The CFA® Program is a graduate-level self-study program that combines a broad-based curriculum of investment principles with professional conduct requirements. It is designed to prepare an investment professional for a wide range of investment specialties that apply in every market all over the world. To earn a CFA® charter, an individual must pass the CFA® Program Levels I, II, and III. Individuals who pass all three exams and meet the professional and ethical requirements, can become a regular member of the CFA Institute, or a “charter-holder."
The Certified Financial Planner™, CFP®, and federally registered CFP (with flame design) marks (collectively, the “CFP® marks”) are professional marks granted in the United States by the Certified Financial Planner Board of Standards, Inc. (“CFP® Board”).
The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients.
To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements:
- Education: Develop theoretical and practical knowledge by completing a comprehensive course of study at a college or university offering a financial planning curriculum approved by CFP® Board.
- Examination: Pass the CFP® Certification Examination, a six-hour test designed to assess an individual's comprehensive financial planning knowledge and ability to apply that knowledge to real-life financial planning situations. The exam covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance.
- Experience: Attain at least three years of financial planning work experience, which may include the supervision, direct support, teaching or personal delivery of all or part of the personal financial planning process to a client. This hands-on experience means that CFP® professionals have practical financial planning knowledge, so that they are prepared to create a realistic financial plan that fits a consumer's individual needs.
- Ethics: Agree to be bound by CFP® Board's Code of Ethics and Standards of Conduct, a set of documents outlining the ethical and practice standards for CFP® professionals.
Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks:
- Continuing Education: Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field.
- Ethics: Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP® professionals must provide financial planning services in the best interests of their clients.
CFP® professionals who fail to comply with the above standards and requirements may be subject to CFP® Board's enforcement process, which could result in suspension or permanent revocation of their CFP® certification.
Investing involves risk, including the loss of principal. Investing in securities involves the risk of monetary loss and investors should be able to bear that loss. There is no guarantee that our investment processes or strategies will meet an investor's investment objectives, nor is there any guarantee that we will meet any of our investment objectives. An investment strategy could underperform and an investor could lose money on their investment. Equity securities are generally volatile and riskier than other forms of investment. The portfolios we manage hold a limited number of equity positions, which can result in greater volatility than in portfolios with a larger number of positions. When a portfolio holds fewer securities, the performance of each position, either negative or positive, has a greater impact on the portfolio and the portfolio is subject to greater risk of loss if any of those securities becomes impaired. Similarly, a substantial portion of a portfolio's assets may be invested within one or more economic sectors, and market or economic factors impacting those sectors could have a significant effect on the value of the portfolio's investments. The portfolios we manage may have a significant allocation to cash and cash alternatives over longer periods of time and, therefore, may not be appropriate for investors who wish to be fully invested in the market. Cash does not fluctuate with the market like stocks or bonds, but cash is subject to inflation risk and returns on cash could be insufficient to cover related costs.
Investing involves risk, including the loss of principal. Investing in securities involves the risk of monetary loss and investors should be able to bear that loss. The equity investment philosophy and processes described on this website apply to the selection of individual stock investments in portfolios managed by Clarkston Capital Partners, including one or more of our proprietary open-end mutual funds and private funds (collectively, the “Proprietary Funds”). For some Clarkston Private Client® accounts, the equity allocation does not include any individual stocks and holds only shares of the Proprietary Funds. We do not charge our separate account investment advisory fee on client assets invested in our Proprietary Funds but do charge our separate account investment advisory fee on client assets invested in third-party products and, in such cases, a client will pay both our investment advisory fee and the fees charged by the third-party product. There is no guarantee that our investment processes or strategies will meet an investor's investment objectives, nor is there any guarantee that we will meet any of our investment objectives. An investment strategy could underperform and an investor could lose money on their investment. Equity securities are generally volatile and riskier than other forms of investment. The portfolios we manage hold a limited number of equity positions, which can result in greater volatility than in portfolios with a larger number of positions. When a portfolio holds fewer securities, the performance of each position, either negative or positive, has a greater impact on the portfolio and the portfolio is subject to greater risk of loss if any of those securities becomes impaired. Similarly, a substantial portion of a portfolio's assets may be invested within one or more economic sectors, and market or economic factors impacting those sectors could have a significant effect on the value of the portfolio's investments. The portfolios we manage may have a significant allocation to cash and cash alternatives over longer periods of time and, therefore, may not be appropriate for investors who wish to be fully invested in the market. Cash does not fluctuate with the market like stocks or bonds, but cash is subject to inflation risk and returns on cash could be insufficient to cover related costs.
We do not provide tax advice. Investors should consult their own independent tax advisors for advice based on their particular circumstances. There is no guarantee that we can achieve a goal of tax-efficient investing for an investor. The goals of limiting taxable distributions and investing in a tax-efficient manner could cause an account's performance to lag the performance of other accounts that do not make tax-efficiency a primary focus. Increased stock market volatility could adversely affect our ability to maximize after-tax returns and invest with tax efficiency. Periods of rapidly declining stock markets could cause the unexpected sale of certain holdings and result in increased portfolio turnover. Income from municipal bonds that is exempt from federal income tax may nevertheless be subject to state and local taxes and at times the alternative minimum tax.
© 2025, Clarkston Capital Partners, LLC (“CCP”). No part of CCP's original content may be reproduced in any form, or referred to in any other publication without the express written permission of CCP. The content is for informational and educational purposes only and should not be construed as investment advice or an offer or solicitation with respect to any products or services for any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. Clarkston Capital® and Clarkston Private Client® are registered trademarks of CCP. All rights reserved.
CCP is registered as an investment adviser with the Securities and Exchange Commission (“SEC”) and only transacts business in states where it has filed the proper notice or is excluded or exempted from such notice filing requirements. SEC registration is not an endorsement of the firm by the SEC and does not imply CCP has achieved a specific level of skill or ability. CCP provides investment advisory services through two separate divisions. Our Clarkston Capital® division serves institutional and individual clients that do not require asset allocation services. Our Clarkston Private Client® division provides investment advisory services to investors that are seeking guidance on asset allocation for some or all of their investable assets.
The statements contained on this website do not constitute any form of investment, tax, legal or accounting advice or a recommendation to adopt any investment strategy mentioned. The information provided does not take into account the specific investment objectives, financial situation or particular needs of any person who may read it, and investors should determine for themselves whether a particular service or product is suitable for their investment needs or seek professional advice for their particular situation.
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