Wealth Management Associate Program 2.0

• Explain all potential conflicts of interest and disclose all compensation received for services provided. • Describe various behavioral biases based on existing beliefs and how they may impact financial decision making and behavior. • Perform client discovery and develop a family education plan appropriate to meet the goals and objectives of the family members. • Identify strategies to defer gains on various property transactions, including like-kind exchanges and sales of certain small business stock. • Integrate an appropriate mix of alternative investments into a portfolio based on a client’s objectives, time horizon, risk tolerance, and applicable constraints. • Compare insurance policy pricing and structures, and analyze self-insuring as a strategy. • Calculate tax results of various outright stock sales over multiple time periods in order to develop tax efficient strategies and action plans. • Analyze closely held business exit strategies and succession plans. • Develop asset accumulation strategies in qualified and non-qualified structures (e.g., qualified retirement accounts, individual retirement accounts, and personal taxable accounts). • Calculate charitable income tax deductions and limitations applicable to cash and appreciated asset contributions to public charities and private foundations. • Develop strategies to provide living support and protection of heirs while preserving a client’s estate and wealth-transfer goals. • Describe the ways in which an advisor can add value to the client experience • Explain how the additional portfolio choices available to HNW clients relate to tax savings opportunities • Analyze and evaluate different education funding vehicles based on investment flexibility, tax efficiency, operational flexibility, and financial aid efficiency. • Determine the taxable portion of the 529 college savings plan distributions. • Calculate required education savings amounts using the various time value of money concepts. • Interpret the general approach to international planning, define inbound planning, outbound planning, and cross-border planning, and identify how each is distinct from domestic planning. • Interpret the international and cross-border fact-finding process, including the importance of time and location in regard to prior and planned employment, business ownership, assets, and earned entitlements. • Understand the legal, tax, and estate issues in residency, including residency-based vs. citizenship-based taxation and interactions of residency status, source of income, and taxation. • Define a Passive Foreign Investment Company (PFICS), how they are taxed, and how to invest while avoiding PFIC status. • Review US foreign tax reporting obligations, FBAR, FATCA, and the required forms. • Understand foreign exchange, liability matching, taxation, and risk management. • Understand issues related to Social Security for American expats. • Understand the management of a multi-jurisdictional portfolio, how to invest a foreign portfolio to avoid PFIC classification, the compliance issues related to cross-border ownership of mutual funds and ETFs, and the role of the Key Investor Information Document. • Understand the cross-border role of life insurance and disability insurance, including issues related to paying premiums while a non-resident, making a claim, and the taxation of death benefits while abroad. • Understand cross-border education planning opportunities and issues.