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Certification, Registrations, and Licenses

CFP Board of Standards – Owner of the CFP® marks.  Their website describes how this board awards the certification, monitors it, and enforces its Code of Ethics. This include the CFP® professional's Fiduciary Standard.CFP® Certificants’ ongoing requirements include biennial 30 hours of general Continuing Education, 2 hours of Ethics CE, and annual renewal fees.  The initial requirements include earning a college degree, having 4,000 to 6,000 hours of professional financial services experience, reviewing the applicant's character, completing 6 college-level courses and passing a comprehensive 6-hour exam.

FINRA and the Securities and Exchange Commission (SEC) – These regulators established and maintain systems and processes for people and firms to engage in the securities business in the United States of America.  FINRA’s Continuing Education requirements include an annual Firm Element and every 2 or 3 years, a Regulatory Element.  A new prerequisite for the Series 6, 7, 22, and others is named Securities Industry Essentials (SIE). The initial exams for the Series 7 General Securities registration is 3 3/4 hours in length, while the Series 6 Limited Representative exam and the Series 22 Direct Participation Programs Exam is each 1 1/2 hours in length. The initial exam for the Series 66 registration is 2 1/2 hours in length. Securities supervision exams include the Series 24 for General Securities, Series 4 for Options, and Series 53 for Municipal Securities.

Cambridge Investment Research and Cambridge Investment Research Advisors, Inc - This pair of entities consists of the Broker-Dealer adhering to FINRA regulations and the Registered Investment Advisor firm subject to SEC oversight.  Cambridge conducts due diligence on rep-advisor candidates’ driving, criminal, and financial backgrounds.

Insurance Commissioners – To learn more about the insurance regulation in your state, use a web browser search engine to go to NIPR.com.  In South Carolina, the ongoing insurance agent requirements include biennial 21 hours of general Continuing Education and 3 hours of Ethics CE and annual renewal state and recordkeeping fees.  Annuity product training is required, on a product-specific level.  Initial and ongoing Long Term Care (LTC) insurance education is required of agents offering LTC insurance. Agents must also maintain current education in Anti-Money Laundering practices.

Note that there are separate exams for Life, Accident, & Health (LA & H) lines of insurance and for Property & Casualty (P&C) lines of insurance.  Certain states established Long Term Care insurance as a separate line, instead of including it in the Health Insurance line. Errors and Omissions insurance is provided to Family Legacy Concepts rep-advisor(s) by Continental Casualty Company (CNA).