NRS Course Catalog

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Code of Ethics and Professional Responsibility

Course Code: CFP_CEPR

Audience

Every two years, CFP® professionals are required to complete a two-hour Ethics Continuing Education (CE) program.

Course Description

This program is focused exclusively on CFP Board's Standards of Professional Conduct, and accomplishes the specific learning objectives as outlined by CFP Board.

  • Define and discuss a financial planning engagement, material elements of financial planning, and the financial planning process.

  • Analyze specific fact patterns to determine if a financial planning relationship exists.

  • Differentiate between the standards of care set forth in Rules 1.4 and 4.5 of the Rules of Conduct, and apply each standard of care to specific factual situations.

  • Apply each Practice Standard set forth in the Financial Planning Practice Standards to a hypothetical financial planning engagement.

  • Identify the information that must be disclosed to the client in writing by a CFP® professional who is engaged in a financial planning relationship or providing material elements of financial planning.

  • Define the required information that must be disclosed to clients and prospective clients, when that information must be disclosed, and apply each disclosure requirement to specific factual situations. (This includes but is not limited to the compensation and conflict-of-interest disclosure requirements set forth in Rule 2.2 of the Rules of Conduct and Practice Standards 100-1, 400-3, and 500-1.

CFP Program ID: 249341     CFP Credit Hours: 2.00

Communications - Use and Supervision of Social Networking Sites and Blogs

Course Code: CE_COMM_SOCNET

Audience

Communications --- Use and Supervision of Social Networking Sites and Blogs is intended for Series 6 and Series 7 registered representatives, their supervisors, and any other financial service industry professional interested in learning how industry rules apply to the use and supervision of social networking sites and blogs.

Course Description

In 2016, a study by GlobalWebIndex showed that 2.3 billion people worldwide are now using social media. With the pace of technology speeding up the way we do business, it is tempting for representatives to sidestep the gray areas of compliance that are still not well-defined.

Communications --- Use and Supervision of Social Networking Sites and Blogs is designed to fulfill training requirements for those firms that allow their representatives to use social networking sites and blogs for business purposes. In Lesson 1, students will learn about the different types of communications that can be transmitted via social networking sites and blogs, as well as the review and approval process for each. The lesson discusses recommendations and helps students understand what is considered a recommendation and what is not. The general standards of communication are included to remind students that regardless of how the communications are sent, they must be communicated properly and honestly. Lesson 2 addresses the supervision of social networking sites and blogs, including the review and approval process and record retention requirements.

CFP Program ID: 234847     CFP Credit Hours: 1.00

Communications With the Public

Course Code: CE_CWP

Audience

Communications With the Public is an introductory level course directed to all registered representatives and their supervisors.

Course Description

This course highlights the different ways in which registered reps and firms communicate with the public, and reviews rules regarding these forms of communication. The course lists the standards of communication as set by the regulators and delves into the supervision required for the different types of communications.

CFP Program ID: 200237     CFP Credit Hours: 1.00

Comparing Education Savings Plans

Course Code: CE_CCSP

Audience

This course is intended to provide a basic understanding of various education savings plans and how they compare to 529 education savings plans. This course is appropriate for sales representatives and investment adviser representatives. The individuals who would most benefit from this course are those who would like to review and solidify their understanding of various education savings plans.

Course Description

Since one education savings plan likely does not fit the needs of all families, a thorough understanding of the available options is the only way representatives and advisers can recommend the product that is best for each client. This course compares 529 plans against other higher education savings plans. Included is a discussion of how financial aid affects a college savings plan, as well as how to use a college expense estimator that can help your clients understand how much they need to save. As a sales tool, the course also provides an "at a glance" chart that compares the features of various savings vehicles.

CFP Program ID: 237624     CFP Credit Hours: 0.50

Complex Products - Regulatory Issues

Course Code: CE_CPRI

Audience

Complex Products - Regulatory Issues is intended for general securities representatives, investment adviser representatives, institutional representatives, futures representatives, and supervising managers or principals interested in offering complex and illiquid products. Individuals who would most benefit from this course are those who are focusing on the concerns that regulators have with complex product sales practices and supervisory obligations. This course is also beneficial for compliance officers and administrators. As an intermediate level course, it presumes a basic knowledge of complex products.

Course Description

Complex Products - Regulatory Issues reviews the various features that could characterize an investment product as "complex" and describes the specific concerns that regulators have with these products. The course provides actions that firms, representatives, and advisers should take to eliminate any misunderstandings regarding expectations about the products.

Finally, the course outlines the supervisory obligations related to the sale of complex products, and the process the firms must following when introducing these products in their offering lineup.

CFP Program ID: 234849     CFP Credit Hours: 1.00

Complex Products - Suitability

Course Code: CE_CPS

Audience

Complex Products - Suitability is intended for general securities representatives, investment adviser representatives, and institutional representatives who are interested in offering complex and illiquid products and have a well-rounded background in the issuance, distribution and risks of conventional securities. This course is also beneficial for compliance officers and compliance administrators. As an advanced level course, it presumes a basic knowledge of complex products and the financial service industry, securities markets, and the wide variety of securities that are offered for sale today.

Course Description

The obscure features and often illiquid nature of complex products play a vital role in the health of our economy. However, regulators around the globe are adopting precautionary or highly restrictive measures to ensure that the distribution of complex products to retail investors occurs under reasonable and ethical conditions. In addition to the varying degrees of market risks associated with complex or illiquid products, regulators believe that the complexity of these products adds an additional dimension to the investment decision process. The intricacy of these products can impair a clear understanding of how they will perform in a variety of time periods and market environments, which can lead to inappropriate recommendations and sales.

Complex Products - Suitability first looks at general suitability and "know your customer" rules, emphasizing a client's risk tolerance and financial ability. The course then reviews the various features and factors that could characterize an investment product as "complex," and then describes over 15 specific complex products and their suitability concerns that firms, representatives, and advisers should be aware of in recommending these products to clients.

After studying this course, students will be well-equipped to address the risks and educate potential investors about the unique features of complex products, derivatives, and nonconventional investments.

CFP Program ID: 234850     CFP Credit Hours: 1.00

Complex Products - Supervision

Course Code: CE_CPSUP

Audience

Complex Products - Supervision is an advanced-level course intended for the supervisors of registered representatives, investment adviser representatives, and institutional representatives who recommend complex products. Those taking the course should have an understanding of, and experience with, the practices required for supervision of conventional securities products. As an advanced level course, it presumes a basic knowledge of complex products and supervisory practices. Individuals who would most benefit from this course are those who are focusing on the concerns that regulators have with complex product sales practices and supervisory obligations. This course is also beneficial for compliance officers and compliance administrators.

Course Description

Complex Products - Supervision reviews the various features that could characterize an investment product as "complex" and describes the specific concerns that regulators have with these features. The course explains why the sale of complex products has become a focus of regulatory examinations and helps supervisors recognize complex product sale practices that have been identified as problematic.

Additionally, the course outlines the five elements of successfully introducing complex products to a firm, including due diligence obligations, training, suitability and ongoing client review, supervisory obligations, and ongoing product evaluation. Finally, the course offers methods for detecting sales practice violations and monitoring daily representative activity.

CFP Program ID: 234852     CFP Credit Hours: 1.00

Compliance Policies and Risk Mitigation (Previously: Compliance Officer Responsibilities)

Course Code: CE_COR

Audience

Compliance Policies and Risk Mitigation is an intermediate course for individuals within a broker/dealer who perform compliance functions (or who are preparing for this role) and who must be aware of the relationship between setting compliance policies and reducing regulatory risk to the firm. Students taking this course are expected to have a general understanding of compliance within a broker/dealer.

Course Description

This course provides broker/dealer compliance officers and compliance departments with an overview of the responsibilities for creating a compliance system that provides a process to manage their firm's risks. In addition, this system assists in alleviating the potential for and preventing those risks from escalating into violations, fines, and fraud within the firm.

The course details cases in which effective policies and procedures could have been used to manage risk. Some broker/dealers have failed to understand the risks under which they are operating. These risks include business risk, regulatory risk, customer risk, and internal control risk. The course provides general explanations of these risk categories that can affect all aspects of a broker/dealer firm.

Conflicts of Interest

Course Code: CE_CNFLCT_INTRST

Audience

Conflicts of Interest is an intermediate level course appropriate for all retail registered representatives, their supervisors, and support staff who offer sales and investment advice to retail clients.

Course Description

Conflicts of interest are an ever-present issue when financial service professionals administer "advice." Lesson 1 of this course discusses the various conflicts of interest occurring in the normal, day-to-day operations of retail registered representatives.

Lesson 2 offers a detailed description of FINRA's recent focus on conflicts of interest and expectations for how firms should go about managing these conflicts. The course concludes with a discussion of mandatory disclosure obligations. Throughout the course, various case studies help illustrate the importance of developing a strong framework for managing conflicts of interest.

CFP Program ID: 234853     CFP Credit Hours: 1.00

Conflicts of Interest - Multifunctional Firms

Course Code: CE_COIMF

Audience

Conflicts of Interest - Multifunctional Firms is an intermediate level course appropriate for all retail registered representatives, their support staff, investment advisers, and investment adviser representatives.

Course Description

Supervisors and compliance personnel may find this course beneficial in developing firm policies and procedures, and in ensuring all employees are in compliance with the rules regarding conflicts of interests.

Conflicts of interest are common in the financial services industry and nowhere is this more apparent than in the case of a dual registered or multifunctional firm. The relationships between investment advisers, registered representatives, mutual fund and insurance companies, and their clients are fraught with potential conflicts of interest. This course looks at many of the conflicts faced by these professionals, and the obligations they have to their clients, including the requirement to eliminate or disclose all conflicts of interest.

In Lesson 1 we look at the conflicts of interest that may arise in multifunctional firms and how to stay in compliance with disclosure rules. Lesson 2 focuses specifically on the conflicts of interest that investment advisers face and presents an overview of some supervisory and disclosure tools, including Form ADV and some of the conflicts that it should disclose. In addition, Lesson 3 focuses on the more common conflicts of interest and provides several cases where registered representatives and investment advisers failed to disclose the conflicts of interest they faced. You will see the consequences these firms, reps, and advisers paid for their oversight.

CFP Program ID: 234854     CFP Credit Hours: 1.00

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