Read CFP Board News from Other Months

 

CFP Board News - August 2007


MICHAEL P. SHAW, ESQ., JOINS CFP BOARD AS MANAGING DIRECTOR, PUBLIC POLICY & LEGAL

Michael P. Shaw, Esq. has joined CFP Board in the newly-created position of Managing Director, Public Policy & Legal. Mr. Shaw comes to CFP Board with more than 13 years of experience as a legal practitioner, particularly in the areas of public policy formulation and execution. Mr. Shaw has held positions of progressive responsibility at NASD (now known as the Financial Industry Regulatory Authority or FINRA), which most recently culminated in his appointment as Senior Counsel in the Office of Regulatory Policy. While serving at NASD, Mr. Shaw’s responsibilities included providing high-level legal counsel on complex business matters and securities laws.

“Michael Shaw’s experience at NASD, combined with his legal and public policy experience, provides CFP Board with a strong public policy leader,” said Kevin R. Keller, CAE, Chief Executive Officer of CFP Board. “We are extremely pleased to have discovered the right combination of experience, leadership and intellect in Michael Shaw to help CFP Board at this critical juncture in our growth, particularly as we plan to take a more active seat at the table upon our transition to Washington, D.C.”

CFP Board’s upcoming move to the nation’s capital is expected to allow the organization to become a more vigorous advocate for the public’s interest and to facilitate a more influential voice in public policy debates during a time when more Americans than ever are in need of ethical financial planning options. In his new role, Mr. Shaw will develop plans for CFP Board’s public policy and legal activities and work to ensure the organization’s visibility and credibility with legislators and regulators. In addition, he will coordinate the professional review department’s work with CFP Board’s Disciplinary and Ethics Commission to ensure that CFP Board’s disciplinary process upholds the integrity of the CFP® certification, and work to protect the organization’s intellectual property.

“I feel honored to be joining the organization at this exciting period in its 22-year history,” said Mr. Shaw. “For years, CFP Board has performed tremendous work on behalf of the American public and the financial planning profession, and I am pleased to be joining a great team that will together help to shape the future.”

Mr. Shaw began his career as legal counsel at Monumental Life Insurance Company, a division of AEGON Insurance Group, and as staff attorney at the Department of Human Resources for the State of Maryland. Mr. Shaw holds a Bachelors degree in Economics from Marquette University and a law degree from the Catholic University of America in Washington D.C. He is licensed to practice law in the state of Maryland, holds a Series 7 securities license and is a chartered financial consultant (ChFC), Chartered Life Underwriter (CLU) and a Certified Regulatory Compliance Professional (CRCP).

< back to top

UPDATES TO DISCIPLINARY RULES AND PROCEDURES, EFFECTIVE JULY 1, 2008

CFP Board’s Board of Directors approved an updated version of CFP Board’s Disciplinary Rules and Procedures (Disciplinary Procedures). The revisions, which were proposed by CFP Board’s Disciplinary and Ethics Commission, update the language of the Disciplinary Procedures for consistency with the recently-adopted Standards of Professional Conduct that become effective on July 1, 2008. The revisions leave intact all of the existing procedures related to CFP Board’s disciplinary process.

Specific updates to the Disciplinary Procedures include the following:

  1. References to the Code of Ethics and Professional Responsibility were replaced with references to Rules of Conduct or expanded to refer to both the Code of Ethics and Professional Responsibility and Rules of Conduct.
  2. References to “CFP Board designees” were replaced with references to “certificants” and/or “registrants.”
  3. References to specific staff positions, titles, and CFP Board office locations were re-stated more generally to reduce the likelihood that staff and organizational changes at CFP Board might require further updates to the Disciplinary Procedures.
  4. A reference to the Candidate Fitness Standards approved by the Board of Directors in May 2006 was added to Article 4.5 (“Forms of Discipline Concerning Candidates”).

The updated Disciplinary Procedures become effective on July 1, 2008, along with the other revisions to CFP Board’s Standards of Professional Conduct. A redlined document showing the changes to the Disciplinary Procedures is available on CFP Board’s Web site at: www.CFP.net/downloads/2008DRP.pdf

< back to top

BACHELOR'S DEGREE REQUIREMENT MODIFIED

At its August 2007 business meeting, CFP Board’s Board of Directors approved a modification to the bachelor’s degree requirement for initial CFP® certification, which became effective earlier this year. The modified requirement expands the range of institutions at which applicants for CFP® certification may obtain qualified bachelor’s degrees. CFP Board will now accept bachelor’s degrees from all colleges and universities accredited by an accreditation body recognized by the U.S. Department of Education.

As originally introduced, the bachelor’s degree requirement stated that an applicant for CFP® certification must hold a bachelor’s degree (or higher) from a regionally-accredited U.S. college or university.

The updated requirement, effective immediately, reads as follows:

A bachelor’s degree (or higher), or its equivalent,1 in any discipline, from an accredited college or university,2 is required to attain CFP® certification.
 
1International degrees may be substituted for a U.S. undergraduate degree if they receive equivalency from a third-party evaluation agency, which is a member of National Association of Credential Evaluation Services (NACES) www.NACES.org. Applicants should request a document-by-document evaluation.
 
2An “accredited college or university” is one that has been accredited by an accreditation body recognized by the U.S. Department of Education. To confirm a school's accreditation, please visit the Department of Education's Web site (ope.ed.gov/accreditation/Search.asp).

The bachelor's degree requirement is a condition of initial certification; it is not a requirement to be eligible to take the CFP® Certification Examination. Applicants for CFP® certification must provide CFP Board with evidence that they hold a qualified bachelor's degree or higher degree before certification may be granted.

Questions about the bachelor’s degree requirement or other requirements for initial CFP® certification may be directed to initialcert@CFPBoard.org or 800-487-1497.

< back to top

REPORT ON JULY 2007 DISCIPLINARY AND ETHICS COMMISSION MEETING

The Disciplinary and Ethics Commission held disciplinary hearings on July 20 and 21, 2007 and considered 27 disciplinary cases. Public disciplinary actions will be announced after the decisions become final, following the expiration of the appeal period outlined in CFP Board’s Disciplinary Rules and Procedures.

At its business meeting, the Commission met Kevin R. Keller, CFP Board’s CEO and Michael P. Shaw, CFP Board’s Managing Director, Public Policy & Legal, who will be responsible for coordinating the professional review department’s work with the Commission. The Commission also proposed revisions to the Disciplinary Rules and Procedures that update certain terminology for consistency with the recently-adopted Standards of Professional Conduct that become effective on July 1, 2008. The revisions leave intact all of the existing procedures related to CFP Board’s disciplinary process. The proposed changes were presented to the Board of Directors at its meeting on August 3, 2007 and were approved with an effective date of July 1, 2008.

The Commission's meetings would not be possible without the help of CFP® certificants willing to contribute their time and expertise to support CFP Board’s disciplinary process. The July 2007 meeting benefited from the assistance of Dallas Coffman, CFP®, CLU, ChFC, EA of Wakefield, Mass.; Steven Earley, CFP® of Newport Beach, Calif.; Philip Fazio, CFP®, MBA of Ft. Lauderdale, Fla.; and Barbara A. Healy, CFP®, ChFC, CFS of Scottsdale, Ariz. CFP Board is grateful to these volunteers and the dedicated Disciplinary and Ethics Commission members, who serve to protect the public by helping to enforce CFP Board's ethical standards.

< back to top

CFP BOARD AWARDS $465,063 IN GRANT FUNDING TO EIGHT PROJECTS ACROSS THE U.S.

CFP Board has made grant awards totaling $456,063 to eight projects that are developing innovative and sustainable methods of delivering the benefits of financial planning to communities not traditionally served by the financial planning profession. The grant awards further CFP Board's mission to help Americans benefit from competent and ethical financial planning by giving financial support to projects that provide underserved populations with financial planning services and information.

The grant award recipients are:

  • California Institute of Finance at California Lutheran University (Thousand Oaks, Calif.)
  • The Curators of the University of Missouri (Columbia, Mo.)
  • Economic Awareness Council (Hinsdale, Ill.)
  • Hope Pastoral Care & Counseling (San Clemente, Calif.)
  • Mind’s Eye Resource Management (Denver, Colo.)
  • Sage Financial Solutions (Pinole, Calif.)
  • Skills for Living (Houston, Texas)
  • The University of Central Arkansas (Conway, Ark.)

“CFP Board values public education as part of our goal of advancing understanding of the value of financial planning,” said Karen P. Schaeffer, CFP®, Chair of CFP Board's Board of Directors. “These organizations and their programs are excellent tools to help us reach that goal.”

The grant awards were made through CFP Board's Financial Planning Grants program, which has provided grants totaling $1,331,630 to 28 projects across the U.S. Through the grant program, CFP Board has provided financial support to non-profit organizations, educators and CFP® professionals involved in a wide variety of activities, ranging from innovative uses of technology that expand public access to financial planning to creative partnerships delivering financial planning information and assistance through libraries, high schools, colleges and community-based organizations.

Additional information about CFP Board's grant program and the 2007 grant recipients is available at www.CFP.net/grants.

< back to top

2007 FINANCIAL PLANNING CLINIC CONNECTS HUNDREDS WITH CFP® PROFESSIONALS

CFP Board’s Financial Planning Clinic at the Sheraton Boston Hotel was a success for the hundreds of consumers who took the opportunity to consult with volunteer CERTIFIED FINANCIAL PLANNER™ professionals about their personal finance questions and concerns. Without exception, the attendees expressed satisfaction with the information they received, and many also took time to attend the three educational workshops made available during the event. CFP Board was honored to have Scott Campbell, Deputy Treasurer and Director of Operations for the Commonwealth of Massachusetts welcome the CFP® professionals who made the Clinic possible, and CFP Board shares his appreciation for the generosity of the CFP® professionals who helped raise public awareness of the benefits of financial planning and contributed to the success of the 2007 Financial Planning Clinic.

< back to top

2007 PROGRAM DIRECTORS CONFERENCE: AUGUST 10, 2007 REGISTRATION DEADLINE

The 2007 Program Directors Conference will be here in just a few weeks, and registration ends on August 10. This conference for directors of educational programs registered with CFP Board will be held September 7-8, 2007 as a pre-conference event at FPA Seattle 2007, the gathering of the global financial planning community at the Seattle Convention Center. The $350 registration for the Program Directors Conference also includes registration for FPA Seattle 2007 on September 8-11. For more information about the 2007 Program Directors Conference, including the current schedule of programs, visit CFP Board’s Web site at: www.CFP.net/conference.

< back to top

EMPLOYMENT OPPORTUNITIES AT CFP BOARD'S WASHINGTON HEADQUARTERS

CFP Board has filled the position of Managing Director, Public Policy & Legal, but opportunities to join many key positions at CFP Board’s Washington, D.C. headquarters still remain, including Managing Director, Examinations and Education, Director of Examinations, Director of Education, Director of Professional Review and Director of Policy. If you understand the value of financial planning and have the talent and energy to help shape the ongoing development of CFP Board’s mission, we invite you learn more about available employment opportunities at www.CFP.net/aboutus/jobs.asp.

< back to top
  Copyright © 2008, Certified Financial Planner Board of Standards Inc.
All rights reserved. Copyright, Collection and Dissemination of Information Policy and Legal Information.