Ran Chen, EA, CFP®

Open Exam Prep

Education EN ↓ 349 episodes

Open Exam Prep: Mastering Financial ExamsThe path to becoming a certified financial professional is known for its difficulty, and finding high-quality, accessible study material shouldn't be the hardest part. Created by Ran Chen—an AI application enthusiast, Financial Advisor, and holder of the EA (Tax), Life Insurance, Series 6/63/65, and CFP® designations—this podcast was born from personal experience. Having navigated these challenging exams himself, Ran realized the need for better resources and created Open Exam Prep as a free solution for aspiring professionals. Each episode breaks down...

Author

Ran Chen, EA, CFP®

Episodes

[Retirement] 8, Coverage Tests 28.12.2024 3:52

Ensure plans are nondiscriminatory, requiring coverage of a certain percentage of non-highly compensated employees. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exa...

[Retirement] 7, Eligibility Requirements 28.12.2024 3:53

Typically require age 21 and one year of service, with special rules for part-time employees under the SECURE Act. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam...

[Retirement] 6, ERISA Protection 28.12.2024 3:58

Ensures plan assets are protected from creditors and bankruptcy, providing security for retirement savings. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.c...

[Retirement] 19, Safe Harbor 401(k) 28.12.2024 4:09

Avoids ADP and ACP testing by providing a minimum employer contribution that is fully vested. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Retirement] 3, Qualified Plans 27.12.2024 4:12

Include pension and profit-sharing plans, with specific types like 401(k), ESOPs, and cash balance plans. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com...

[Retirement] 5, Defined Benefit vs. Defined Contribution 27.12.2024 3:45

Defined benefit plans promise a specific payout at retirement, while defined contribution plans depend on contributions and investment performance. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep...

[Retirement] 4, Pension vs. Profit Sharing 27.12.2024 3:58

Pension plans promise a retirement benefit, while profit-sharing plans defer compensation and may allow in-service withdrawals. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: http...

[Retirement] 2, FIRE Variants 27.12.2024 3:59

Lean FIRE involves minimalistic living, Barista FIRE includes part-time work, and Fat FIRE allows for a more luxurious lifestyle. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: ht...

[Retirement] 1, Traditional vs. Alternative Retirement 27.12.2024 4:25

Traditional retirement involves ceasing work at a standard age, while alternative retirement includes strategies like FIRE (Financial Independence Retire Early). -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this podcast to document my study notes, and I hope you find them helpful in your own preparation. --...

[Fundamentals] 20, Education Savings Plans 26.12.2024 4:00

529 plans, Coverdell ESAs, and Roth IRAs offer tax advantages for education funding. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this video to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 19, Consumer Protection Laws 25.12.2024 3:29

Includes Fair Credit Reporting Act, Fair Debt Collection Act, and Truth in Lending Act. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this video to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 18, Fiscal Policy Tools 25.12.2024 4:08

Congress influences economic growth, price stability, and employment through taxation, spending, and debt management. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this video to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exa...

[Fundamentals] 17, Monetary Policy Tools 25.12.2024 4:01

Federal Reserve uses reserve requirements, discount rates, open market operations, and excess reserve rates. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this video to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.co...

[Fundamentals] 16, Bankruptcy Reporting 25.12.2024 3:52

CFP® professionals must report bankruptcies to the CFP Board and clients. -- The CFP Exam is known for its difficulty, and as I embark on this learning journey, I’ve found it to be quite challenging. I created this video to document my study notes, and I hope you find them helpful in your own preparation. -- More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 15, Candidate Fitness Standards 24.12.2024 4:08

Specific character and fitness standards for CFP® certification candidates. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 14, Learning Styles 24.12.2024 3:54

Visual, auditory, and kinesthetic methods to tailor financial advice to client preferences. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 13, Communication Skills 24.12.2024 3:47

Effective communication involves reflective listening, pacing, and rephrasing. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 12, Monitoring Plans 24.12.2024 4:15

Regular and episodic reviews to ensure financial plans remain aligned with client goals. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 11, Financial Planning Standards 24.12.2024 3:54

Involves understanding client circumstances, goal setting, and plan implementation. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 9, Confidentiality 23.12.2024 3:57

Maintain client privacy and confidentiality, with exceptions for legal and enforcement purposes. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 8, Conflict of Interest 23.12.2024 4:05

Must disclose and manage conflicts, including compensation and product limitations. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 7, Fiduciary Duty 23.12.2024 4:03

CFP® professionals must act in the best interest of clients, adhering to fiduciary standards. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 6, Professionalism 23.12.2024 3:52

Requires dignity, courtesy, and appropriate use of CFP® marks in professional interactions. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 5, Continuing Education 23.12.2024 3:57

CFP® certificants must complete 30 hours every two years, including ethics training. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/

[Fundamentals] 4, Code of Ethics 23.12.2024 4:03

Includes honesty, integrity, client best interests, due care, conflict management, and confidentiality. Open Exam Prep Podcast. More Exam Prep Content Visit: https://open-exam-prep.com/