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CFP Board News - May 2008


CFP BOARD NAMES FIVE TO DISCIPLINARY AND ETHICS COMMISSION

CFP Board has announced the names of five new members to its Disciplinary and Ethics Commission.

The nine-member Commission conducts disciplinary hearings three times a year and is responsible for interpreting and applying CFP Board’s Standards of Professional Conduct and, when necessary, imposing appropriate discipline in cases involving CFP® certificants.

Named to serve as Commission Chair is Daniel B. Moisand, CFP®. He will serve as Chair for the remainder of 2008. Current Commission member Jack Harmon, CFP®, will be Commission Chair in 2009.

Others named to the Commission are: V. Raymond Ferrara, CFP®, James M. Knaus, CFP®, Yvonne Dean, CFP®, and Michael Ross CFP®. The five new Commission members join current Commission members Jack Harmon, Patricia Coriden, CFP®, Edward Mora, CFP® and Glenn Parker, CFP®.

“We’re gratified to have such a strong slate of Commissioners to volunteer their time and expertise for this vital role of ensuring that the CFP® marks continue to be recognized as the standard of excellence and ethical behavior for personal financial planning,” said David G. Strege, CFP®, chair of the Board of Directors. “In addition, we are fortunate to have as Commission Chair someone who is as dedicated and widely respected in our community as Dan Moisand,” Strege added.

Moisand is a principal with the Melbourne, Fla., firm Spraker Fitzgerald Tamayo & Moisand. He served on CFP Board’s Board of Practice Standards from 1999 through 2001, helping to write the standards that apply to CFP® certificants in the United States. He recently completed five years of service on the Financial Planning Association’s Board of Directors. He was that board’s President in 2006 and Chairman in 2007. He has been a CERTIFIED FINANCIAL PLANNER™ certificant since 1994.

Dean is the Houston-based launch manager for the Texas Regional Financial Office of Thrivent Financial for Lutherans. Dean previously served as a volunteer on CFP Board’s Council on Examinations and Disciplinary and Ethics Commission. She also was a volunteer for CFP Board’s Financial Planning Clinic held in Boston in 2007. Dean has been a CERTIFIED FINANCIAL PLANNER™ certificant since 2002.

Ferrara is president and CEO of ProVise Management Group of Clearwater, Fla. Ferrara has served on the Boards of Directors for the Financial Planning Association and the Institute of Certified Financial Planners. Ferrara currently sits on FPA’s Leadership Development Committee, and served on that organization’s National Board from 2000 to 2003; FPA’s Regulation Task Force from 2005 to 2006, Government Relations Committee from 2000 to 2001, and Finance Committee from 2000 to 2003. He has been a CERTIFIED FINANCIAL PLANNER™ certificant since 1990.

Knaus is co-founder of Global Wealth Advisors of Troy, Mich. Knaus is a former member of CFP Board’s Board of Governors (now the Board of Directors) and CFP Board’s Council on Examinations, serving as Chair in 2001. He is Faculty Chair at the Oakland (Mich.) University Personal Financial Planning Program. He has been a CERTIFIED FINANCIAL PLANNER™ certificant since 1987.

Ross is founder and Chief Executive Officer of The Connection Group of Plainview, N.Y. Ross has been a volunteer on CFP Board’s Disciplinary and Ethics Commission. He also has been a securities arbitrator for the Financial Industry Regulatory Authority (FINRA) since 1995. He has been a CERTIFIED FINANCIAL PLANNER™ certificant since 1996.

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CFP BOARD ESTABLISHES COUNCIL ON EDUCATION

CFP Board has formed a new advisory group, the Council on Education, to establish and enforce educational standards for enhancing the knowledge, skills and abilities of current and potential CFP® certificants.

Council members will develop and clarify all educational policies of the CFP® Certification process – areas ranging from: Registered Programs, Model Curriculum, Continuing Education Sponsors, Continuing Education Requirements, Review Course Providers, and the implementation of an education program Peer Review Process. The Council will submit any recommendations for change to CFP Board staff.

“Our efforts are designed to bolster CFP Board’s mission to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. Since education is one of the four cornerstones of the certification process, we intend to provide an unshakeable foundation for CFP® certificants to apply their financial planning knowledge most effectively to their clients’ ever-changing financial situations,” said Dr. Ivan C. Roten, CFP®, Council Chair and Associate Professor in the Department of Finance, Banking and Insurance at Appalachian State University as well as the university’s Director of the Financial Planning Center.

“Our educational standards must be periodically reviewed in order to properly reflect the financial world in which our certificants practice,” said Kevin R. Keller, CEO of CFP Board. “Our goal in creating the Council is to reaffirm our commitment to benefit the public by providing the most exacting educational standards in personal financial planning. We applaud the Council members for their dedication to advancing that goal.”

The Council represents a cross-section of the financial planning profession and includes members from educational institutions, CFP® certificants and the public. Council members will serve terms of three years. The inaugural Council members include the following:

Ivan C. Roten, PhD, CFP®, Chair
Appalachian State University

Jacqueline Callahan
Independent Certification Consultant

Morris Fiddler
Professor School for New Learning, DePaul University

Kacy Gott, CFP®
Kochis Fitz

Mark H. Kordes, CFP®, AEP, ChFC, CLU
UBS Private Wealth Management

Carolyn J. Lee, CFP®
Northern Trust Bank

Rosilyn H. Overton, CFP®, CRPS, RFC
New Jersey City University

Walt Woerheide, PhD, CFP®
The American College

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MARCH 2008 EXAM RESULTS RELEASED

Score results for the March 2008 CFP® Certification Examination were recently released to exam takers. The 10-hour, two-day exam was conducted at 50 sites nationwide. Of the 2,335 individuals who sat for the March 2008 exam, 1,338 passed, representing a pass rate of 57.3%. CFP Board's CFP® Certification Examination requires full integration of knowledge covered in CFP Board's financial planning topic list and is designed to assess a person's ability to apply financial planning knowledge to real-life financial planning situations.

Individuals who sat for the March exam were sent a hard copy of their score results by mail on May 12, 2008, and exam results were made available online on Monday, May 19, 2008.

CFP Board has implemented changes to the process of reporting completion of the bachelor’s degree and work experience requirements. Individuals who pass the CFP® Certification Examination will be asked to provide an official transcript from an accredited college or university as verification that they hold a qualified bachelor’s degree or higher degree. In addition, CFP Board has returned to a paper format for the purposes of reporting work experience. The Work Experience Reporting Form is available from CFP Board’s Web site at www.CFP.net/become/work.asp.

The next exam will be held July 18-19, 2008. The application deadline for the July 2008 exam is June 4, 2008. Read more about the CFP® Certification Examination.

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SEARCHABLE CFP® CERTIFICANT LISTINGS ON BANKRATE.COM

Searchable listings of CERTIFIED FINANCIAL PLANNER™ professionals went live on the Bankrate.com Web site on May 3, 2008. The listings are made up exclusively of CFP® certificants who have indicated to CFP Board that they practice financial planning and who have not specifically opted-out of the Bankrate listings. Visitors to the Bankrate site can use the listings to find a CFP® certificant in their area through search options including zip code radius, city, state or name. Individual CFP® professional listings include name, company affiliation, business address and business phone number. No other information resides on the Bankrate site.

Certificants are encouraged to visit the Bankrate site to verify their information. Updates to the contact information should be made through CFP Board’s Web site at www.CFP.net/login. Anyone wishing to remove their name from the Bankrate listings may opt out of the Bankrate.com by checking the appropriate box in their CFP Board account profile. Please note that opting out will not immediately remove your information from Bankrate.com; the Bankrate listings are refreshed in the second week of each month and will reflect any changes to the individual certificant profile at that time.

CFP Board expects its partnership with Bankrate will provide increased visibility for CFP® certification and direct benefits for CFP® professionals who choose to have their information included in the Bankrate listings. If you have any questions about CFP Board’s partnership with Bankrate.com, please contact us at 800-487-1497 or mail@CFPBoard.org.

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ACCOMPLISHMENTS OF CFP® CERTIFICANTS

CFP Board congratulates the following CFP® professionals on their publication and other professional activities:

Monty P. Gregor, CFP® on his authoring the Trust Basics: An Introduction to the Products and Services of the Trust Industry textbook for the American Bankers Association in 1998, which was recently released in its fourth edition.

Jeffrey B. Mershon, MBA, CPA/PFS, CFP® on the recent publication of the 3rd edition of Insurance and Employee Benefits, co-authored with Mandell S. Winter Jr., and the upcoming publication of the 2nd edition of Planning for Retirement. Both textbooks were published by Kaplan Inc.

Thomas Picardy, CFP® for his being awarded the Central Michigan University's College of Business Administration Outstanding Young Alumni Award, presented in recognition and honor of his professional success and advancement, and his outstanding service and commitment to the College of Business Administration, Central Michigan University and her community.

CFP Board welcomes information about the activities and accomplishments of CFP® professionals. If you have information you would like to share with CFP Board, please contact us at mail@CFPBoard.org.

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CFP BOARD SEEKS NOMINATIONS FOR 2009 BOARD OF DIRECTORS

The Nominating Committee of Certified Financial Planner Board of Standards Inc. (CFP Board) seeks individuals to serve on CFP Board's Board of Directors beginning in January 2009. Board of Directors members serve four-year terms on CFP Board's governing body, and the majority of Board members must hold CFP® certification.

Each year only two to four new Board positions are available. To complement the experience of the existing Board members, the Committee would like to see qualified nominees who are leaders in financial planning and have a passion for how CFP® professionals can benefit the public.

Those interested in being considered for membership on CFP Board's Board of Directors may download and print the form (PDF document) and fax or mail to CFP Board or visit CFP Board's Web site at www.CFP.net/volunteers to learn more and complete an online application form. The deadline for submitting a completed application form is May 23, 2008, and all related documentation must be received by June 13, 2008.

Selected candidates will be interviewed by the Committee during the summer, and final selections will be made by the Board of Directors this fall.

If you submitted an application in years past and would like to be considered for the 2009 Board of Directors, please complete the online application to express your continued interest.

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ATTEND CFP BOARD FORUMS AT FPA RETREAT

CFP Board and FPA have worked together to create two opportunities at the FPA Retreat for CFP® certificants to meet for discussions with CFP Board’s leadership.

Under the Trees
Tuesday, June 3, 2008
11:45 a.m. - 1:00 p.m.
Join CFP Board Chair, David G. Strege, CFP®, CFA, Dan Candura, CFP®, Former Chair of the Board of Professional Review and current Board member, and CEO Kevin R. Keller, CAE, for an informal conversation focused on the recent changes with the Disciplinary and Ethics Commission and the new Rules of Conduct and Code of Ethics that take effect on July 1, 2008.

Breakfast with CFP Board
Wednesday, June 4, 2008
7:30 a.m. - 8:45 a.m.
Join CFP Board for continental breakfast and a panel presentation on CFP Board's strategic direction and activities by CFP Board Chair David G. Strege, CFP®, CFA, and CEO Kevin R. Keller, CAE. They will be joined by Martin Kurtz, CFP®, AIFA®, Former Chair, Board of Professional Review, at an open-mike Q&A session following their presentation. CFP Board is interested in hearing your views on issues that concern you and learning from your input. You will also have the opportunity to get your questions answered by the panelists.

We encourage those of you attending FPA Retreat to take advantage of these opportunities to learn more about CFP Board’s activities and share your thoughts with CFP Board’s leadership.

For information on the FPA retreat, go to: www.fpanet.org/retreat

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VOLUNTEERS NEEDED FOR CFP BOARD'S 2008 FINANCIAL PLANNING CLINICS IN WASHINGTON, DC AND MIAMI

Join your colleagues in Washington, DC and Miami as local CFP® professionals gather to provide pro bono financial planning information to consumers interested in experiencing the benefits of financial planning. Since the announcement of the 2008 Financial Planning Clinics in March, more than 100 CFP® professionals have generously offered to share their expertise to help educate the public on the importance of financial planning. We expect the events to draw large crowds of consumers, so there's still room for more participants.

At the Clinics, volunteer CFP® professionals will meet one-on-one with individuals and families to answer their financial questions. The events will also feature a series of 50-minute educational workshops on a wide range of financial planning topics, presented by CFP® professionals.

The 2008 Clinics build on the successes of similar events CFP Board hosted in Los Angeles and Boston, where hundreds of CFP® certificants made a positive difference in the lives of thousands of people by sharing their time and expertise to help individuals, couples and families sort out their personal finance questions and concerns.

If you are interested in participating at the 2008 Financial Planning Clinics as a volunteer for one-on-one consultations with the public, please fill out an application form for the Clinic in Washington, DC, or the Clinic in Miami or contact CFP Board by e-mail at clinic@CFPBoard.org or by phone at 800-487-1497 with the following information:

  • Name
  • Phone Number
  • E-mail Address
  • Mailing Address
  • If you are multi-lingual, the languages you would like to use at the Financial Planning Clinic
  • The general financial planning topics you are most interested in discussing with attendees

CFP® professionals interested in being considered as workshop presenters may contact CFP Board by e-mail at clinic@CFPBoard.org or by phone at 800-487-1497 with the following information:

  • Name
  • Phone Number
  • E-mail Address
  • Educational Workshop Topic (view topics)
  • Summary of Qualifications
  • Past Speaking Engagements
  • Spanish Fluency (Miami Clinic will also feature workshops in Spanish)

The Financial Planning Clinic in Washington, DC will be held on Saturday, September 13 from 11:00 am to 4:00 pm at the Grand Hyatt Washington.

The Financial Planning Clinic in Miami will be held on Saturday, November 15 from 11:00 am to 4:00 pm at the Hyatt Regency at Miami Convention Center.

Only CFP® certificants in good standing with CFP Board may participate. For more information on CFP Board’s Financial Planning Clinics, visit www.CFP.net/clinic.

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REGISTRATION FOR 2008 PROGRAM DIRECTORS' CONFERENCE NOW OPEN

Registration for CFP Board’s 2008 Program Directors' Conference is now open. The Conference will be held at the historic Mayflower Hotel in Washington, DC from August 7-9, 2008. Designed by and for Program Directors of financial planning education programs registered with CFP Board, this year’s Conference will feature a nationally-recognized keynote speaker, as well as a session with CFP Board's newly-formed Council on Education. Catch up with your colleagues from around the country as you learn about the latest methods and research related to providing and managing financial planning education programs.

Read more about CFP Board’s 2008 Program Directors’ Conference, including sponsorship, exhibitor and advertising opportunities.

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