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NAPFA-Registered Financial Advisor


Benefits


  • Opportunity to network with like-minded professionals
  • Marketing support via NAPFA’s Media Request and Public Relations Outreach programs
  • Access to the Members portion of the web site - including the popular Discussion Forum and Resource Center where members share ideas and solutions 
  • Use of the “NAPFA-Registered Financial Advisor” logo to prove you meet the highest standards in the financial planning profession
  • Participation in NAPFA's (Find An Advisor) Consumer Referral System
  • Reduced registration fees for NAPFA conferences and Cutting Edge Webinars
  • Use of the Fee-Only certification mark
  • Subscription to The NAPFA Advisor and What’s New at NAPFA
  • Membership certificate suitable for framing  
Requirements

You must agree to follow the NAPFA Fiduciary Oath.

Advice across Disciplines

 
NAPFA-Registered Financial Advisors are broadly trained to bring together and apply the separate disciplines comprising personal finance—income tax, financial position and cash flow, retirement preparation, estate planning, investments, and risk management.  NAPFA-Registered Financial Advisors and their associated firms help clients by offering a full range of coordinated advice on issues surrounding a client’s personal financial situation—not limiting their advice to marketable financial assets alone.
 
Education
 
Bachelor’s degree, in any discipline from an accredited institution.
 
Specialized Education Requirement
 
The applicant is required to have a CFP® certification.

Peer Review
 
This top level of membership requires a broad-based advanced education in financial planning and three years of comprehensive planning experience. You must offer comprehensive planning services and submit a sample comprehensive financial plan* to a peer review. NAPFA-Registered Financial Advisors participate in the (Find an Advisor) consumer referral platform and benefit the most from our public relations activities.


* Applicants for NAPFA-Registered Financial Advisor status must demonstrate the ability to take a comprehensive approach to financial planning. You may submit your own work product, or work you supervised. There are several pathways for peer review:

1. Case submission. The applicant may submit case notes, including recommendations, documenting work performed for a client over a period of time. The case may be presented in oral or written form.
2. Traditional financial plan submission. The applicant may submit a traditional written financial plan, or present plan information using a GotoWebinar (or similar) platform.

3. Financial Plan based on a fact pattern provided by NAPFA. The applicant may submit a traditional written or web-based financial plan using a fact pattern provided to them by NAPFA. 
All submissions must meet NAPFA’s current peer review checklist.
 
Continuing Education Requirement is two-fold @ 60 hours total
 
Thirty-two (32) core hours include a minimum of five credit hours in each of the following core areas: Insurance & Risk Management, Investments, Income Tax Planning, Retirement Planning & Employee Benefits, Estate Planning, and Communications; and a minimum of 2 hours in Ethics of Financial Planning.

The 28 additional hours may be earned in either seven elective or five core areas.
 
Experience

An individual must have had at least 36 months of experience being primarily engaged in the provision of comprehensive financial planning services, which experience must have been attained within the past 60 months and must include the most recent 12 months.

Compensation by Fee Only:
 
NAPFA’s definition of a Fee-Only Financial Planner— NAPFA defines a Fee-Only financial advisor as one who is compensated solely by the client with neither the advisor nor any related party receiving compensation that is contingent on the purchase or sale of a financial product. Neither Members nor Affiliates may receive commissions, rebates, awards, finder’s fees, bonuses or other forms of compensation from others as a result of a client’s implementation of the individual’s planning recommendations. "Fee-offset" arrangements, 12b-1 fees, insurance rebates or renewals and wrap fee arrangements that are transaction based are examples of compensation arrangements that do not meet the NAPFA definition of Fee-Only practice.  If you have questions about specific compensation arrangements, please contact the NAPFA Membership Manager.
 
Prohibition of certain ownership interests and employment relationships—Neither a member nor an affiliate may own more than a 2% interest in, or be employed by, a financial services industry firm that receives transaction based compensation. A related party to a member or an affiliate may not own more than a 2% interest in a financial services industry firm that receives transaction based compensation as prohibited by NAPFA; and to whom the member or affiliate makes referrals or otherwise directs business.
 
If you have questions about prohibited relationships please contact the NAPFA Membership Manager.
 
Compliance with NAPFA standards and industry regulations -
 
Members and Affiliates

must abide by the NAPFA Code of Ethics, Standards of Membership and Affiliation, Bylaws, resolutions adopted by the Board and all rules set forth in the NAPFA Policies and Procedures Manual.

agree to comply with all federal and state statutes, rules, regulations, administrative and judicial rulings, and other authorities applicable to the provision of financial planning or advisory related services.

agree that they will make all appropriate filings, amendments and renewals as appropriate to required filings with regulatory authorities. This shall include, but is not limited to, Form ADV. As a condition of NAPFA membership, any and all Form ADV filings may be reviewed by the Membership Task Force.
 
Prompt notification of certain disciplinary and legal events—
Members and Affiliates have a continuing obligation to inform the NAPFA National Office, in a prompt manner and in writing, of significant disciplinary and legal events. These events include, but are not limited to, the following:

any disciplinary inquiry or proceeding initiated by any federal, state or local civil or criminal authority or regulatory body, including any inquiry or proceeding relating to the firm with which the individual is associated;

any disciplinary inquiry or proceeding initiated by a credentialing or membership organization or authority to which the individual is subject, e.g., Certified Financial Planner Board of Standards, State Board of Public Accountancy;

any bankruptcy, receivership, or other type of assignment or arrangement for the benefit or protection of creditors of the individual or any entity in which the individual holds an interest of 5% or more.


Annual Dues: $625

One time non-refundable processing fee: $150 ($75 if there is at least one NAPFA member in the firm)


NAPFA reserves the right to decline membership if the applicant has failed to comply with statutes or regulations governing the profession, or has been unsuccessful in the defense of civil claims arising from professional services, unless such violations or claims are not material.


Contact NAPFA’s Membership Manager for more information
.

 

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