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Andrew R. Lundin, CFP®, CTFA is a Wealth Manager at Doyle Wealth Management. He has more than 10 years experience in the financial services industry, contributing to his eligibility to use the Certified Trust & Financial Advisor (CTFA) designation.
Quick Facts About the CTFA:
- The CTFA is the recognized standard of excellence for trust and financial advisors.
- It is issued by the American Bankers Association® (ABA).
- To be eligible for the CTFA, you must have at least 10 years of wealth management experience or 5 years with a BA degree or, 3 years with completion of a wealth management training program.
- You must pass a 200 question comprehensive exam covering the areas of fiduciary and trust activities, financial planning, tax law and planning, investment management, and ethics.
- If the exam is successfully passed, you then agree to and sign the ABA’s Professional Certifications’ Code of Ethics Statement in order to use the certification.
We caught up with Andrew to find out more about the highly-esteemed CTFA designation.
How will having your CTFA help you as a professional?
I believe the CTFA designation will help me in a few different ways. First off, I believe the CTFA hones my financial planning skill set into communicating the importance of clients having a well thought-out estate plan. It helps me understand the estate planning concerns of the client, so I can then help them articulate those concerns to their attorney when they are drafting the client estate planning documents.
Secondly, the ABA has a fairly rigorous continuing education requirement for the designation, consisting of 45 hours every 36 months. Of those 45 hours, you have to have a minimum of 6 hours in each of the four applications. As someone who is always looking to stay on top of the frequent changes and trends in the financial planning industry, continuing education plays a vital role in providing the best advice to your clients.
Why did you want to get your CTFA? What is it specifically about this designation that you believe is important?
I decided to get the designation because its topical relevance is becoming more prevalent. Estate planning is a critical part to any sound financial plan, and we are seeing more and more clients that are using trusts as part of their estate plans. Having a better understanding of the implications of those trusts is imperative to our business.
Have you learned anything new by obtaining the CTFA?
The depth of knowledge is what I expanded on throughout the process. Going through the process reiterated the importance and fiduciary duty that trustees have. This is something that I believe isn’t known to many people that serve as trustees.
Is there anything you found challenging about it?
Learning the inner workings of a Taxable Estate was the most difficult. Primarily, the hardest part to learn involved the estate exemption limits, what was included in someone’s taxable estate. These are laws that have changed pretty dramatically over the years, and will continue to do so.
What is most interesting to you about the CTFA designation?
I think the prerequisite for sitting for the exam is the most interesting thing about the designation. It’s a combination of work experience, formal education in the form of the ABA Trust School and the comprehensive exam.
Learn more about Andrew and the Doyle Wealth Management Team.
