The Board of Directors is the policy-making and oversight body of Certified Financial Planner Board of Standards, Inc. ("CFP Board"), the non-profit certification body that owns the CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) certification marks in the U.S. 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 meets several times each year, and the information below provides a summary of topics discussed and decisions made at those meetings.

The Board of Directors welcomes feedback and questions from CFP® certificants and other CFP Board stakeholders at BOD@CFPBoard.org

• September 2008 Meeting
• August 2008 Meeting
• July 2008 Meeting
• June 2008 Meeting
• April 2008 Meeting

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® certificant 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® certificant 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® certificants 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® certificant 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® certificant community, discussing meetings where Board members might effectively meet with groups of CFP® certificants and initiatives such as webinars where CFP Board’s leadership can provide updates to CFP® certificants 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® certificants 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.