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The session explored the distinctions between the Certified Financial Planner™ (CFP®) and Enrolled Agent (EA) designations, their educational requirements, exam structures, costs, and practical applications in financial and tax planning. Although the session was not CE-eligible, it was presented as a professional development opportunity for advisors.

CFP® Certification Highlights

Scope and Structure:

• Over 100,000 CFP® certificants worldwide.
• The certification emphasizes breadth across multiple planning domains — general principles, insurance, investments, tax, retirement, estate planning, and the psychology of financial planning.
• Governed by the CFP Board, which outlines 72 learning objectives across the curriculum.

Requirements (The “Four E’s”):

1. Education: Completion of a CFP Board-registered program and a bachelor’s degree (in any discipline) from an accredited university. Candidates have up to five years after passing the exam to complete the degree.
2. Exam: A 170-question, six-hour exam administered three times per year (March, July, and November). The overall pass rate is around 64%, with 68% for first-time takers and ~56% for repeaters.
3. Experience: 6,000 hours (≈3 years) of qualifying financial planning experience or 4,000 hours (≈2 years) via an apprenticeship under a CFP professional. Experience must be completed within 10 years before or 5 years after passing the exam.
   • Adam mentioned resources like Measure Twice Planners (Cody Garrett) and the FPA Externship (Hannah Moore, Amplified Planning) to help candidates accrue hours.
4. Ethics: Candidates must submit an ethics declaration and undergo a background check.

Costs and Providers:

• Total costs range between $4,000–$7,000 depending on the provider.
• Exam registration fees vary, with $200 discounts available by calling CFP Board to register.
• Major CFP education providers: Dalton, Kaplan, Boston Institute of Finance (Bryant University), Zahn Associates, and the American College.

Continuing Education:

• 30 CE hours every two years, including 2 hours of CFP Board ethics training, plus an annual certification renewal fee.

EA Certification Highlights

Scope and Privileges:

• The Enrolled Agent credential is issued directly by the IRS and focuses on depth in taxation.
• EAs can represent taxpayers before the IRS — one of only three groups with that privilege, alongside CPAs and attorneys.
• It authorizes tax preparation, planning, and representation for both individuals and businesses.

Requirements:

• No degree requirement.
• Must obtain a Preparer Tax Identification Number (PTIN) via irs.gov/ptin.
• Pass the Special Enrollment Examination (SEE), consisting of three parts:
  1. Individual taxation
  2. Business taxation
  3. Representation, practices, and procedures
• Apply using Form 23 and complete fingerprinting for suitability checks.
• Annual renewal of PTIN and triennial renewal of EA status with ongoing CE requirements.

Exam and Costs:

• Approximately $270 per part, for a total of ~$800 (including PTIN and application fees).
• Testing windows: May 1–February 28 each year; March–April is reserved for exam updates.
• Pass rates: around mid-60%, with Part 3 (Representation) historically the highest.

Recommended EA Prep Providers:

• Gleim, Hock International (formerly PassKey), Becker, Surgent, and Fast Forward Academy.
• Adam praised instructor Kristy Panero at Hock International and also noted Tom Horton’s free EA study videos on YouTube.

Continuing Education:

• 72 CE hours every three years, including 2 hours of ethics annually.
• Renewal cycles depend on the last digit of one’s Social Security number.

Comparative Summary

Integration in Practice

• Adam emphasized tax planning as the “hub” of financial planning, affecting every other domain — retirement, insurance, investment, estate, and cash flow planning.
• He described how earning the EA credential gave him confidence to integrate tax preparation within his advisory practice, improving continuity and client engagement.
• He shared his workflow, including tax planning calendars, quarterly estimated payment reminders, and annual year-end tax reviews to optimize deductions and contributions.
• He highlighted strategies such as Qualified Charitable Distributions (QCDs) and donor-advised fund planning to maximize tax efficiency for retirees.

Q&A Insights

• BA Requirement: Any accredited bachelor’s degree satisfies the CFP requirement.
• PTIN Use: A PTIN allows you to prepare tax returns, though without EA status you cannot represent clients before the IRS.
• Free CE Options: CPAacademy.org offers free EA and ethics CE courses.
• Time to Complete EA Exams: With CFP background, candidates could complete all three parts in 4–6 months.
• Tax Planning Certified Professional (TPCP): Offered by the American College of Financial Services; designed by experts such as Jeffrey Levine to bridge advanced financial and tax planning.
• CFP vs. EA for Client Acquisition: CFP designation is more recognized by the public and tends to drive more client inquiries. EA adds depth for client retention and advanced planning.

Action Items (From Webinar Discussion)

• Reach out to Adam Scherer at adam@greenbeat.financial or https://greenbeatfinancial.com.
• Explore the Tax Planning Certified Professional (TPCP) program at https://theamericancollege.edu.
• Review Tom Horton’s free EA study videos on YouTube.
• Consider Gleim or Hock International (PassKey) for EA preparation materials.