About CFP Board

Board of Directors Meeting Summaries

• July 2012 Meeting

  CFP Board’s Board of Directors (“Board”) met in San Francisco, CA on July 12-13, 2012. During the meeting, the Board elected Ray Ferrara, CFP®, Chair-Elect of the Board of Directors in 2013, to serve as Chair in 2014. Mr. Ferrara is President and Chief Executive Officer of ProVise Management Group, LLC in Clearwater, Florida.

  The Board approved three action items. First, the Board accepted the recommendation of the Audit Committee to accept the 2011 audited financial statements, as audited by CliftonLarsonAllen. Second, the Board approved an amendment to the Investment Policy Statement to reduce the Operating Fund target balance from six months of the current year operating budget to three. Third, the Board approved the Sanction Guidelines as an additional resource to be used by the Disciplinary and Ethics Commission and the Appeals Committee of the Board of Directors in determining the appropriate sanction to impose when a CFP® professional violates the Standards of Professional Conduct.

  The Board reviewed staff’s proposals to amend the Disciplinary Rules and Procedures, the Rules and Procedures of the Appeals Committee, and the continuing education standard. Staff will seek the input of CFP® professionals and other stakeholders on these proposals during a 45-day comment period.

  The Board received a report from the Aite Group identifying and quantifying the benefits of CFP® certification to brokerage and RIA firms, registered representatives and investments advisors and their clients.

  The Board spent considerable time discussing strategic initiatives for 2013 and beyond. This discussion was facilitated by Kathryn Ritchie, founder and CEO of KRStrategy.

  The Board received an update from the staff on the 2012 mid-year goals.

  The Board will next meet on November 8-9, 2012 in New York, NY.

• March 2012 Meeting

  CFP Board's Board of Directors ("Board") met in Washington, DC on March 8-9, 2012. The Board approved three actions items. First, the Board approved changes to the experience standard to align it with certification best practices. Second, the Board approved a new bankruptcy disclosure procedure wherein CFP Board will begin disclosing on its website and in a quarterly news release single bankruptcy filings by CFP® professionals within the previous five years. Third, the Board approved amendments to several governance documents and adopted the charters of the Business Model Council and the Rules and Practice Standards Working Group.

  The Board also received several updates. First, the Board discussed the results and analysis of demographic data obtained during a 2011 survey of CFP® professionals conducted by Philip Kuehl, PhD, Senior Staff Consultant, Westat Corporation. Second, the Board received an overview from Christopher P. Beall, Esq., of Levine Sullivan Koch & Schultz LLP on the history of CFP Board's four certification marks. Mr. Beall counseled the Board to avoid any type of "CFP® retired" designation. Third, the Board discussed the use of the term "fee-based" in the context of other compensation models in the financial services industry. Fourth, the Board received updates on the organization's 2012 initiatives in the areas of continuing education, examinations, registered programs, consumer outreach and public relations, the Public Awareness Campaign, business development and public policy.

• November 2011 Meeting

  CFP Board's Board of Directors ("Board") met in Washington, DC on November 3-4, 2011. During the meeting, the Board elected four new members to the Board of Directors, each to serve a four year term commencing January 1, 2012:

  John R. Connell, JD, CPA/PFS, CVA
  Causey, Demgen & Moore Inc.
  Denver, CO
  
  Michael R. Green, CFP® 
  Ameriprise Financial
  Minneapolis, MN
  
  Eva I. Kampits, Ph.D.
  New England Association of Schools & Colleges
  Bedford, MA
  
  G. Joseph Votava, Jr., CFP®, CPA/PFS, JD
  Seneca Financial Advisors LLC
  Rochester, NY

  The Board recognized the contributions of the following Board members whose terms are expiring at the end of the year:

  Charles A. Moran, JD, CFP®, 2011 Board Chair
  Montclair, NJ
  
  Terry Lister, JD
  Waddell & Reed, Inc.
  Shawnee, MO 
  
  Charles D. Robinson, CFP®
  The Williams Financial Group
  Scottsdale, AZ

  The Board approved five additional action items. First, following a discussion that began at the July Board meeting on the strategic direction of the organization, the Board affirmed the organization's mission. Second, the Board approved proposed amendments to the Disciplinary Rules and Procedures to eliminate inconsistencies, add clarifications, and strengthen provisions relating to interim suspension.

  Next, the Board approved the 2012 organizational goals and 2012 budget, and adopted a CEO Succession Plan. Lastly, the Board approved the 2012 Board Committee appointments.

  The Board received three updates from the staff. The first was an update on the organization's Enterprise Risk Management Program, which included a discussion of prioritized risks. Second, the Board received an update on public policy issues impacting financial planning. Third, the Board viewed the latest advertisements for the Public Awareness Campaign.

• August 2011 Meeting

  CFP Board's Board of Directors ("Board") convened a telephonic meeting on August 11, 2011. During the meeting, the Board received four updates from the staff. First, the Board received the mid-year financial budget forecast for 2011. The mid-year budget reflects a $1.1M increase over budget in projected operating revenue, which is attributable primarily to increases in examination and certification fees. Projected operating expenses are up $300K, due primarily to an additional Board-approved initiative.

  Second, the Board received an update on proposed revisions to the Disciplinary Rules and Procedures to clarify ambiguities and strengthen the investigative and hearing processes. The proposed revisions will be published for a 45-day comment period beginning on or about August 15, 2011. Final proposed amendments will be presented to the Board for approval in November.

  The third update the Board received was on proposed amendments to the experience requirement for initial CFP® certification. A working group composed of CFP® professionals representing a broad cross-section of business models and academia recommended several changes to the experience requirement, including: (1) creating a limited exception to the "three years full-time" requirement for personal delivery of financial planning services with CFP® professional supervision or peer review; (2) eliminating the six month currency requirement; (3) narrowing the eligibility window from five to three years prior to passing the exam; (4) expanding opportunities for residency program credit; and (5) and limiting teaching credit to two years and only in CFP Board-Registered Programs. The proposed revisions will be published for a 45-day comment period beginning on or about August 15, 2011. Final proposed amendments will be presented to the Board for approval in November.

  The fourth update the Board received was a proposed recommendation from the Finance and Investments Committee to change the time period for evaluating long-term investment target balances from every two years to annually. To effectuate this change, the staff will seek Board approval to amend the Investment Policy Statement and the Finance and Investments Committee Charter.

• July 2011 Meeting

  CFP Board’s Board of Directors (“Board”) met in Chicago, IL on July 13-14, 2011. During the meeting, the Board elected Nancy A. Kistner, CFP® as Chair-Elect of the Board of Directors in 2012, to serve as Chair in 2013. Ms. Kistner is Managing Director & Wealth Planning Solutions Market Director, U.S. Trust, Bank of America Private Wealth Management in New York, NY.

  The Board approved three action items during the July Board meeting. First, the Board accepted the recommendation of the Audit Committee to accept the 2010 audited financial statements, as audited by LarsonAllen. Second, the Board accepted the recommendation of the Governance Committee to streamline the organization’s governance documents by merging the Code of Conduct & Ethics with the Confidentiality Agreement, each of which is required to be signed annually by Board members and volunteers. Third, the Board approved the charters of the CEO councils, commission and working groups.

  The Board continued its discussion begun at the March 2011 Board meeting regarding enterprise risk. The Board received an update from the staff on its identification of strategic, operational and financial risks, and a proposed strategy for mitigating those risks. The Board will review an Enterprise Risk Management proposal at the November Board meeting.

  The Board spent considerable time discussing the strategic initiatives impacting the future relevancy of CFP Board.

  The Board also received updates from the staff on the Public Awareness Campaign and CFP Board’s participation in the US Technical Advisory Group to ISO/TC 222 (TAG). In a February 2011 letter to the TAG Administrator, CFP Board identified nine procedural deficiencies with the TAG process.

• April 14, 2011 Meeting

  CFP Board staff presented a webinar for the Board to preview the rollout of the TV, print and online advertisements for the Public Awareness Campaign. The objective of the campaign is to increase awareness of CERTIFIED FINANCIAL PLANNER™ professionals. The webinar included the consumer research that identified the messages most likely to increase consumer interest in seeking out a CFP® professional. These messages were incorporated into the positioning statement: “If you need your whole financial life pulled together, a CERTIFIED FINANCIAL PLANNER™ professional is uniquely qualified to help.” The webinar also included the creative strategy, the “Let’s Make a Plan” micro site and online toolkit for CFP® professionals, and concluded with the plan to measure the success of the campaign by assessing consumers’ “awareness” and “familiarity” of CERTIFIED FINANCIAL PLANNER™ professionals.

  The Board expressed its support of the campaign.

• April 1, 2011 Meeting

  The Board met telephonically to review a revised draft of the Board’s vision of the financial planning profession in 2020. The Board reviewed an initial draft at the March 2011 Board meeting. The document will be shared and discussed with the Financial Planning Coalition.

  The staff provided two updates to the Board. First, the April 18 launch of the Public Awareness Campaign remains on schedule. On April 14, the staff will present three webinars to review the details of the campaign. The webinars will be presented to the Board, past Board chairs, and to CFP® professionals. The first round of print ads will appear in the May issues of Kiplinger, SmartMoney and Money Magazine. Distribution of these magazines will occur in April.

  The Board also received the results of the March 30, 2011 webinar on “How to Avoid a CFP Board Rule Violation.” More than 1,600 CFP® professionals and other interested individuals participated in the webinar. The staff will post written responses on CFP Board’s website to the more than 300 questions that were submitted during the webinar.

• March 2011 Meeting

  CFP Board’s Board of Directors (“Board”) met in San Diego, CA on March 3-4, 2011. Chairman Charles A. Moran, CFP® opened the meeting by welcoming the three new members of the Board. During the meeting, the Board approved four action items. First, the Board adopted the vision statement of the organization. Secondly, the Board adopted the 2011-2014 Strategic Plan, which sets forth the priorities and initiatives of the organization for the next four years.

  Third, the Board approved revisions to The Rules and Procedures of the Appeals Committee that clarify the Committee’s jurisdiction and appointment of members, and add provisions to address financial hardship claims, procedural motions and transcripts. Fourth, the Board approved revisions to the Investment Policy Statement that modify the asset allocations and asset allocation target ranges for the investment of CFP Board assets, and clarify that the staff has the authority and responsibility to rebalance and maintain the asset allocation within the approved target ranges for each asset class.

  The Board began a discussion of enterprise risk management. This process will begin with a series of staff-conducted workshops aimed at identifying, calibrating and prioritizing risks to the organization, and recommending controls or programs to mitigate those risks. The staff will provide an update at the July Board meeting on its progress in identifying risk categories and establishing a timeline for the completion of this project.

  The Board received updates from the staff on:

  • The Public Awareness Campaign and the progress that has been made on the creative for the TV, print and online advertisements, as well as the new brand identify. The campaign launch will occur in April 2011.
  • The findings and recommendations of the Government Accountability Office (GAO) following its six month study on Financial Planners and the Use of Financial Designations.
  • The findings and recommendations of the Securities and Exchange Commission (SEC) following its six month study on gaps in the regulation of brokers, dealers and investment advisers.
  • The findings and recommendations of the SEC following its six month study of the need for enhanced examination and enforcement resources for registered investment advisers.
  • An overview of recent meetings of the US Technical Advisory Group (TAG) to ISO 22222.

• January 2011 Meeting

  CFP Board’s Board of Directors (“Board”) convened a telephonic meeting on January 6, 2011 to review Arnold Worldwide’s (“Arnold”) preliminary creative development for CFP Board’s upcoming public awareness campaign. The media plan for the campaign will include online, print and television advertisements.

  The creative approach was based on robust qualitative and quantitative consumer research that identified the messages most likely to increase consumer awareness of CFP® certification. Arnold presented several advertisements in rough layout and asked for the Board’s input.

  Next steps for the public awareness campaign include: finalizing the creative executions based on focus group research; production of television, print and online campaign elements (January to April 2011); media plan negotiation (January to April 2011); media plan buying (February to April 2011); brand tracking study in field (February to April 2011); and consumer campaign site development (January to April 2011).

  A discussion ensued with the Board asking questions and offering comments on the proposed advertising.

  The estimated launch of the media plan is April 2011.

• November 2010 Meeting

  CFP Board’s Board of Directors (“Board”) met in New York, NY on November 11-12, 2010. The Board approved six action items. The first was to elect three new members to the Board of Directors. They are Charles G. Goldman, an advisor to Bain & Company, Goldman Sachs, several Registered Investment Advisors, Boulder Ventures, and several start-up firms; Robert Hayden, CFP®, Fiduciary Officer, Family Office International Group, a division of BNY Mellon Wealth Management; and Susan Hirshman, CFP®, President of SHE LTD, a consulting firm focused on enhancing the financial literacy of women globally. The new Directors will begin their four year terms in January 2011.

  Second, the Board approved a national Public Awareness Campaign to raise awareness of CFP® certification. The initiative, which will cost $9 million annually, will be funded through a combination of funds from CFP Board’s reserves and an increase in certification fees. CFP Board is contributing $9.3 million over two years to jump-start the campaign ($7 million in 2011 and $2.3 million in 2012). Certification fee increases of approximately $12 per month ($145 per year) will be introduced in July of 2011. The Board approved the Public Awareness Campaign for a four year period, with a review occurring at the two-year mark. All funds stemming from the fee increase and allocation of reserves will be dedicated to the direct expenses of the campaign.

  Third, the Board accepted the recommendation of the CEO Oversight Committee to approve the 2011 CEO Goals. Fourth, the Board accepted the recommendation of the Finance & Investments Committee to approve the 2011 Budget.

  Fifth, the Board accepted the recommendation of the Governance Committee to approve: (1) technical corrections to the Bylaws and Board Policies and to update these documents to reflect the organization’s current practices; (2) technical corrections to the Investment Policy Statement; and (3) the Finance & Investments Committee Charter.

  Sixth, the Board approved amendments to the Candidate Fitness Standards to: (1) Apply them to Registrants, i.e., individuals who have relinquished their certification and are eligible to reinstate it without being required to pass the CFP® Certification Examination; (2) Grant the Disciplinary and Ethics Commission (“DEC”) the authority to deny a petition for consideration and allow the candidate/Registrant to re-apply for CFP®certification at a specified future date; and (3) Allow a candidate/Registrant the right to appeal a DEC decision to deny CFP® certification to the Appeals Committee of the Board of Directors.

  The Board continued its discussion of CFP Board’s strategic plan for the period 2011 to 2014, and participated in a strategic visioning discussion concerning the future of the financial planning profession.

  The Board received several updates from the staff, including:

  • CFP Board has been granted participation in the US Technical Advisory Group (“TAG”) to ISO 22222, an international standard for financial planners.
  • The Financial Planning Coalition has provided the Government Accountability Office’s (“GAO”) staff with information to assist the staff in the GAO’s six month study on Financial Planners and the Use of Financial Designations. The GAO is expected to present its findings and recommendations, including the appropriate regulation of financial planners, to congressional committees in January 2011, and submit a written report in April 2011.
  • In reference to Securities and Exchange Commission’s (“SEC”) six month study on gaps in regulation of brokers, dealers and investment advisers, the Financial Planning Coalition filed a comment letter with the SEC urging it to initiate rulemaking to extend the fiduciary standard of care to broker-dealers who provide personalized investment advice to retail customers. The letter urged the adoption of a fiduciary standard no less stringent that that provided by the Investment Advisers Act of 1940.

• August 2010 Meeting

  CFP Board’s Board of Directors ("Board") convened a telephonic Board Meeting on August 12, 2010. The Board approved one action item – the 2010 mid-year operating budget projection. Based on the six months ending June 30, 2010, CFP Board management projects 2010 net operating income of approximately $1.323 million. Revenue is projected to reach $16.072 million, and expenses for the year are projected to be $14.749 million. Investment income was not projected due to market uncertainty and its absence from the original operating budget.

  The Board also received four updates. The first was from Director Chuck Moran, CFP®, Chair of the Nominating Committee, who updated the Board on the candidates the Committee is considering for the Board. Director Moran reported that the committee has narrowed the list of candidates to eight. The committee will conduct telephone interviews between September 7 and 18, and then meet in early October to review the eight candidates and recommend candidates to serve on the Board, with terms commencing January 1, 2011.

  The Board next received a policy update from the staff. The Government Accountability Office (GAO) is expected to complete its Study on Financial Planners and the Use of Financial Designations in January 2011, with an oral report to Congress the same month, followed by a written report later. CFP Board staff has met once with the GAO and is staying in close communication with GAO staff as well as with Senator Herb Kohl’s office, which is overseeing the GAO study.

  The staff also updated the Board on the Securities and Exchange Commission’s (SEC) study on whether a fiduciary standard of care should be applied to broker dealers. CFP Board is working with the Financial Planning Coalition in drafting a comment letter in support of establishing a strong and uniform fiduciary standard of care for all financial professionals who provide personalized investment advice to retail customers. CFP Board is also working with the Friends of Fiduciary Group on a joint survey to assess consumers’ expectations of the standard of care they receive from financial professionals.

  The Board next received an update from the staff on ISO 22222. CFP Board has re-engaged with the U.S. TAG of ISO TC222 and has applied to have Marilyn Capelli Dimitroff, CFP®, former chair of CFP Board’s Board of Directors, serve as a voting member of the U.S. TAG, and a CFP Board staff member serve as an observer during monthly U.S. TAG conference calls.

• July 2010 Meeting

  CFP Board’s Board of Directors (“Board”) met in Boston, Massachusetts on July 15-16, 2010.

  The Board approved three action items. The first was to elect the Chair-Elect of the Board of Directors for the calendar year 2011. By unanimous vote, the Board elected Alan K. Goldfarb, CFP® as Chair-Elect. Director Goldfarb will automatically succeed to the office of Chair of the Board in 2012.

  Second, the Board approved the adoption of a charter for the following Board Committees: Appeals, Audit, CEO Oversight, Governance, and Nominating. The Board will consider approval of a charter for the Finance & Investment Committee following minor language changes by the staff.

  Third, the Board received an unqualified opinion on the 2009 Audited Financial Statements from the outside auditor, LarsonAllen, and approved the 2009 Audited Financial Statements. The Board also approved engaging LarsonAllen as outside auditor for an additional three years.

  The Board continued its discussion of CFP Board’s strategic plan for the period 2011 to 2014. The Board continually reviews the strategic direction of the organization and updates the plan periodically. The discussion at the July 2010 Board meeting focused on key outcomes for Competency, Professional Standards & Enforcement, Public Advocacy, Communications & Outreach, and Sustainability.

  The Board received two updates and a briefing from the staff. The first update was on passage by Congress of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. CFP Board was successful in securing provisions in the Act that lay the foundation for the regulation of financial planning and a fiduciary duty to be applied to broker-dealers.

  The second update, from the Communications and Marketing teams, included a report on CFP Board’s work to measure the feasibility of conducting a new national consumer awareness advertising campaign. Following an extensive search of advertising agencies, CFP Board has retained Arnold Worldwide to assist with current and future marketing needs. In CFP Board’s initial planning work with Arnold, the emphasis has been on research, specifically qualitative research including focus groups and individual interviews with consumers and CFP® professionals. Such research will serve as the foundation to help CFP Board determine the feasibility of conducting a successful advertising campaign. The next step is for CFP Board to seek the input of the CFP® professional community to ensure that the campaign meets its needs, and to determine how best to fund the type of advertising campaign that can have a true impact on the public.

  The Board also received a briefing from the staff on recent discussions of the U.S. Technical Advisory Group (TAG) to adopt ISO 22222 as an American National Standard (ANS). ISO 22222 is an international standard for personal financial planning approved by the International Organization for Standardization (ISO), a worldwide federation of national standards bodies. The U.S. TAG is seeking to position ISO 22222 in the U.S. as a baseline definition of best practices in financial planning. CFP Board staff will continue to monitor proceedings of the U.S. TAG.

  The Board also received reports on:

  1. CFP Board’s 990 Tax Return, which will be filed with the IRS in November;
  2. The Nominating Committee’s review of 84 candidates for three to four positions that will be available on the Board in 2011;
  3. The outcome of the July 14, 2010 Appeals Committee hearings; and
  4. The recent meetings of the Audit, Finance & Investment, and Governance Committees.

• March 2010 Meeting

  CFP Board’s Board of Directors (“Board”) met in Washington, DC on March 3-5, 2010.

  Chairman Robert J. Glovsky, CFP®, opened the meeting by welcoming three new Board members and thanking the Board members for attending the March 3, 2010 reception to celebrate the organization’s 25th anniversary.

  During the meeting, the Board approved three action items. The first was on proposed revisions to CFP Board’s Conflict of Interest Policy to clarify that the Policy applies to all individuals who serve on CFP Board’s Councils, Commissions, task forces and working groups, as well as to volunteers.

  Second, the Board approved a change to CFP Board’s education standards by adding a Financial Plan Development Course requirement (“Course”). The Course will be required of all candidates for CFP® certification and entail a minimum of three semester hours (or 45 contact hours or the equivalent) in addition to the current Registered Program curriculum requirements. The learning objectives for the Course require that the student demonstrate capability of preparing a comprehensive financial plan with the ability to integrate subject matter knowledge, apply financial planning process, and communicate the plan to client. The Course assessment will be based on integration and application of the subject matter knowledge in the context of the financial planning process and will be effective no sooner than March 2012.

  The third item approved by the Board was the appointment of the members and chair of the Appeals Committee, as required by Policy 4.10 of the Board Policies. The five members appointed to the Appeals Committee are members of Board of Directors and serve a one-year term on the Committee.

  The Board also received several updates. The first was on the Financial Planning Coalition’s (“Coalition”) efforts to promote national regulation of financial planners, and the support Senator Kohl (D-WI) has given to the Coalition’s proposal. The Board adjourned the meeting to visit Senator Kohl at his Senate Office to thank him for his support.

  Other updates covered the results of the 2009 Job Task Analysis Study –– conducted to define the professional practice requirements of CFP® professionals and to promote development of higher-order cognitive level questions in the examination – as well as the organization’s strategic planning and the progress of a project to overhaul the organization’s stakeholder database.

  The Board also received the following reports:

  1. The initiatives of the Business Model Working Group.
  2. The outcomes of the February 2010 Disciplinary and Ethics Commission hearings.
  3. The 2009 Preliminary Financial Statements.
  4. The Audit, Finance & Investment, Governance, and Nominating Committee meetings.

• November 2009 Meeting

  CFP Board’s Board of Directors met in New York, NY on November 19-20, 2009.

  During the meeting, the Board approved four action items. First, based on the recommendations of the Nominating Committee, the Board elected the following individuals to serve four-year terms on the Board of Directors, commencing January 1, 2010:

  1. Susan R. Meisinger, Former President and CEO, Society for Human Resource Management (SHRM)
  2. Richard P. Rojeck, CFP®, Managing Director, Pacific Southwest Regional Planning Group of Sagemark Consulting
  3. Richard Sincere, Chairman and CEO, Sincere & Co.

  Second, based on the recommendations of the Governance Committee, the Board approved that: (1) the Audit and Finance Committee be split into two separate committees: an Audit Committee, and an Finance and Investment Committee, which is consistent with best practices of non-profit organizations; (2) the CEO Oversight Committee include the Chair of the Finance Committee; and (3) the Governance Committee develop and recommend for Board approval in 2010 a charter for each Committee to define the Committee’s mission and scope.

  Third, the Board approved Antitrust Compliance Guidelines for CFP Board’s Board of Directors, Committees, Commissions, task forces, working groups and other volunteers and representatives. The purpose of such guidelines is to remind volunteers and representatives of CFP Board to not discuss sensitive issues including pricing, profitability, payment terms, and allocating markets or customers, all of which are in violation of antitrust laws.

  Fourth, the Board approved the 2010 CEO Goals and the 2010 Budget.

  The Board also received the following reports:

  1. Public Policy Update
  2. Consumer Advocate Update
  3. Appeals Committee Report
  4. Audit and Finance Committee Report
  5. Financial Planning Standards Board Update
  6. 2010 Committee Assignments

• September 2009 Meeting

  CFP Board’s Board of Directors convened a 60 minute telephonic Board Meeting on September 3, 2009. The Board received updates on the Financial Planning Coalition, the Nominating Committee and the proposed Memorandum of Understanding with the Financial Planning Association.
  

• August 2009 Meeting

  CFP Board’s Board of Directors convened a telephonic Board Meeting on August 10, 2009. The Board approved one action item – the expenditure of an additional $1.5 million to replace the organization’s certificant database.

  The Board also received two updates. The first was an update on the 2009 mid-year budget projection. Based on the six months ending June 30, 2009, CFP Board management projects 2009 net operating income of approximately $1.03 million. Revenue is projected to reach $15.82 million, and expenses for the year are projected to be $14.78 million. Investment income or loss was not projected due to market uncertainty.

  The second update was from Philip G. Kuehl, Ph.D. on the recent work of the Executive Leadership Team in reviewing the organization’s mission and strategic plan for the period 2008-2010.

• July 2009 Meeting

  CFP Board’s Board of Directors met in Vancouver, British Columbia on July 15-17, 2009.

  During the meeting, the Board approved four action items. First, based on the recommendations of the Ethics Task Force, the Board approved technical corrections to the Standards of Professional Conduct. The purpose of the technical corrections is to clarify ambiguities, eliminate redundancies and add terminology to achieve consistency with other CFP Board publications. The technical corrections were adopted following review of comments received from CFP® professionals and other stakeholders during a 30-day comment period.

  Second, the Board approved proposed technical changes to CFP Board’s Bylaws, the purpose of which is to: remove provisions that are no longer relevant; modify language to achieve consistency in all sections of the Bylaws; and add language to clarify ambiguities.

  Third, based on LarsonAllen’s issuance of an “unqualified opinion,” the Board approved the 2008 Audited Financial Statements.

  Fourth, during an executive session of the Board, the Board elected Director Charles Moran to serve as Chair in 2011.

  The Board also discussed the need to update some of the key components of the CFP Board Strategic Plan, which was implemented in 2007. This discussion will be used by CFP Board’s staff leadership team to establish proposed Organization Goals for 2010.

  The Board received the following reports during the meeting: a Finance Report, which provided a year-to-date assessment of revenues and expenses; an IT Update, which included a proposed revised cost of updating the organization’s database; an Investment Policy Update, which outlined the portfolio adjustments to be made in accordance with the policy; a Governance Update, which proposed a streamlined approach to establishing and monitoring executive limitations; a Nominating Committee Update, which included a discussion of the process of reviewing candidates for the Board in 2010; a Public Policy Update, which included all developments since the Board’s May 19 call; and a CEO Update, which reported on the CEO’s mid-year progress on 2009 goals, and proposed meeting dates for 2010.

  Finally, the Board received updates from Debbie Ammeter, Chair, Financial Planners Standards Council (of Canada), and Noel Maye, CEO, Financial Planning Standards Board.

• May 2009 Meeting

  CFP Board’s Board of Directors convened a 60 minute telephonic Board Meeting on May 19, 2009. The Board received an update on the activities of the Financial Planning Coalition, including its initiative to support the regulation of financial planners.
  

• March 2009 Meeting

  CFP Board’s Board of Directors met in Washington, DC on March 5-6, 2009.

  During the meeting, the Board approved five proposals. First, based on recommendations from the Audit and Finance Committee, the Board approved the adoption of an investment policy statement that identifies who – the Board, the Audit and Finance Committee, or staff – has oversight responsibility for CFP Board’s Operating Fund, Contingency Reserve Fund, and Long-Term Reserve Fund. The Board also approved the investment objectives and asset allocation of the Long-Term Reserve Fund.

  Second, the Board approved technical corrections to CFP Board’s Articles of Incorporation, which include changing CFP Board’s principal address from Denver, Colorado to Washington, DC. Third, the Board approved amendments to the Disciplinary Rules and Procedures, which include a Board Task Force’s recommendations regarding the adoption of comments received during the 30-day comment period. The purpose of the amendments is to clarify the responsibilities of the Board, the Disciplinary and Ethics Commission, and staff with respect to CFP Board’s disciplinary process. Fourth, the Board approved issuing for public comment proposed technical corrections to the Standards of Professional Conduct, the purpose of which is to clarify ambiguities, eliminate redundancies and add terminology to achieve consistency with other CFP Board publications. The fifth proposal approved by the Board was the CEO’s goals for 2009.

  The Board also discussed two matters during the meeting. First, it discussed the need to make technical corrections to CFP Board’s Bylaws, and directed the Governance Committee to conduct a comprehensive review of the Bylaws to determine if any substantive changes are needed as well. Second, the Board discussed the CEO’s performance in 2008.

  The Board received four updates during the March Board Meeting. First, the staff updated the Board on the Public Policy Council, which held meetings in December 2008 and February 2009. During the course of these meetings, the Council identified and prioritized public policy issues on which CFP Board will consider taking a position. The Council has begun developing its recommendations to CFP Board on these issues. Second, the staff updated the Board on CFP Board’s Consumer Advocate, an initiative that has been underway since January 2009. Eleanor Blayney, CFP® serves in this role, the purpose of which is to promote CFP® certification and serve as CFP Board’s spokesperson for news stories and the media.

  Third, the Board received an update from the Nominating Committee on Board Elections. June 12, 2009 is the deadline for candidates interested in serving on the Board to indicate their interest in writing to the Committee. The Committee will interview the candidates and propose a slate of nominees to the Board at its November 2009 meeting. If approved, nominees will begin serving on the Board on January 1, 2010. Fourth, the staff updated the Board on the Financial Planning Standards Board (FPSB), the certification organization that owns the international marks. CFP Board, which is an affiliate of FPSB, is involved in a number of FPSB initiatives, including serving on FPSB’s Certification Committee. The Certification Committee is in the process of developing recommendations for FPSB of standards for continuing education and experience requirements for all FPSB member territories. The FPSB’s standards do not apply to CFP Board because CFP Board owns the marks in the United States and therefore has exclusive authority to establish certification standards in the United States.

  The Board’s next meeting will take place on July 16-17, 2009 in Vancouver, British Columbia. In the days leading up to the Board meeting, Marilyn Capelli Dimitroff, CFP®, Board Chair, and CEO Kevin Keller will conduct a number of Certificant Connection Meetings, including on July 13 at 5:30 pm Pacific Time in San Diego; and July 14 at 10 am Pacific Time in Los Angeles, and 5:30 pm Pacific Time in San Francisco. The locations of the Certificant Connection Meetings will be announced to all certificants.

• February 2009 Meeting

  CFP Board’s Board of Directors met in Pentagon City, Virginia on February 3, 2009.

  The purpose of the meeting was for the Board to receive updates from the staff on developments regarding the anticipated reform of the manner in which the financial services industry is regulated. The staff reported that it continues to hear on Capitol Hill that the current regulatory scheme needs to be fixed, and that the focus of legislators is on the activity rather than on how financial professionals identify themselves. There are a number of reform concepts being discussed. One is for a uniform standard of care for all financial professionals that is overseen by a single regulatory entity. Another is for two standards to continue to coexist – one for product at the suitability level of care, and one for advice at the fiduciary level. The staff noted that it continues to talk to organizations to ascertain their views on the regulation of financial services, and to determine if those views are aligned with those of the Financial Planning Coalition’s (“Coalition”) Statement of Understanding. The Board noted that with all the discussion going on about the need to strengthen the regulation of financial services, CFP Board has an opportunity to clear up the confusion over the different standards of care by promoting the fiduciary standard as the one that most benefits the public.

  The Board received an update on the work of the Coalition, which is comprised of CFP Board, the National Association of Personal Financial Advisors, and the Financial Planning Association® (“FPA®”). The Coalition identified a number of issues that it is seeking to address in its reform proposal. One of these is that currently, anyone can hold themselves out as a financial planner. The Coalition discussed the need for individuals having to meet certain minimum qualifications before they can hold out as a financial planner. Another issue the Coalition discussed is the need to define financial planning, and the fiduciary standard of care, in a way that the public understands.

  The Board also received an update on recent meetings the staff had with Commissioners of the Securities and Exchange Commission (“SEC”). The purpose of these meetings was to discuss the different standards of care, and the level of protection they provide for consumers of financial services.

  The staff distributed to the Board proposed technical corrections to CFP Board’s Bylaws, which will be considered at the Board meeting on March 5-6, 2009 in Washington, DC.

  
  

• January 2009 Meeting

  CFP Board’s Board of Directors met by telephone on January 7, 2009.

  The focus of this Board meeting was on CFP Board’s Public Policy initiatives. The Board received four updates from the staff. First, the staff reviewed the joint statement issued in December 2008 by the Financial Planning Coalition (“Coalition”), which is comprised of CFP Board, the National Association of Personal Financial Advisors (“NAPFA”), and the Financial Planning Association® (“FPA®”). On January 7, 2009, the Coalition issued a news release entitled "Statement of Understanding of the Financial Planning Coalition” wherein the Coalition states that it will work together to achieve several objectives as Congress undertakes regulatory reform of the financial services industry, including advocating for the fiduciary standard of care, and the need for regulation of financial planning services and those who hold themselves out as financial planners.

  Since the issuance of the Statement of Understanding, the Coalition has held several meetings to discuss how it will go about accomplishing the Coalition’s objectives, and which groups it can potentially align with as coalition partners.

  Second, the staff updated the Board on the results of a recent survey conducted by the Coalition to assess certificants’ views on the regulation of financial planning. The survey results showed that 90% of the respondents supported the Coalition working together to represent the interests of the financial planning community before Congress. In addition, 77% of respondents believe that CFP Board’s certification requirements should apply to all who provide financial planning services. The Board recommended that as the Coalition meets in the coming weeks and months with key lawmakers on the Hill and senior staff of the Securities and Exchange Commission (“SEC”), it take advantage of the opportunity to draw the distinction between financial planning and investment advice.

  Third, the staff updated the Board on the launch of CFP Board’s Public Policy Council, which held its first meeting in December 2008. The Council is composed of nine members, five of whom are CFP® professionals, including its chair, Karen Schaeffer, CFP®. The other four members of the Council have regulatory and legislative experience. The role of the Council is to identify public policy issues on which CFP Board may wish to take a position, and to present its recommendations to the CEO.

  The fourth update the Board received was on the Disciplinary and Ethics Commission. The staff stated that on January 2, 2009, CFP Board published for comment proposed amendments to the Disciplinary Rules and Procedures. The majority of the comments received as of the January Board meeting were in support of the proposed amendments. The staff will provide the Board with a summary of all of the comments at its March Board meeting, and post the comments on CFP Board’s website. The Board also received an update on the CEO’s appointment of two individuals to fill vacancies on the Commission. One of the individuals is a CFP® professional. The other is a public representative. Both Jack Harmon, the current Commission Chair, and Dan Moisand, whose term as Commission Chair expired in December 2008, were supportive of a public representative being added to the Commission.

• November 2008 Meeting

  CFP Board’s Board of Directors met in Miami, Florida on November 12-14, 2008.

  During the meeting, following a discussion of Board governance issues, the Board accepted the following elaboration of its mission statement: “The mission of CFP Board is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP® certificants and other stakeholders.”

  The Board announced the election of two new members to the Board: Raymond Ferrara, CFP®, President and Chief Executive Officer of ProVise Management Group LLC, of Clearwater, Florida, and Joan S. Wise, Executive Vice President and General Counsel for AARP. Mr. Ferrara and Ms. Wise will begin four-year terms on the Board beginning January 1, 2009.

  While engaged in the process of selecting new members, the Board’s Nominating Committee worked to establish enhanced guidelines for identifying the competencies required to successfully fulfill the role of director on the Board, as well as the key tasks, accountabilities and outcomes for which Board members are responsible. The enhanced guidelines will be incorporated in materials used to solicit potential Board members.

  The Board also reviewed proposed changes to CFP Board’s Disciplinary Rules and Procedures to further clarify the roles and responsibilities of the Disciplinary and Ethics Commission (“Commission”). Following the Board’s discussion of the proposal with Daniel Moisand, CFP®, 2008 Chair of the Commission, who coordinated the proposal with a group of current and former Commission members, the Board appointed a task force of Board members to further review the proposal and seek additional input as appropriate.

  CFP Board staff presented the Board with its 2009 Business Plan and Budget, including an update on the progress made by the Board’s Audit and Finance Committee to develop an investment policy statement for the investment of the organization’s reserve funds. The 2009 Business Plan includes increased focus on the Advocacy and Communication objectives of the organization’s strategic plan.

• September 2008 Meeting

  CFP Board’s Board of Directors met by telephone on September 15, 2008.

  During the meeting, the Board elected Robert J. Glovsky, CFP® to the position of 2009 Chair-Elect.

  The Board’s Audit and Finance Committee reported on the development of an Investment Policy Statement and asset allocation recommendations for CFP Board’s investment portfolio. The Board discussed an asset allocation recommendation from CFP Board’s investment manager, requested that the investment manager provide further clarification about the recommendation, and voted to transfer existing holdings in one mutual fund to another fund with a lower expense ratio.

  The Board received an update from its Governance Committee, which is arranging a Board Orientation in January 2009 for incoming members of the Board of Directors. Michael Shaw, CFP Board’s Managing Director of Professional Review and Legal, also updated the Board on the progress of the Disciplinary and Ethics Commission’s (“Commission”) consideration of proposed changes to the Disciplinary Rules and Procedures (“DRP”). A working group of current and former Commission members has been assembled to discuss proposed changes to the DRP, including the proposal of criteria by which the CEO would evaluate candidates for the Commission.

• August 2008 Meeting

  CFP Board’s Board of Directors met by telephone on August 11, 2008.

  During the meeting, the Board received a report from the Chief Financial Officer on CFP Board’s mid-year financial results and mid-year investment results. The Board also received an update from the Audit and Finance Committee on the development and implementation of an investment policy statement (“IPS”) for CFP Board’s investment portfolio. The Committee is in the process of entering into a formal agreement with an investment manager, reviewing the current portfolio, proposing possible asset allocations and developing an outline for the IPS.

  The Board’s Nominating Committee provided an update on the 2009 Chair-Elect election, which will take place in September. The Nominating Committee is also evaluating and interviewing candidates to fill two upcoming vacancies on the Board. Elections of new Board members will occur at the Board’s November meeting, and the new Board members’ terms will commence in January 2009.

  The Board approved amendments to Sections 3.2(c), 3.5 and 4.2 of the Bylaws that eliminate unnecessary references to an “annual meeting” of the Board and provide greater flexibility for holding Board elections by removing a reference to the “fall of each year.” The Board meets periodically throughout the year and has not traditionally designated any one meeting as the “annual meeting.” Elections of Board members and Chair-Elects are typically held in the fall, but situations may occur when elections are required during other parts of the year.

  The Board received an update on the Disciplinary and Ethics Commission’s (“Commission”) consideration of proposed changes to the Disciplinary Rules and Procedures (“DRP”). A working group of current and former Commission members is being assembled to discuss proposed changes to the DRP.

• July 2008 Meeting

  CFP Board’s Board of Directors met in Washington, DC on July 10-11, 2008.

  During this meeting, the Board approved the selection of an investment firm to provide advice for the management of CFP Board’s investments and develop an updated investment policy, and the Board was updated by senior staff on CFP Board’s operations, including reports on communications, professional review and public policy activities. Director Ted Daniels updated the Board on the progress of the President’s Advisory Council on Financial Literacy, to which he was appointed in January 2008 by President Bush.

  The Board also reviewed an exposure draft of a proposed Bylaws amendment that would provide the Board more flexibility in scheduling its elections of future Board members and Chair-Elects. A 30-day notice is required before Board action is taken on a proposed Bylaws change, and the Board expects to review the proposed amendment during its next meeting via conference call on August 11, 2008.

  Harvey L. Pitt, CEO of Kalorama Partners, LLC and Chairman of the U.S. Securities and Exchange Commission from 2001-2003 joined the meeting to present his perspective of the current regulatory structure in the financial services industry and address questions from the Board. Mr. Pitt stated his belief that the CFP® certification is the strongest credential that currently exists in the industry and applauded CFP Board’s commitment to promoting high professional standards.

  In addition, the Board held a joint meeting with CFP Board’s Disciplinary and Ethics Commission (“Commission”) to discuss any amendments needed to align the Disciplinary Rules and Procedures with recent changes affecting the Commission, including changes to the oversight of the Commission and the selection process for Commission volunteers, members and the Chair position. The Board provided the Commission with historical background on the reasons for the recent changes and the Board’s role as trustee for the organization and the CFP® marks. The Board also reviewed the collaborative process that is being formalized for the CEO’s appointment of individuals to Commission-related positions. The Board solicited the Commission’s input on how best to implement the recent changes to meet the needs of the Board and the important group of volunteers that comprise the Commission. The Commission agreed to make recommendations to the Board related to Article 2 of the Disciplinary Rules and Procedures as soon as reasonably possible.

  
  

• June 2008 Meeting

  CFP Board’s Board of Directors met by telephone on June 10, 2008.

  The Board discussed the concerns voiced from some within the CFP® professional community about the recent changes affecting CFP Board’s Disciplinary and Ethics Commission (“Commission”), including the oversight of the Commission and the selection process for Commission volunteers, members and Chairs. The Board noted the specific concerns and questions raised during recent events CFP Board held at meetings hosted by the Financial Planning Association and the National Association of Personal Financial Advisors, acknowledged those concerns, and affirmed its commitment to enhance its communication with the CFP® professional community and to continue its work with the Commission to implement the recent changes.

  The Board also reviewed the results of a survey of the readiness of CFP® professionals for the July 1, 2008 effective date of the revised Standards of Professional Conduct. The survey results indicated that a strong majority of the survey subjects indicated current readiness. The Board voted to retain the July 1, 2008 effective date for the Standards but to allow a grace period until January 1, 2008 for CFP Board’s enforcement of the revised Standards. With the January 1, 2009 enforcement date, cases involving conduct that takes place before January 1, 2009 will be reviewed through CFP Board’s professional review process under CFP Board’s current Standards.

• April 2008 Meeting

  CFP Board’s Board of Directors met in Washington, DC on April 24-25, 2008.

  During this meeting, the Board received reports from the Continuing Education Task Force assembled in 2007 and the Experience Task Force assembled in 2008. The report of the Continuing Education Task Force included suggestions for developing a more user-friendly CE statement for certificants and providing a mechanism for certificants to evaluate CE programs. The report of the Experience Task Force included suggestions for improving the documentation of the experience requirement, expanding the definition of financial planning experience to explicitly include work conducted via telephone, and accepting financial planning delivered in a corporate setting as satisfying the work experience requirement. The Board voted to accept the recommendations of both task forces.

  The Board also discussed the concerns voiced from some within the CFP® professional community about changes adopted in February 2008 that affect the CFP Board’s Disciplinary and Ethics Commission (“Commission”), including the oversight of the Commission and the selection process for Commission volunteers, members and the Chair position. The Board acknowledged the concerns and affirmed a commitment to enhance its communication with the CFP® professional community, discussing meetings where Board members might effectively meet with groups of CFP® professionals and initiatives such as webinars where CFP Board’s leadership can provide updates to CFP® professionals and address their questions. The Board also noted that the recent changes to the Bylaws may have created some inconsistencies with language in the current Disciplinary Rules and Procedures and resolved to work with the Commission to amend that document to eliminate inconsistencies with the Bylaws.

  During the meeting, the Board was updated by senior staff on recent operations, with special attention to the process of implementing the revised Standards of Professional Conduct, which have an effective date of July 1, 2008. The Board directed staff to conduct a survey of the 50 firms employing the most CFP® professionals to assess their readiness to implement processes aligned with the revised Standards. The Board also reviewed the organization’s audited financial statements, which will be included in CFP Board’s 2007 Annual Report.