Approved IAR CE Courses

Over time, all types of clients have begun to appreciate the benefits of an account that assessesone fee to cover both investment advisory services and brokerage transaction costs. With the popularity of wrap fee accounts, a significant number of details must be provided to prospective clients. This course will examine the different types of wrap fee programs and the importance ofthe brochures that are provided to investors. The approaches taken by both FINRA and NASAArelated to wrap accounts will be examined. Additionally, suitability considerations will be reviewed forclients who may be interested in wrap accounts.

This course will review insider trading laws in the United States and how they impact investment advisers. The course begins by reviewing how insider trading laws have evolved over the years and presents case studies to illustrate legal concepts. The final section will review how investment advisers must develop and implement training plans to ensure that they comply with insider trading laws and regulations.

The course will introduce the basics of interest, interest rates, and a history of lending. The course will also teach students about the relationship between the economy, interest rates, and the Federal Reserve. In the final sections, the course will review how bonds and stocks are effected by interest rates.

The fiduciary responsiblity that investment advisers and investment adviser representatives have with their clients includes the duty of care, which means that they must have the knowledge of the products they recommend and the ability to explain both the benefits and risks of the investments. Annuities can be complex products that offer characteristics of insurance and securities investments. In the past, these have been the focus of regulators regarding unsuitable recommendations and this course will describe the fundamental characteristics, risks, and benefits of annuities so thatinvestment adviser representatives can feel comfortable and knowledgeable when providing suchrecommendations to their clients.

This course will introduce the process of conducting fundamental and technical analysis. The fundamental analysis section will cover the income statement, balance sheet, and financial filings with the SEC. Then, the course will go over the calculation of earnings per share (EPS) and fully diluted EPS. It will also cover profit margins and coverage ratios. After a brief explanation of the balance sheet, the course will then examine return on equity, price to book value, and liquidity measurements. The final part of the fundamental analysis section will cover the price-to-earnings (P/E) ratio and valuing a company based on its dividends. Technical analysis will be covered last and includes information on technical patterns and theories.

This course will introduce hedge funds and when they're suitable. The introduction will give students some defintions and context for the size of the hedge funds. In the following section, students will learn about how hedge funds are created and their history. Hedge fund strategies will be presented next and then we'll list some of the advantages and disadvantages of these investments. The final section will review how securities laws and regulations impact hedge funds.

This course examines the standards and provisions implemented by SEC Rule 204A-1, requiring all federally registered investment adviser to establish a code of ethics. Defining employees who areclassified as supervised persons and access persons is reviewed first, with case studies provided to explain the differences between them. The course will proceed by examining the elements of thestandards of conduct, with case studies to address the deficiencies that the SEC uncovered in itsexaminations. The readers should find the scenarios useful in avoiding issues leading to conductthat's not in alignment with their investment adviser's code of ethics.

The course will review the regulatory framework that governs investment companies, including the Investment Company Act of 1940 and the SEC. The organizational structure, responsibilities of each party, and the process of buying and selling open-end investment companies will be explained. The course will then define the different types of investment companies and the methods used to evaluate individual funds.