Designed to receive retirement funds from a qualified plan (ex. 401(k)s) or another IRA account or used to transfer funds from one IRA custodian to another (ex. from Schwab to Fidelity). Once the taxpayer/account owner has the funds from the account they are transferring, they generally have 60 days to place these funds into a rollover account. If it is rolled over after the 60-day mark, it is subject to income tax.
CFP® certification is a voluntary certification granted in the United States by Certified Financial Planner Board of Standards, Inc. 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. Individuals who become certified are required to complete continuing education.