Preparing for the CFP Exam
For many financial professionals getting started in the industry, the CFP® certification serves as the first major milestone in their career. With over 100,000 active CFP® professionals in the United States, the credential is one of the most widely recognized symbols of competency among financial planners.1
Earning this respected credential acts as a signpost to potential clients, letting them know that a professional has dedicated themselves to education beyond the basics and has a strong understanding of the core competencies needed to perform the necessary functions of a financial advisor.
However, there are several factors to consider aside from whether or not the CFP® is a good fit for you — and perhaps the most important item that any prospective CFP® professional must plan for is the CFP® exam.
What Does the CFP® Exam Look Like?
The CFP® exam is held three times annually: March, July, and November. Testing consists of an eight-day window during which hopeful CFP® professionals must earn a passing grade to earn the credential.
The exam consists of 170 questions covering a variety of topics broken up into sections. These sections address the following categories:
- professional conduct and regulations
- general financial planning principles
- risk management and insurance planning
- investment planning
- tax planning
- retirement savings and income planning
- estate planning
- psychology of financial planning
The exam is graded on a pass or fail basis and the CFP Board does not disclose the minimum score required to pass the exam. Needless to say, the exam is not easy. According to the results of the latest round of exams, the CFP Board announced a 65% pass rate for first-time test takers. However, with the appropriate preparations, steps can be taken to improve your odds of passing.
Preparing for the CFP® Exam
The first step in preparing for the CFP® exam is registration. Registration for any given exam window typically opens about five months prior and costs $925, with $100 discounts or additional fees possible for those who register during the respective early bird or late windows.
Once registration is complete, the logical next step is to study. When asked about the process of preparing for the exam, our CFP® Certification Education Program Director Chet Bennets, CFP®, ChFC®, CLU®, RICP®, CLF® said, “The CFP® exam is rigorous, and success requires disciplined, strategic preparation. Candidates who consistently perform best typically have a structured study plan, use comprehensive review courses, and engage in frequent practice exams to build both competence and confidence.”
Fortunately, with the CFP® being one of the most commonly held credentials across the financial services industry, there are a variety of resources available to help study for the exam. Practice exams are readily available in a litany of locations across the internet, ranging from the full-length practice exam featured on the CFP Board’s website to smaller tests that give prospective test takers a feel for the type of questions that will be included in each section of the exam.
Education for the CFP® Exam
Additionally, there are many options for more robust study plans. Our CFP® Certification Education Program offers seven courses covering topics critical to the CFP® exam and provides learners with strong context to help them comprehend the materials, resulting in 72% of those who learned with The College passing their exam, well above the national average.2 Similar programs may vary from one institution to another, but they can also offer access to additional practice exams, study groups, and other resources that help those enrolled in the program build confidence about passing the exam and build a strong understanding of the material.
As Bennets states when talking about the best preparation methods, “Understanding not only the material but how it applies practically to client scenarios is key. The goal is to master the content, not just memorize it.”
Ultimately, registering for the CFP® exam is one of the most important steps an early-career financial professional can take. As such, it is critically important to take the necessary steps to prepare for this exam and maximize your chances of passing.
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About The College From The President Insights
Memorial Day and Military Appreciation Month 2025
Memorial Day calls us to honor those who gave their lives in service to our nation. Military Appreciation Month calls us to honor and support those still serving, those who have served, and their families, helping them build new futures.
These occasions invite moments of solemn gratitude. I want to say a sincere thank you to anyone whose life has been shaped by military service. I appreciate every member of the military community and their family members. My heart goes out to those families who lost loved ones in military service. Surely, many of you share my strong belief that we should remember the service and sacrifice given selflessly to our country.
Even if we haven’t shared military experience ourselves, we can commemorate those who do. The power of remembrance is unifying.
Remembrance — and the feelings of grief, respect, comfort, and shared values it evokes — transcends ideologies, uniting us beyond political and cultural divides. Remembrance calls to mind our shared humanity. To remember is not merely to reflect; it is to gather, to honor, and to celebrate what connects us.
While attending a memorial service earlier this month, I witnessed once again, as I’m sure you have, how heartening it is to see many individuals from all walks of life come together to pay tribute to one beloved person. Together, we shared tears and laughter, because we shared affection for that singular individual, regardless of any differences. We shared in his loss, because we shared in his life. Not everyone has had military experience and not everyone has mourned the loss of a service member. But we can relate to sacrifice and grief. I have felt the experience of losing someone and know it to be among the most impactful moments in life. Often, more memorable than loss is the memory of the person we mourn.
Often unity is one of the gifts that comes from profound loss. Uniting with others in a moment of remembrance gives us hope for the future and assures us that we will be okay.
This month, at memorials, parades, and other gatherings across the country, Americans of all backgrounds stand shoulder to shoulder, remembering together. And often, something transformative happens: appreciation. We begin by honoring the fallen, and we leave with a deeper appreciation for the living. For their families. For their fellow service members. For one another. Each flag placed, each name read, each family comforted is a reminder that we are bound by something greater than ourselves.
Today, more than 1.3 million Americans serve in uniform. Millions more have served or supported a loved one who has. And with every life lost in service, we are reminded that remembrance is more than ceremony. It is an ethical act.
Remembrance and appreciation foster unity. These fibers form the fabric that connects us. The College is proud to convene individuals across generations, industries, and communities to foster shared learning and ethical practices. In the same way, financial services as a profession thrives when it welcomes people of all backgrounds.
In my experience, we are inclined to do more to serve those who have served in the military and their families. This is a personal and collective response sparked by gratitude.
Unity is not only a patriotic ideal; it is a professional imperative. Simply put, it’s the right thing to do. To grow, to innovate, and to serve, our field must continue to include veterans, military spouses, and individuals from every walk of life. These are the leaders and changemakers who will carry forward the legacy of service in the next mission to benefit society.
As a profession built on trust, service, and impact, the financial services industry has a responsibility to lead with respect for military service members, veterans, and their families. But we shouldn’t stop there. So many current and future leaders who belong in financial services are also proud members of the military community. To those who are, I say, thank you. And to everyone else, let’s each take a moment to engage with someone whose life has been shaped by military service. Learn their story. Share our gratitude.
We grieve together. We remember together. We move forward together. And we are stronger together.
To support veterans and military families who are in career transition or preparing to take on their next mission in the financial services profession, please visit the American College Center for Military and Veterans Affairs. Together, we can turn remembrance into action.
More From The College
- Visit the American College Center for Military and Veterans Affairs
- Learn and support The College’s mission
Determining Your Client Retirement Style
Professor of Practice Wade Pfau, PhD, CFA, RICP® breaks down how to choose the right retirement approach for your client at Horizons 2025, The College’s flagship retirement planning event. Climbing the mountain, Pfau warns, is just the start of the retirement income planning journey.
Beginning with a discussion of the retirement longevity risk, Pfau says that longer lifespan, inflation, market volatility, and personal spending are all core factors for retirement advisors and clients alike to consider when determining a retirement plan. To address these concerns, he explains, there are four broad retirement income planning approaches to consider: total return, time segmentation, income protection, and risk wrap. These four core approaches to retirement, discussed in even greater detail in the Retirement Income Certified Professional® (RICP®) curriculum, are all viable strategies that depend on the client’s preferences.
Following an extensive overview of retirement risks and styles, Pfau dives into the methodology and results of his institutional research collaborations. The findings of these nationally representative studies identify six relevant factors that impact retirement style decision-making.
Two of the six factors Pfau identifies are considered primary factors:
- Probability vs. Safety-First
- Optionality vs. Commitment
The remaining four factors are considered secondary factors, including:
- Time-Based vs. Perpetuity Income Floors
- Accumulation vs. Distribution
- Front-Loading vs. Backloading Retirement Income
- True vs. Technical Liquidity
Pfau concludes the presentation with an examination of how the correlations between the six retirement income planning factors and the four core factors to approaching retirement above can help optimize retirement planning. To best serve clients’ needs, retirement advisors must be able to understand the implications of these factors and build unique retirement plans with them.
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Addressing Longevity Concerns in Retirement Planning
The Nationwide Retirement Institute’s new “Century Club Insights Report,” based on a survey of 1,200 U.S. consumers, reveals how Americans think and feel about living to 100 and how prepared they are to do so. The report is part of the Nationwide Retirement Institute’s Century Club campaign.
Considering the projection that the number of Americans living to age 100 or older could quadruple by 2054, the campaign aims to identify and examine the implications of increasing life expectancy on retirement risk. The report helps to address how understanding clients’ perception of aging — specifically, their physical and financial ability to support themselves in their later years — is crucial in helping them plan for longevity. As reflected in the findings from our 2023 Retirement Income Literacy Study, many clients are unprepared for or even unaware of the financial demands of rising longevity.
Kaylee Ranck, PhD, our director of College research shared her key takeaways from the study.
Planning for Longer Time Horizons
Financial security is often top of mind for individuals in or nearing retirement, but awareness alone is only half the battle. While 72% of working adults aged 55 to 65 cite retirement income as their leading concern when making investment decisions, only 56% say they consider how long they’re likely to live, according to the Nationwide survey. This gap reflects a crucial disconnect, with many clients underestimating how long their income actually needs to last. As Ranck explains, this overlooked time horizon can create significant issues if not addressed — making it imperative for advisors to step in and align income strategies with realistic life expectancy.
This disconnect extends to safety nets intended to support retirement longevity. While 35% of older workers see long-term care insurance as a valuable planning tool and 58% express interest in guaranteed lifetime income options through employer plans, widespread adoption of these resources is limited. Most Americans agree these systems are insufficient, creating anxiety about extended life spans. The lack of access to or understanding of financial safety nets leaves many pre-retirees uneasy about the future.
“For many approaching retirement, extended longevity raises serious concerns about financial sufficiency,” says Ranck. That concern is well-founded: only 33% of working adults aged 55 to 65 feel confident they could financially support themselves if they lived to age 100, and 55% admit they lack confidence altogether.
With social and financial safety nets lacking and life expectancy climbing, it’s up to advisors to help clients understand what longevity means today and build retirement plans that can go the distance.
The Emotional Cost of Longevity
Also important, says Ranck, are clients' concerns about the impact their increased life expectancy will have on their loved ones. Despite advances in healthcare and life expectancy, only 23% of adult workers aged 55 to 65 say they want to live to 100, and just 11% believe they actually will. This outlook is often rooted in fear; most associate extreme longevity not with opportunity, but with becoming a burden.
Among those reluctant about a longer life, 77% point to the potential strain on family or caregivers as their main concern, while only 54% cite outliving their savings. This reveals a critical gap: clients are often more worried about their future impact on loved ones than on their financial solvency. As an advisor, recognizing and addressing these concerns is essential. Many clients are unaware of how comprehensive retirement planning can support not only financial stability but also independence, dignity, and quality of life in later years, says Ranck.
“Emotional and caregiving concerns play a central role in how people perceive aging often more than financial fears alone,” explains Ranck. “When people imagine a longer life, they tend to focus on personal well-being, suggesting that financial planning is often secondary to health and connection in longevity-related thinking.”
The good news? Advisors are uniquely positioned to shift this narrative, says Ranck. Through education and empathetic guidance, you can help clients feel more confident about longer life spans by strengthening their retirement plans. When you help your clients navigate both the financial and emotional sides of retirement, they won’t just be prepared for a longer future — they’ll be excited by it.
More From The College
- Read our companion report, “Planning for a Century of Living”
- See more takeaways from our Retirement Income Literacy Study
- Give your clients the gift of knowledge with a free education program, The Retirement Course™
About The College Tax Planning Insights
Celebrating the First TPCP Class
Launching TPCP™
Last year, we shared several key findings that spoke to the importance of tax planning at The American Institute of CPAs (AICPA) Engage conference. Included amongst this data were several key points that highlighted Americans’ demand for tax planning services.
One such statistic, found in a survey conducted by Orion in 2021 stated that 80% of investors believe their advisors should be focused on minimizing their tax obligations.1 Another data point shared during this presentation originated in a 2023 Herbers & Company Service Market Growth Study and stated that more than 7 in 10 consumers with at least $250,000 in investable assets want help with tax and retirement planning.2
This research set the table for a monumental announcement: the introduction of a new professional certification that would allow advisors to address this need for tax planning services — the TPCP™, which would launch in January 2025.
Within months, the TPCP™ buzz was palpable. ThinkAdvisor’s article “What to Expect From American College’s New Tax Certification” became their most-read article in years. Additionally, when Professor of Practice Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA offered a live demonstration detailing the components included in the program, the number of registrants exceeded Zoom capacity, requiring an upgrade to accommodate the large crowd of eager viewers.
The program opened for enrollment in November of 2024. Since then, 800 students have enrolled in the program and many trailblazers have already completed it, becoming the first to earn this exciting new certification.
Honoring the Inaugural TPCP™ Class
Included among this group of pioneers are 26 financial professionals from a variety of backgrounds. Several spoke about the importance of tax planning and what earning the TPCP™ could do for them and other financial professionals looking to advance their careers.
“The program was excellent. The concepts and strategies taught in the TPCP™ courses were immediately applicable to many current client and prospective client situations. If I was looking for a financial advisor, I would only work with one that focuses on tax planning.”
- Gregory J. Harris, JD, MBA, TPCP™
“TPCP™ is a fantastic program. I have been a CFP® Professional for many years, yet I learned so much from the information presented. This program really focuses on the nuances of the tax law and provides excellent guidance on how to apply the tax code in specific client situations. Well worth the time, energy, and money spent.”
- Clark Randall, CFP®, MJur, TPCP™
“The TPCP™ Program is fantastic, broadening my knowledge on the accumulation and distribution aspects of comprehensive retirement planning. The course moves along and provides up-to-date content, staying relevant with current rules and regulations.”
- John Knoll, CFP®, ChFC®, RICP®, TPCP™
These testimonials shine a light on one of the most important aspects of the TPCP™ program that makes the certification particularly useful for those looking to acquire a professional credential: tax planning is more important than ever.
Bringing Value in Times of Volatility
With updates to tax laws and regulations ongoing, economic uncertainty is the current reality many are attempting to deal with as they work to plan their financial futures. According to the director of the TPCP™ program, Sophia Duffy, JD, CPA, AEP®, the education provided in the program serves as a huge boon for anyone looking to navigate these updates: “The recent tax proposals mean big changes could be implemented in the near future, and staying up-to-date allows you to jump quickly on opportunities to improve tax outcomes for your clients.”
Fortunately for the inaugural class of TPCP™ holders, this could spell opportunity, as tax planning is especially critical during times like these.
According to Aaron Hall, JD, in an article titled “The Importance of Tax Planning in Crisis Situations,” tax planning is a “vital part of survival strategy” for businesses during times of economic uncertainty. Minimizing tax liabilities can be crucial during times of volatility, as aggressive tax collections can make a precarious situation even more challenging, according to Hall.
The Kenan Institute of Private Enterprise also espouses the importance of tax planning in their article, “Building Business Resilience to Tax Complexity and Uncertainty.” As stated in this article, “... taxation is somewhat predictable, and businesses build resiliency by reducing uncertainty about how much they owe, this year and in the future. Tax knowledge is therefore foundational for resilience to taxation.” The importance of tax planning to small businesses was corroborated by The College’s 2024 Advisory Services Survey, which found that advisors were lacking in the necessary tax planning knowledge to serve business owners.
By making the appropriate preparations through tax planning, businesses and individuals can reduce the amount of uncertainty they contend with during times of market volatility and establish a resilience that will offer them better odds of meeting their financial goals moving forward.
Why the TPCP™ is Important
As the initial class of TPCP™ holders know and others soon will learn, a strong understanding of tax policy and regulations can improve all aspects of financial planning. From retirement planning or special needs planning to legacy and estate planning, tax planning touches all components of a client’s comprehensive financial planning.
When asked about the importance of the TPCP™, Jared Trexler, our senior vice president and chief marketing and strategy officer, said, “Tax planning is financial planning. The interconnectedness of holistic, comprehensive advice and tax consequences has never been more clear. The public today wants their advisor to provide tax advice. And those who don't are at risk of losing out to those that do. This applied program provides immediate value to an advisor's business and client service model.”
The First TPCPs™
The names below comprise the trailblazers that make up the first-ever holders of the TPCP™ designation:
- Robert Alderfer, JD, CFP®, MSFS, WMCP®, QPFC, CAIA®, TPCP™
- Michael Bins, CFP®, RICP®, TPCP™
- Kay Blunck, CFP®, CAP®, CRPC®, ChFC®, AEP®, TPCP™
- Kathleen Cashatt, CFP®, CPA, PFS, TPCP™
- Jonathan Davis, CFA®, CFP®, CTFA™, ChFC®, TPCP™
- Harris Doobrow, CFP®, TPCP™, RICP®, ChFC®, MBA
- Wendy Dudley, ChFC®, TPCP™
- Cole Ferrier, MSFP, ChFC®, RICP®, TPCP™
- Nolin Frias, CFP®, CPWA®, TPCP™, CIMA®, CSRIC
- Gregory Harris, JD, MBA, TPCP™
- Stuart Hunsicker, CFF®, ChFEBCSM, CEPA®, ASBC®, TPCP™, NSSA®, IRMAACP
- Steven Kibbel, CFP®, ChFC®, RICP®, CLU®, TPCP™
- John Knoll, CFP®, ChFC®, RICP®, TPCP™
- Abduhl Mashhoon, CFP®, TPCP™, CEPA®, CRPSSM
- Brian McKinney, CFP®, RICP®, TPCP™
- Brad Pistole, RICP®, TPCP™, CFF®, CAS®, IRMAACP
- Clark Randall, CFP®, MJur, AIF, CRPC®, CLU®, AEP®, RSSA®, TPCP™
- Christopher Reddick, CFP®, RICP®, TPCP™
- Robert Smith, TPCP™
- Christopher Sparks, CLU®, ChFC®, RICP®, CRPC®, TPCP™
- Louis Spence, CFP®, RICP®, TPCP™
- William Spencer, CFP®, TPCP™, CFT™, FBS®
- Sima Tamaddon, CFP®, ChFC®, RICP®, TPCP™
- Benjamin Wacek, CFP®, CKA, TPCP™
- Rock Wang, TPCP™
- Todd Yeiter, CFP®, CASL®, CEPA®, ChFC®, CLU®, TPCP™
Others can get started on earning their TPCP™ certification by exploring the exciting new program.
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employed septuagenarians working with older clients
The concept of retirement has evolved significantly over the years. While traditional retirement often meant clients completely stepping away from work by their early to mid-60s, today’s reality is quite different. Many septuagenarians—individuals in their 70s—continue to work, whether out of financial necessity, personal fulfillment, or a desire to remain engaged in their professions.
For financial professionals, assisting these older clients requires a nuanced approach. These individuals have unique considerations, including a shorter life expectancy, existing Medicare and Social Security benefits, the tax challenge of RMDs, concerns about long-term care, and the growing risk of diminished capacity. Understanding these individuals’ financial and personal priorities is essential to providing guidance that helps them navigate their retirement years with confidence.
Shorter Human Capital and Life Expectancy: Planning for the Years Ahead
One of the key factors in retirement planning for septuagenarians is their comparatively limited time horizon. Unlike younger clients, whose financial plans may span several decades, older workers have a shorter time horizon in retirement. This means financial advisors must focus on helping the client utilize what they have for income rather than seek to accumulate more for retirement.
Further, simply because of their age, these individuals’ ability to continue working, in other words their human capital, is reduced. Even if they “ride a desk” for a living, once they are in their 70s, they must recognize that their working potential is limited. Either their own health, or that of a loved one, may require them to step away from active employment in the near future.
A common concern for this age group is whether they have sufficient savings to support themselves through their remaining years, particularly if they need to retire sooner than expected. Some may have been so confident in their ability to work that they have not been good savers. Advisors should assess their client’s financial situation and adjust retirement plans accordingly, ensuring that income sources align with their needs while also taking potential health challenges into account.
Medicare and Social Security: Maximizing Benefits
Most septuagenarians have already signed up for Medicare and Social Security, two essential pillars of retirement planning. However, even if they are receiving benefits, there are still considerations regarding how best to utilize these programs.
Medicare
Since Medicare becomes available at age 65, most employed septuagenarians already have coverage. If the client still receives medical insurance through their employer, advisors should assess whether the client has also enrolled in any Medicare programs, such as Medicare Part A, which is free. Further, they should prepare the client for the transition from their employer’s healthcare plan to Medicare once they leave work. The individual has a limited time after leaving employment to sign up for the other Medicare programs without incurring a lifetime penalty.
Social Security
Individuals in their 70s are presumably already collecting Social Security benefits. They should prepare for the fact that when they go on Medicare for their health insurance coverage, their Medicare premiums will be deducted from their Social Security payments. This could impact their cash flow if they’re used to having health insurance premiums withheld by their employer from their pay.
If the client has been on Medicare while working, a possible positive cash flow effect may be that leaving employment will lessen their exposure to higher Medicare premiums due to IRMMA, the income related monthly Medicare adjustment. Without wages coming in, the retired septuagenarian may actually end up paying less for Medicare, and that means less coming out of their Social Security payments.
Required Minimum Distributions (RMDs): Managing Withdrawals and Taxes
For employed septuagenarians, RMDs pose an additional financial consideration. By age 73, individuals must begin withdrawing minimum amounts from certain tax-deferred retirement accounts, including traditional IRAs and 401(k)s. These mandatory withdrawals can significantly affect both cash flow and tax liabilities, and financial advisors must help clients navigate these implications. There are two major planning considerations when they turn age 73. First, they can defer taking RMDs until April 1 of the year following turning age 73, but that has the effect of requiring them to take two RMDs in the same year – potentially raising their income tax liability in that year. The second issue is whether they want to use any of the strategies available to either delay or avoid RMDs.
How RMDs Impact Cash Flow
While continued employment may provide steady income, RMDs can suddenly introduce additional liquid assets into a client's financial picture. If the client does not need the funds for immediate living expenses, advisors should first explore whether some of the RMDs can be delayed because of the “still-working” exception that applies to the retirement funds in their employer’s plan. This delays RMDs for at least some of their funds. For the remaining funds that are subject to RMDs, reinvestment strategies should be considered to maintain tax efficiency while optimizing the use of the RMD withdrawals.
Tax Implications
RMDs are fully taxable as ordinary income. This income can also expose them to additional Medicare premiums because of the IRMAA rules. However, there are some key strategies to mitigate RMD-generated tax liabilities. These include:
- Qualified Charitable Distributions (QCDs) — Individuals can donate up to $108,000 (in 2025) each year directly from their IRA to a qualified charity, reducing taxable income.
- Qualified Longevity Annuity Contracts (QLACs) — Individuals can invest part of their qualified funds and IRAs into a deferred income annuity that will begin payments later in life (as late as age 85). An advantage of this approach is that RMDs on these funds are deferred until the annuity begins paying out.
- Tax-Efficient Investment Planning — Consider using RMD funds to invest in tax-advantaged accounts, such as Roth IRAs (if eligible) or low-tax investments.
- Strategic Withdrawals — For clients with multiple retirement accounts, prioritizing withdrawals from different sources can help manage tax exposure.
Proactively addressing RMDs within a broader retirement plan ensures that clients do not experience unintended tax burdens while continuing to work.
Long-Term Care Needs: Preparing for the Future
One of the most pressing concerns for older clients is the cost of long-term care. As individuals age, the likelihood of needing assistance—whether in-home care, assisted living, or a nursing facility—rises significantly. Long-term care can be expensive, and without proper planning, it can quickly deplete savings. Options to address this risk include:
- Long-Term Care Insurance — If the client has a policy in place, advisors should review the terms and ensure the client fully understands the benefits. If they do not have coverage, it may be challenging to obtain a policy due to age or pre-existing conditions.
- Hybrid Policies — Some life insurance policies and annuities offer long-term care riders, allowing clients to tap into their death benefits for care expenses while living.
- Self-Funding Strategies — Clients with sufficient assets may opt to set aside a portion of their savings specifically for care needs, utilizing strategies such as annuities, trusts, or liquid reserves. They may also choose housing that allows them to transition, such as a Continuous Care Retirement Community (CCRC).
- Medicaid Planning — As an option of last resort, advisors should explore Medicaid eligibility for long-term care benefits. This benefit is income and needs based, so it should only be used as a backstop if other funding sources aren’t available.
Planning for these expenses should be approached carefully to ensure that resources are allocated appropriately while maintaining financial independence.
Risk of Diminished Capacity: Safeguarding Financial Well-Being
As individuals age, there is an increased risk of cognitive decline, which could impact their ability to both continue their employment and manage their finances. Financial professionals should proactively discuss trust planning, powers of attorney, and guardianship arrangements to ensure that their clients' interests remain protected. Actionable steps include:
- Powers of Attorney — Encouraging clients to designate trusted individuals to manage both their health and financial decisions in case they become unable to do so themselves.
- Living Will/Advance Directive — Ensuring clients have legal documents outlining their medical preferences in the event of an emergency.
- Trust Planning — A trust may provide maximum flexibility in defining when the individual is no longer legally competent, and how finances will be handled at that point.
- Estate Plan Review — Regularly updating wills and beneficiary designations to avoid complications later on.
- Fraud Protection — Older individuals are often targeted by financial scams. Advisors should educate clients about common fraud schemes and help implement safeguards in advance to protect their assets.
By addressing these concerns early, the client is in a better position to continue working as long as they desire. Planning provides peace of mind that they will have financial security if something goes wrong.
While employed septuagenarians may differ in their motivations for remaining in the workforce, they all share common concerns about life expectancy, healthcare, long-term care, and cognitive decline. And they want to make the right financial decisions that help maximize their income and tax planning. Advisors who take the time to assess their clients’ needs, optimize benefits, and prepare for potential challenges can help older workers transition smoothly into retirement.
More From The College
- Get our retirement planning checklist for your clients.
- Learn more about the Retirement Income Certified Professional® (RICP®) program.
- Browse other courses and programs available.
Retirement Planning On-Demand Webcasts
Turning Tax Challenges into Maximum Client Value
As tax legislation approaches a critical juncture, it’s important for financial professionals to employ expert tax planning strategies to maximize client outcomes before new IRS regulations and expiring low tax rates can interfere.
Join America’s IRA expert Ed Slott, CPA for a timely discussion of maximizing retirement and tax planning opportunities in 2025 and beyond, including tips for capitalizing on historically low tax rates and an overview of Setting Every Community Up for Retirement Enhancement (SECURE) Act and SECURE 2.0 Act changes, new IRS regulations, and more.
Plus, hear from IRA analysts Andy Ives, CFP®, AIF® and Ian Berger, JD for answers to all your questions!
This on-demand webcast is only available in Knowledge Hub+. Knowledge Hub+ is a robust, just-in-time learning platform delivering over 80 hours of on-demand CFP Board-approved CE by leading academics, practitioners, and thought leaders. Learn more about Knowledge Hub+ and subscribe today! College designees can access Knowledge Hub+ as a benefit of the Professional Recertification Program without having to subscribe via My Learning Hub.
Presenter
Ed Slott, CPA
Professor of Practice, The American College of Financial Services
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Moderators
Andy Ives, CFP®, AIF®
IRA Analyst, Ed Slott and Company, LLC
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Ian Berger, JD
IRA Analyst, Ed Slott and Company, LLC
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2025 Soldier Citizen Award Recipient
The Center for Military and Veterans Affairs has named the recipient of the 11th annual Soldier-Citizen Award, Vice Admiral James Zortman, USN (Ret.). Vice Admiral Zortman will be honored with the award at the Military Summit on September 18, 2025.
Military Background
Throughout his 34 years of service in the Navy, Vice Admiral Zortman commanded at every level with distinction. He oversaw the Naval Air Forces of the Pacific and Atlantic Fleets as well as the U.S. Carrier Task Forces during Operation Enduring Freedom, displaying incredible and impactful leadership. In his final assignment, he served as commander of all Naval Air Forces — encompassing more than 180,000 service members and a fleet of 3,800 aircraft and 12 aircraft carriers — with a focus on operations, readiness, and the lifecycle management of naval aviation assets.
For his exceptional service, Vice Admiral Zortman was awarded the Defense Superior Service Medal, the Legion of Merit (four times), the Bronze Star, the Air Medal, and the Distinguished Service Medal, the Armed Forces third-highest medal.
Civilian Leadership
Since retiring from the Navy, Vice Admiral Zortman has continued to lead in the private sector, having served as senior vice president at Northrop Grumman Aerospace, a member of the strategic advisory board of Airbus U.S. Space and Defense, Inc., Chairman of the Board for the San Diego Regional Economic Development Corp., and Chairman of the Naval Aviation Museum Foundation. Currently, he holds positions as Chairman of the Board for USAA and executive coach and senior advisor at Boston Consulting Group, where he leverages his innate leadership skills to empower the financial security of the military community.
Vice Admiral Zortman embodies what it means to be a soldier-citizen, having exhibited strong leadership and expertise throughout his time in both the Navy and civic life. In recognition of his achievements and capabilities, he has received the NACD Directorship 100 recognition for excellence in innovation, courage, and integrity as well as the Herb Klein Award for outstanding civic leadership in addressing challenges throughout San Diego.
Vice Admiral Zortman will be honored as the Soldier-Citizen Award recipient at the Center for Military and Veterans Affairs and Center Founding Partner and Sponsor Penn Mutual’s annual Military Summit on September 18 at the Bellevue Hotel and the National Constitution Center in Philadelphia.
More From The College
- Register for the 2025 Military Summit
- Learn more about the Center for Military and Veterans Affairs