Certified Trust and Financial Advisor (CTFA)

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Bank Training Center offers CTFA training and certification information for those individuals interested in earning the prestigious Certified Trust and Financial Advisor certification.

The Certified Trust and Financial Advisor (CTFA) certification is the undisputed professional credential for financial services professionals whose primary function and expertise focus on the provision of fiduciary services related to trusts, estates, guardianships and individual asset management accounts.

The CTFA designation signifies that an individual working in this field has attained comprehensive training in the following professional knowledge areas: Fiduciary & and Trust Activities, Financial Planning, Tax Law & Planning, Investment Management, Ethics.

Curriculum

Candidates must pass an examination that covers the knowledge areas below:

1. Fiduciary & and Trust Activities (25% of the exam)

Nature and Characteristics of Account Relationship
Formal Requisites of Establishing Account
Fiduciary Responsibilities
Investment Responsibilities
Receipts and Payments
Accounting and Compensation
Alteration or Termination of the Trust
Regulatory/Compliance

2. Financial Planning (25% of the exam)

Personal Finance
Retirement
Insurance
Asset Transfer
Financial Investment

3. Tax Law & Planning (25% of the exam)

Income Tax
Transfer Tax
Applications of Tax Strategies

4. Investment Management (20% of the exam)

Economics and Markets
Portfolio Management Theories and Concepts
Types of Investments
Client Objectives & Constraints
Performance Measurement

5. Ethics (5% of the exam)

Advisory
Fiduciary
Business Development
Investment
Other

Examination Requirements

The qualifying exam consists of 200 multiple-choice questions; four hours is provided in which to complete the exam. Candidates may retake the exam if they do not pass; the exam re-take fee is $295. Candidates have the option of taking the exam in one of three formats:

A proctored exam at the candidate’s company, with an ICB-certified member serving as exam proctor
At an exam site that is within 2 hours driving time from the candidate's company
Exam sites have been established on specified dates at scheduled locations in a few areas around the nation

Additional Requirements

Candidates must meet the experience, education, ethics and examination requirements determined to be competency measures for wealth management professionals:

Professional Experience & Education: must meet one requirement
- A minimum of three (3) years experience in wealth management as well as completion of an ICB-approved wealth management training program
- Five (5) years experience in wealth management and a bachelor's degree
- Ten (10) years experience in wealth management
Professional Reference - One letter of recommendation from your manager attesting to your qualifications for certification including your wealth management experience and your ethical character. Wealth management experience is defined as direct experience in the various facets of delivering financial planning and fiduciary services relating to trusts, estates, IRAs and individual asset management accounts. This experience further includes providing administrative, investment management, tax, legal and marketing services.
Ethics Statement - Each candidate must sign ICB's Professional Code of Ethics statement, which is the last page of the application.
Application – Candidates must complete and submit an application, affirming that they comply with the eligibility requirements at the time of submission; application fee is $600, covers exam as well

Continuing Education Requirements

Every three (3) years, each certificant must complete three (3) continuing education credits in Ethics, and forty-five (45) credits of continuing education in each of the following four knowledge areas (a minimum of six hours is required in each):

Fiduciary and Trust Activities
Personal Financial Planning
Tax Law
Investments Management

Certificants are allowed to carry over up to fifteen (15) credits per three-year cycle.

An annual membership fee of $199 also is required to keep certification active.

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Bank Training Center offers Certified Trust and Financial Advisor program information for those individuals interested in earning the prestigious CTFA certification.