Multimedia Presentations: CFP Board's Standards Applied to Specific Situations and Business Models

In 2009, CFP Board assembled a Business Model Working Group to discuss the application of CFP Board’s Standards of Professional Conduct to specific situations and business models. This Working Group, comprised of representatives of nearly two dozen financial service firms that employ or contract with CFP® certificants, identified specific scenarios where additional guidance from CFP Board would be helpful. Following the Working Group’s discussions, CFP Board has developed the following multimedia presentations to assist CFP® certificants in understanding and complying with CFP Board’s Standards.

Scenario RIA 2: Understanding CFP Board's Standards of Professional Conduct: RIA Disclosure

Many CFP® certificants provide financial planning as part of a team. Scenario RIA 2 describes one such situation that involves a registered investment advisory firm of a large broker-dealer. The broker-dealer’s fiduciary duty has defined timeframes but the CFP® professional's fiduciary duty under CFP Board’s Standards of Professional Conduct is ongoing.

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CFP Board's Standards of Professional Conduct

On May 31, 2007, the Board of Directors of Certified Financial Planner Board of Standards, Inc. (CFP Board) announced the adoption of an updated Standards of Professional Conduct, which sets forth the ethical standards for CFP® professionals. CFP® professionals found in violation of CFP Board’s ethical standards may be subject to public discipline, up to a permanent revocation of the right to use the CFP® marks.

The updated Standards have an effective date of July 1, 2008 and an enforcement date of January 1, 2009. CFP® certificants are expected to abide by the revised Standards beginning on the effective date of July 1, 2008. Conduct by a CFP® certificant that takes place prior to the January 1, 2009 enforcement date will be reviewed under CFP Board’s previous Standards of Professional Conduct. Compliance with the revised Standards will satisfy the requirements of the previous Standards.

Updated Standards of Professional Conduct Effective Date: July 1, 2008 Enforcement Date: January 1, 2009 (812 KB PDF file)

Sample Disclosure Forms

Frequently Asked Questions

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