methods of tax-smart education funding, including Coverdell education savings accounts (ESAs) using the Education Savings Bond program.
- Describe the use of health savings accounts (HSAs) to pay qualified medical expenses.
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