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Glossary

Summary: This glossary of definitions is to be used as a general guide; it is not all inclusive. Please consult your financial/tax advisor for specific compliance information and assistance.

Terms and Definitions
Certified Employee Benefit Specialist (CEBS)	Designation awarded to advisers that successfully complete eight employee benefits and compensation courses sponsored by the International Foundation and Wharton School of the University of Pennsylvania.
Chartered Financial Analyst (CFA)	Designation awarded to investment professionals that successfully complete a 3 year program and pass 3 exams in portfolio management and investment analysis sponsored by the CFA Institute.
Chartered Financial Planner (CFP®)	Designation awarded to advisers that successfully complete personal financial planning curriculum, pass a 10 hour, two-day exam, and provide financial planning-related work experience administered by The Certified Financial Planner Board of Standards.
Chartered Financial Consultant (ChFC)	Designation awarded to advisers that successfully complete an education program covering financial planning, investments and insurance, meet experience and ethical standards, and complete 30 hours of continuing education every 2 years sponsored by The American College.
Certified Public Accountant (CPA)	Designation awarded to accountants that successfully pass the Uniform Certified Public Accountant Examination monitored by the American Institute of Certified Public Accountants and met state education and experience requirements permitting them to certify to the accuracy of financial statements.
Fee Only Advisor	An investment advisor who charges set fees based on a percentage of the value of the assets under management, or according to a set hourly rate or flat fixed fee,,and receive no other compensation for their services.
Personal Financial Specialist (PFS)	Designation awarded to CPAs that specialize in financial planning, complete at least 1,400 hours of financial planning business experience, and pass any one of six qualifying exams (including those required to earn a CFP®, ChFC or CFA) administered by the American Institute of Certified Public Accountants.
Registered Investment Advisor (RIA)	Registration by a financial advisor with the Securities & Exchange Commission or state securities regulator to manage the investments of others. Acting as a fiduciary (duty to act in the best interest of clients> under the Investment Advisor Act of 1940, an RIA must typically pass the Series 65 Uniform Investment Advisor Law Examination administered by the North American Securities Association.
Registered Representative	An individual who is licensed to sell securities, having passed the Series 7 and Series 63 examinations. Typically, is an employee of a brokerage firm licensed by the SEC, NYSE, and NASD. Commonly known as a Registered Rep, Financial Advisor, Account Executive or Broker.