CFP Board's Standards of Professional Conduct

CFP Board’s Standards of Professional Conduct ("Standards"), which set forth the ethical standards for CFP® professionals, are actively enforced through an investigative and disciplinary process described in the Disciplinary Rules and Procedures. Enforcement of the ethical standards for CFP® certificants is one of the key elements that distinguishes the CFP® certification from other financial credentials, and CFP Board is committed to maintaining a disciplinary process that is fair to the certificants whose conduct comes under scrutiny and one that is credible to the public. Download a diagram of CFP Board’s disciplinary process >

Updated Standards of Professional Conduct and Related Documents:

On May 31, 2007, the Board of Directors of Certified Financial Planner Board of Standards, Inc. (CFP Board) announced the adoption of an updated Standards of Professional Conduct. The updated Standards have an effective date of July 1, 2008 and an enforcement date of January 1, 2009.

Updated Standards of Professional Conduct, Effective Date: July 1, 2008 Enforcement Date: January 1, 2009 (430 KB PDF file)

Effective January 1, 2011, CFP Board's Fitness Standards for Candidates and Registrants apply to Registrants (i.e. individuals who are not currently certified but have been certified by CFP Board in the past and are eligible to reinstate their certification without being required to pass the current CFP® Certification Examination).

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Sample Disclosure Forms:
The use of the following forms is intended to help CFP® certificants meet their obligations under CFP Board’s updated Standards. CFP Board believes that using the forms appropriately will supply clients with:

• Information about a CFP® certificant;
• The services being provided;
• Any conflict of interest a CFP® certificant may have; and
• The costs to the client associated with the services being provided, which includes compensation arrangements, financial or investment product fees, or other costs related generally to transactions or advice by a CFP® certificant.

Sample Disclosure Forms (79 KB PDF file)

Form OPS (Disclosure Form for Other Professional Services) (39 KB Word document)

Form FPD (Disclosure Form for Financial Planning Services) (43 KB PDF file)

Form FPDA (Written Agreement and Disclosure Form for Financial Planning Services) (44 KB PDF file)

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Frequently Asked Questions:
CFP Board has assembled responses to frequently asked questions about the updated Standards:

Frequently Asked Questions (Updated December 2010)
(314 KB PDF file)

Additional questions about the revised Standards, including questions about the application of the Standards to specific situations, may be sent to standards@CFPBoard.org.

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Multimedia Presentations: CFP Board's Standards Applied to Specific Situations and Business Models
CFP Board has developed a series of multimedia presentations to assist CFP® certificants in understanding and complying with CFP Board’s Standards. Read more.

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Webinar Events on Updated Standards:
CFP Board has held many events to educate CFP® certificants and others about the content and application of the updated Standards. View recorded Webinars and download presentation materials.

Previous Standards of Professional Conduct:

CFP Board's previous ethical standards, available for download below, were effective through June 30, 2008 and will be enforced for conduct that takes place on or before December 31, 2008.

Code of Ethics and Professional Responsibility (304 KB PDF File)   Financial Planning Practice Standards (303 KB PDF File)   Disciplinary Rules and Procedures (297 KB PDF File)   Candidate Fitness Standards (322 KB PDF File)

Comparison of Updated and Previous Standards of Professional Conduct:

Side-by-Side Comparison of Terminology (50 KB PDF file)

Side-by-Side Comparison of Principles (46 KB PDF file)

Side-by-Side Comparison of Rules (84 KB PDF file)

Side-by-Side Comparison of Financial Planning Practice Standards and Rules (47 KB PDF file)

Anonymous Case Histories:

The Anonymous Case Histories are detailed summaries of actual cases heard by CFP Board’s Disciplinary and Ethics Commission, the body charged with hearing allegations of misconduct by CFP® certificants. A new online format makes these valuable resources easily accessible to CFP® certificants and others interested in learning more about CFP Board's disciplinary process and the specific types of activities that CFP Board has found contrary to its Standards of Professional Conduct. Read more.

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