Adviser CE

By the end of this course, you will be able to:

Explain what ETFs and mutual funds are and how each is bought, sold, and priced (intraday market price vs. end-of-day NAV).

Describe the roles of fund companies, index providers, custodians, transfer agents, authorized participants, and market makers.

Interpret premiums/discounts, bid–ask spreads, and basic liquidity signals, and apply practical ETF execution guidelines (e.g., use of limit orders and trading windows).

Compare visible and less-visible costs to build a total cost of ownership view, including expense ratios, spreads, potential commissions, platform fees, turnover, and cash drag.

Summarize key tax implications for ETFs and mutual funds, including capital-gains distributions, dividend types, and the concept of in-kind creation/redemption, and identify when taxes are most likely to impact outcomes.

Distinguish among passive index funds, factor/smart-beta tilts, and active strategies, noting typical strengths, trade-offs, and implementation considerations.

Construct straightforward core-satellite portfolios using ETFs and/or mutual funds that align with client goals, risk parameters, and IPS constraints.

Establish rebalancing and cash-flow practices (time-based and/or tolerance-band) that manage drift, costs, and taxes across taxable and tax-advantaged accounts.

Apply asset-location guidelines to place income-heavy and tax-efficient holdings appropriately, and recognize basic loss-harvesting and wash-sale considerations.

Select suitable mutual-fund share classes for advisory accounts, recognize conflicts (12b-1 fees, revenue sharing), and articulate clear disclosures.

Map vehicles and strategies to common client profiles (accumulator vs. retiree, high-tax-bracket vs. tax-deferred, preference for intraday control vs. end-of-day execution).

Perform and document product due diligence using a concise framework (people, process, philosophy, price, portfolio fit) with termination and replacement criteria.

Produce file-ready notes that state purpose, costs, taxes, and alternatives considered for each recommendation, and outline a monitoring cadence.

Monitor portfolios for cost creep, drift, tracking slippage, and style drift, and implement corrective actions consistent with suitability and best-execution standards.

According to NASAA guidelines, to successfully complete the course, you must achieve a score of at least 70% on the final assessment. You have up to three attempts to reach this score. If you do not pass after three attempts, you will need to retake the entire course before you can try the assessment again.

Course Instructions

NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are my/our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.