Approved IAR CE Courses

This course provides a foundational framework for understanding how ethical decision-makingoccurs in a business context. The course covers how ethical standards are established, as well as the importance of observing them. The investment adviser representative is encouraged toevaluate how the norms within a workplace can have a positive or negative impact on the ethicalbehavior of individuals. Theories of ethics are discussed, including the history, advantages,and limitations of each, with examples to illustrate the implications of different approaches toethics. Through discussion and examples, the representative is encouraged to take a balancedand thoughtful approach to understanding ethical decision-making. The course distinguishesbetween actions that are obligatory, permissible, and impermissible. The course discusses theinvestment adviser representative's obligation to take the client's values into account whenmaking investment recommendations. Examples of ethical decision-making are presented thatrequire the IAR to either determine the best course of action or understand the thought processbehind a particular ethical decision.

This course provides investment adviser representatives with a fuller understanding of a keycomponent of their obligations to clients, the concept of a fiduciary duty. The course begins with alegal-historical examination of the development of fiduciary duties, such as the obligation not toengage in self-dealing and the corporate opportunity doctrine. The course covers the distinction between the duty of loyalty and duty of care. Fiduciary duties in specific contexts, such as discretionary accounts, trust accounts, retirement plans, and mutual fund management, are alsocovered. The course discusses the difference between the fiduciary standard for investment advisers and the Regulation Best Interest standard for broker-dealers, as well as the implicationsof multiple standards for dually registered firms. Emerging regulatory trends and landmarkcases related to fiduciary duties are discussed.

This course provides investment adviser representatives with a detailed understanding of how to identify, prevent, and respond to the financial exploitation of senior and disabled clients. It explains the scope and impact of elder financial abuse, outlines red flags for diminished capacity and exploitation, and explores modern threats such as AI-enabled scams and cryptocurrency fraud.Learners will review key federal and state protections, including NASAA's Model Act to Protect Vulnerable Adults from Financial Exploitation, the Senior Safe Act, and recent interagency guidance.The course also presents best practices for reporting, placing transaction holds, engaging trusted contacts, and coordinating with Adult Protective Services and regulators to safeguard vulnerable clients.

This course provides an overview of financial statements, how to access them, and theirsignificance to IARs. Concepts and terminology are presented to help IARs understand thethree main types of financial statements'balance sheets, income statements, and cash flowstatements'and how they interrelate. The course covers methods of accessing a company'sfinancial statements, including the use of EDGAR to search SEC filings. Coverage of the balancesheet includes a discussion of different classes of assets and liabilities, the need for theequation assets - liabilities = owners' equity to balance, and the role of retained earnings intracking a company's performance over time. Coverage of the income statement includes thedistinction between revenues, gross income, operating income, and net income, as well as howvarious expenses are categorized, such as COGS, depreciation, PP&E, and taxes. Coverage ofthe cash flow statement includes the distinction between cash-basis accounting and accrual-basisaccounting, how cash flows are categorized, and the distinction between sources of cash and uses of cash.

This course examines topics that investment adviser representatives should know beforerecommending hedge funds. Concepts and terminology are presented for a broad range ofhedge fund'related topics. The course covers the development and original philosophy behindhedge funds, as well as how hedge funds have evolved beyond their original purpose of hedging. Who can invest in hedge funds is covered, as well as the fact that hedge funds are unsuitablefor many investors, especially small retail investors. The course delves into many of the strategiesemployed by modern hedge funds. The course discusses risks associated with hedge funds, therole of diversification, funds of hedge funds, and liquid alts.

This CE course equips investment adviser representatives (IARs) with a practical, fiduciary-firstframework for using hedging as a client-centered risk management tool. Moving beyond optionsmechanics alone, the course explains how hedging works as portfolio insurance, when it may (and may not) serve a client's best interest, and how to evaluate trade-offs such as explicit premiums, opportunity costs, and tax considerations. Learners will explore core distinctions'static vs. dynamic and active vs. passive hedging'then address common myths that derail implementation and expectations. The course emphasizes real-world advisory workflows: assessing client suitability (financial, psychological, and practical dimensions), integrating hedging into an IPS, communicating clearly using intuitive analogies and scenario testing, and establishing documentation, disclosure, supervision, and monitoring practices aligned with regulatory expectations.

This course will address issues involved in helping clients navigate the variety of options available when investing for retirement. Several key distinctions between different types of retirement plansare discussed, such as the differences between employer-sponsored and individual plans; definedbenefit and defined contribution plans; qualified and non-qualified plans; and traditional and Rothaccounts. ERISA is covered, with an emphasis on ERISA requirements that may be of greatestconcern to clients. Sections are set aside to discuss special topics such as retirement plans forsmall businesses and Social Security. Suitability concerns of particular relevance to retirementplanning are covered, as are other issues related to addressing the needs of aging clients, suchas advance directives and recognizing scams that target retired clients.

This course provides an overview of the ethics, history, and cases studies about insider trading. This is the first course in a two part series on insider trading, ethics, and regulatory compliance. The introductory course begins by providing a summary of the concept of material, nonpublic information, with multiple examples, and the ethical concerns surrounding its misuse. Next, the course describesthe regulators tasked with investigating alleged violations, in addition to the evolving legal philosophies of insider trading law. The course then outlines a brief history of pertinent legal decisions and congressional acts showcasing pertinent examples from the 1930s into the 2000s, as well as a summary of the civil and criminal penalties for insider trading. The course then delves into a wide range of recent investigations and enforcement actions. This covers both allegations, case studies, and sentencing involving corporate insiders, analysts, lawyers, hackers, hedge fund managers, and cryptocurrency insiders. The hacking section details how hackers gained access to confidential information and how they used it for insider trading. Finally, the course examines howinsider traders typically get caught, typically through advanced data analytics and whistleblowers.

This course provides an overview of the policies, procedures, and regulations formulated to protect firms from the harms of insider trading. The course begins with a brief overview of insider trading and why it is unethical to trade based upon material nonpublic information (MNPI). Next, the course covers Regulation FD, which provides an insight into how regulators approach MNPI and how accidental disclosure may be ameliorated through wide, public release.Then the course summarizes an investment adviser's obligation to write and enforce a Code of Ethics customized to their firm, with an emphasis on the role of the Chief Compliance Officer and common surveillance practices. This is followed by instructive critiques of inadequate Codes of Ethics by the SEC. Next, the course reviews best practices for properly managing MNPI, by both individuals and firms, such as 10b5-1 preset trading plans. Then the course covers information barriers in depth, including their purpose and operation, as well as suggestions regarding the printing and disposal of MNPI. Finally,the course covers recent case studies, exploring regulatory violations, penalties, and remedialefforts, in addition to steps to take if a firm suspects MNPI was improperly used or revealed.