Changes as a result of the SECURE Act are being incorporated into the July CFP certification exam (which is still on for now), and the Certified Financial Planner Board of Standards, Inc. wants candidates to be ready.
That’s why the CFP Board has released a new resource to help CFP certification exam candidates, as well as CFP Board Registered Programs and exam-prep providers, prepare for the addition of new questions on the SECURE Act 2019 in the July exam.
The eight-page “CFP Board Key Elements” document, which is available online, focuses on aspects of the SECURE Act that will be included on the test. They include:
- The repeal of maximum age for transactional IRA contributions
- The increase of required minimum distribution age to 72
- The expansion of 529 education savings accounts
- Modified required minimum distribution rules
Each topic spells out the specific change under the SECURE Act 2019, assesses its impact, offers tips on things to consider in light of the change, and offers learning objectives regarding the change to help prepare.
Also included in the analyses are two changes—portability of lifetime income options and disclosure regarding lifetime income—that were examined but await legislative or administrative clarification and will not be included in the July test.
“CFP Board is committed to the success of our certification candidates, and this document is one more tool to help them achieve that,” said Kevin Keller, CAE, CFP Board’s CEO. “We are very grateful to the group of diverse subject matter experts who volunteered their time and perspectives to create this resource.”
Interested persons can read more about the exam, find a full range of preparation tools, and register here.
CFP Board also noted it is closely monitoring the ongoing crisis regarding the COVID-19 and will keep candidates’ and test providers’ well-being as their primary consideration. As of now, the exam window of July 7-14 is still on schedule.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
