Billing it as the first of its kind, the National Association of Plan Advisors rolled out a new fiduciary credential at the organization's 401(k) Summit in San Diego this week.
The Certified Plan Fiduciary Advisor credential can be earned by passing a 75-question exam, administered over three hours and covering ERISA plan and investment management issues.
The exam, among other items, covers ERISA's rules relative to plan fiduciaries and disclosure requirements.
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Candidates will also be tested on the rules differentiating investment advice from education, and the difference between service providers' fiduciary and non-fiduciary roles.
Prohibited transactions and exemptions, and fiduciary breaches and corrections are also covered, as is service-provider compensation and revenue-sharing restrictions.
Other areas include distinguishing between active and passive management, share class and revenue-sharing arrangements with fund companies, prudent process documentation, and the risk of litigation on investment selection.
Candidates will be tested on the most common plan operational errors, how to prevent them, and required daily activities for sponsors and advisors.
NAPA has published study materials, accessible online and available for $595 for association members, and $895 for non-members. The exam, which is taken online and generates immediate results, costs $237.
A website dedicated to the CPFA credential suggests the average study time is about two months. No specific retirement plan sales experience is required.
NAPA is inviting 50 beta test-takers to be the first credentialed, and sweeting the invitation with a half-price deal on the test's fees.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
