Much progress has been made in the six months since we announced CFP Board’s collaboration with the Financial Planning Association and the National Association of Personal Financial Advisors to promote a legislative agenda designed to protect consumers. The Case Statement the Financial Planning Coalition released last month sets out a bold and common-sense proposal for a professional oversight board for financial planners. The proposed oversight board would require those who provide financial planning services to individuals or families or who hold themselves out as “financial planners” to meet the standards of the professional oversight board. The Coalition believes that such an oversight board for financial planning will not only help the public identify financial planners who have the training and qualifications to provide competent and ethical financial planning, but will also establish financial planning as a regulated profession.

The Coalition has also proposed that CFP Board have a leadership role in the development of this new oversight board. CFP Board’s decades of experience setting and enforcing standards for financial planners make it uniquely qualified to help develop baseline standards for the oversight of financial planning, especially when compared to some of the existing regulatory bodies in the financial services that work exclusively within a product-based or investment-based framework. That doesn’t mean we expect everyone who uses the term “financial planner” to attain CFP® certification if a new oversight board is established. The CFP® certification standards were designed to be rigorous – the standard of excellence for financial planning – and the Coalition’s proposal doesn’t change that.

As we move forward, we will be monitoring the activities of policymakers and Congressional leaders on the issue of regulatory reform and will be prepared to respond with a clear and strong voice. We will keep the CFP® certificant community updated on any important developments and will issue calls to action when there are specific ways for you to assist. Please feel free to share the Coalition’s Case Statement and other information about our work with your clients, your local media, your elected representatives and others in your community who are concerned with the financial health of Americans. The broader our Coalition, the stronger our voice will be, and the greater our chance for seeing results that will benefit the CFP® certificant community and the public we serve.

While our work with the Coalition continues at a rapid pace, we have been able to add several additional dates and locations to our schedule of CFP® Certificant Connection town hall-style meetings. Next week, we’ll be visiting Atlanta, Boston, New York, Philadelphia, Orlando and Washington, DC to hold open conversations with the CFP® certificant communities in those areas on topics ranging from the Coalition’s work to any other topics of importance to attendees. Invitations have been sent to CFP Board’s stakeholders in those areas, and if you happen to be in the area during any of these events, I encourage you to join us.

Your participation in events like the CFP® Certificant Connections and Business Update Webinar series gives us the chance to not only provide updates and answer your questions, but more importantly, to hear what’s on the minds of individuals from all segments of the financial planning profession. And we welcome your feedback and questions at anytime. If you have questions or comments about CFP Board’s work with the Coalition, please feel free to send a message to publicpolicy@CFPBoard.org or contact your colleagues at CFP Board directly.

Marilyn Capelli Dimitroff, CFP®
2009 Chair, Board of Directors
CFP Board

Contact CFP Board’s Board of Directors at BOD@CFPBoard.org.

Earlier this year, CFP Board started a search to fill a newly-created Chief Operating Officer (“COO”) position established to provide oversight of CFP Board’s certification activities and management of our education, examinations, accounting, information technology, customer service, physical facilities and meeting planning functions. We cast a wide net during the search over the last few months, and we interviewed several qualified candidates. I’m pleased to announce that we’ve completed our search.

Don I. Tharpe has agreed to extend his service to CFP Board as our full-time COO. Many of you have worked with Don while he served as CFP Board’s interim CEO and in other capacities during the past few years, including his recent service as interim COO. He was instrumental in managing many of the details of our transition to Washington, DC, and his experience with CFP Board has been of great value as we’ve implemented the organizational changes related to the COO position.

I’m thankful for the professionalism of CFP Board’s staff as we’ve undertaken these changes to CFP Board’s organizational structure. I believe the new structure will allow us to continue administration of our rigorous certification process and continue our operations responsively and responsibly, at the same time allowing us to expand the work of our communications, professional review and public policy activities to increase both our outreach to the public and our involvement in policy issues.

During Don’s time as interim COO, we’ve continued to make good progress on several fronts related to CFP Board’s certification standards and operations, including our ongoing work to ensure that the CFP® Certification Examination is consistent with the best practices and testing industry standards of professional licensing and certification bodies. We recently convened an Examination Task Force to undertake a comprehensive review of CFP Board’s exam. The group includes leaders from the licensure and certification examinations of established professions and other high-stakes testing programs. It includes representatives from CFP Board’s Council on Examinations, the American National Standards Institute, the CFA Institute, the National Board of Medical Examiners, the National Conference of Bar Examiners, the National Council of Architectural Registration Boards, and the National Council of State Boards of Nursing. This group will be issuing a report later this spring that we will look at closely going forward.

CFP Board benefits greatly from the insights and generosity of CFP® professionals and other individuals who participate in a variety of volunteer activities. I encourage all our stakeholders to consider how they might contribute to furthering 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. In addition to opportunities for long-term involvement on our Board of Directors, Councils and Commission, there are many shorter-term opportunities, such as serving on disciplinary hearing panels or participating in exam development activities. If you have any interest in volunteering with CFP Board in the near future, please complete a volunteer application form to make us aware of your talents and interests.

Kevin R. Keller, CAE
CEO, CFP Board

Last year, Saundra Davis, founder of Sage Financial Solutions was the keynote speaker at the San Francisco Lesbian Gay Bisexual Transgender (LGBT) Community Center’s annual Economic Empowerment Day, a program of guest panelists and financial workshops. Davis approached the conference organizers with the idea of giving a presentation that addressed the unique financial issues facing the LGBT community. The Community Center was skeptical at first. They had never heard of Davis and were concerned that her approach might just be an excuse to get a foot in the door for some predatory selling. “I told them I wasn’t trying to sell them anything,” Davis says, “that I cared about the people they were serving. I didn’t come in as a ‘top-down’ expert. I came in as a partner.”

The Community Center eventually agreed to have Davis speak, and her talk went over so well that she has been invited back again this year as a keynote speaker. And — more than a year after her first appearance and despite explicitly stating during her presentation that she was not seeking new clients — she continues to receive calls from attendees interested in personalized financial planning assistance.

As a result of years of doing community outreach efforts such as this, Davis has become a recognized expert on the financial planning needs of underserved populations and low- and moderate-income clients. She’s even been quoted in the New York Times. Davis’ experience is an excellent example of how community outreach — whether it involves workshops or seminars, ‘ask a financial planner’ features in local media, or television and radio spots — can help planners gain a unique positioning within their communities while at the same time helping those communities get the essential financial planning information they need.

The first step in developing an outreach initiative, Davis says, is deciding whom you want to serve — a decision that, for Davis, is a matter of the heart before it is a matter of business strategy. “You should have a target audience in mind, just as you would for paid work,” she says. “Who do you have an affinity for? What issue makes your heart beat faster? Once you know who you want to serve, you can connect with the local community-based organizations (CBOs) that already serve that population. By working with a CBO, you establish credibility with that audience. You have an opportunity to show you understand the unique needs of the audience and to create a level of trust that’s greater than if you just walked in off the street.”

The issue that makes the heart of Jenna Mitchell Everett, CFP® heart beat faster is working with people nearing or in retirement. Everett, an advisor with Everett & Associates in St. Joseph, MI, and author of 50 & Forward: A Woman’s Journey of Financial Awareness and Self-Discovery, conducts 50 & Forward educational workshops based on her book at senior centers in her area. “These events build bridges between people of all socio-economic levels and, when sponsored by community organizations, bring goodwill and a sense of community to all parties involved,” she says. “They send a strong message that ‘You are not alone’, others are looking for programs offering thoughtful, professional financial education, too.”

When pitching to potential hosting organizations, Everett suggests identifying a unique selling point, something that sets you apart. It also helps if you have a referral network, a list of corporations, clients, non-profits, or faith-based organizations that can highlight your value. “You need to find your niche,” Everett says, “your area of expertise. Then talk with clients and others in your community about which groups or organizations might benefit from quality financial education and information.”

If your expertise is in college planning, for example, Everett suggests approaching high schools and universities, many of which are now considering making some form of financial education mandatory for students. Organize father-son events or mother-daughter teas, she says, or offer to write a free financial column for a local newspaper, community publication, or regional magazine: “Be proactive. You have to take the time and the tenacity to network. You may see little result in the beginning as you build your name and reputation, but the ultimate upside is more contacts and the opportunity to promote what a CFP® professional is and how we’re different from the rest of the pack.”

One of Everett's clients, who worked in the hearing aid industry, suggested a number of senior centers in the area that might be interested in a 50 & Forward workshop. Everett contacted each one, and four of them invited her to give a talk. “It’s a win-win-win situation,” she says, “for participants, for the hosting organization, and for the CFP® professional. The more people get to know you, to see your integrity, the more reputable you become. That comes back to you in your practice.”

The practice payback does indeed come but, says Steven L. Sanders, “only if you’re really there to serve the audience. Don’t try to use your outreach to generate new business. That won’t serve the advisor and it won’t serve the community. The audience will see through it. If you’re there to educate and help people, they will feel it and, almost as an unintended consequence, people will want to do business with you.”

For the past four years, Sanders, CEO and chairman of First Genesis Financial Group in Newtown Square, PA, has hosted Financial Voices on WURD in Philadelphia, a weekly three-hour call-in radio show focused on economic issues relevant to the African-American community. Sanders started out in radio about ten years ago, as a guest on someone else’s program. The host liked his temperament and style and asked him to come back every other week and, eventually, every week. Then one day, when the regular host couldn’t make it, Sanders was asked to sit in. The next thing he knew, he had his own show.

Sanders’ experience shows, he says, that successful community outreach “doesn’t happen overnight. You have to live this; you can’t fake it. You’ve got to show that you’re engaged — volunteer to be on a board, work on a committee; give a talk at your child’s school or a local church. If it’s not out there, create it — do your own seminars and workshops at your office. We as planners need to reach out to better educate consumers, to get out of our bubbles and have a dialogue with people.”

But Sanders stresses that the motivation has to be education and public service. He tells the story of a phone call he received from the head of a non-profit who for some time had been a regular listener to Sanders’ radio show. The non-profit had some CDs that were maturing, and the head of the organization was looking for advice on how to invest the money. It turns out there was some $4 million to invest, and the non-profit ended up becoming a long-term First Genesis client.

But that relationship could never have been built from a sales pitch, Sanders says: “First you’ve got to help someone and then you will be helped. When people know you really care, they are more inclined to do business with you. Especially today, with all the scandals and the economy being so topsy-turvy, it’s a time to be bold and courageous and to try to educate people. If you go into outreach with an educational intent, you will be more productive than you ever imagined.”

Sanders also points out that you don’t have to go it alone. Successful outreach, he suggests, means reaching out to other professionals as well. Partnering with another advisor with a different area of expertise, or collaborating with professionals from related disciplines such as attorneys and CPAs, can enhance both the scope and attractiveness of whatever seminar, workshop, or event you may be planning. (For more on reaching out to other professionals, see Team Effort: Building Relationships with Clients’ Other Professional Advisors in the April 3, 2009 issue of CFP Board Report.) “Other planners can be your greatest resource,” Sanders says.

- James Geary

Financial Planning Coalition Releases Case Statement for Financial Planning Oversight Board

On April 27, 2009, the following update was sent to constituents of CFP Board, the Financial Planning Association and the National Association of Personal Financial Advisors, the three organizations working together as the Financial Planning Coalition:

Dear Colleague,

The Financial Planning Coalition is pleased to provide you with a further update on its efforts to advance a strategy to establish regulatory recognition of the financial planning profession.

There is a great deal of discussion among policymakers about establishing a “universal standard” of care for broker-dealers and investment advisers in their dealings with clients. FINRA is also making a case to establish itself as a self-regulatory organization to oversee investment advisers. None of these nor other reform proposals adequately address one of the most serious concerns of financial planners – the large number of practitioners holding themselves out as providing financial advice without having met the competency or ethical standards needed to protect consumers.

The Coalition’s proposal will serve as an alternative, in keeping with the best interests of consumers and your profession. While we are still refining implementation details, we wish to share the broad concepts of the proposal. It would:

• Establish a professional standards-setting oversight board that would be subject to SEC authority and oversight;
• Require individuals (not firms) who provide financial planning advice to individuals or families, or who hold themselves out as a financial planner or advisor (or similar title), to be subject to the board’s oversight;
• Direct the board to establish standards of training, experience and competence in consultation with the financial planning profession and subject to SEC review and approval;
• Direct the board to establish rules to promote the delivery of financial planning advice at a bona fide fiduciary standard of care;
• Direct the board to grant reasonable industry exemptions from oversight for otherwise regulated persons similar to those exempted under the Advisers Act to avoid overlapping regulation; and
• Authorize the board to enforce its rules and standards in cooperation with other financial services authorities.

The Coalition is meeting with policy makers in Congress and the SEC and with consumer and industry organizations to discuss our goals and our conceptual proposal and to seek input as we work to further refine the details. We know, through years of discussions, surveys and our most recent feedback from our stakeholders and members that there is strong agreement in support of the goals of this legislative agenda:

• To recognize and regulate financial planning as a profession;
• To establish baseline standards of competency and enforce a fiduciary standard of care for the delivery of financial planning services; and
• To enable the public to easily identify qualified and ethical financial planners who are subject to professional standards.

We understand that there will be much discussion and concern about who would fill the oversight role for the profession. The Coalition believes that FINRA, which is often mentioned as a possible self-regulatory organization for financial advisers, would be ill suited and wholly unqualified to oversee financial planners. While FINRA has oversight experience, it is a rules-based regulator of securities broker-dealers and transactions, enforcing a suitability standard of care. It does not have the experience, expertise or understanding required to exercise the principles-based oversight appropriate for a profession that provides comprehensive financial advice under a fiduciary standard of care. Moreover, FINRA, as a membership organization for the broker dealer community and as an historical opponent of the fiduciary standard, has an inherent conflict of interest to serve in this role. For these reasons, the Coalition’s proposal would preclude FINRA from consideration as the oversight body for financial planners.

While authority to recognize the appropriate oversight body for financial planners would be left to the SEC, the Coalition believes that, given CFP Board’s understanding of the profession, its experience in certification and standard setting and its enforcement of the fiduciary standard of care, CFP Board would be well positioned to take a leadership role in establishing a professional oversight board for the regulation of financial planners. CFP Board fully embraces the fiduciary standard of care and is currently enforcing this principles-based standard for the more than 59,000 financial planners who hold the CFP® certification.

Establishing a regulatory oversight framework for financial planning will be unquestionably challenging, given the powerful special interest groups likely to oppose components of our proposal. Given the political challenges we will face, we will need your help. Over the coming weeks and months, we will provide you with additional information, as well as specific directions and tools for contacting legislators as we work to incorporate the Coalition’s proposal into the broader regulatory reform package. For further information at this time, please see our Case Statement (www.CFP.net/downloads/Coalition_Case_Statement_2009-04.pdf), which articulates the problem with the current outdated patchwork of regulation and identifies the benefits to the public of functional oversight of financial planners.

We welcome and value your input as we continue to work to achieve recognition of the financial planning profession.

Signed,

Marilyn Capelli Dimitroff, CFP®
2009 Chair
CFP Board

Kevin R. Keller
Chief Executive Officer
CFP Board

Richard Salmen, CFP®, CFA®, CTFA, EA
2009 President
Financial Planning Association

Marvin W. Tuttle, Jr., CAE
Executive Director/CEO
Financial Planning Association

Diahann W. Lassus, CFP®, CPA/PFS
2009 Chairman
NAPFA

Ellen Turf
Chief Executive Officer
NAPFA

Don I. Tharpe Joins CFP Board as Chief Operating Officer

CFP Board has named Don I. Tharpe as its full-time Chief Operating Officer. In his role with CFP Board, Mr. Tharpe will provide oversight of CFP Board’s certification activities and management of our education, examinations, accounting, information technology, customer service, physical facilities and meeting planning functions, working to coordinate these key areas of CFP Board’s operations. He previously served as CFP Board’s interim Chief Executive Officer from October 2006 through May 2007, and provided ongoing support to CFP Board throughout 2007 during the transition of its headquarters from Denver to Washington, DC. In January 2009, he returned to CFP Board in the position of interim COO.

"I’m very pleased to have someone with Don’s accomplishments and understanding of CFP Board join our leadership team on a full-time basis," said Kevin R. Keller, CAE, Chief Executive Officer of CFP Board. "Don’s association management expertise and his experience with CFP Board during the past few years make him a tremendous asset to CFP Board as we continue to further our mission to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning."   Mr. Tharpe holds a Doctorate of Education from Virginia Polytechnic & State University, and his prior experience includes more than twenty-five years of managing non-profit businesses, including positions as executive director of the Association of School Business Officials

International and as president and CEO of the Congressional Black Caucus Foundation. He is an ASAE Fellow and former member of the ASAE board.

CFP Board Webinar Provides Information on Upcoming Additions to CFP® Certification Education Requirements

CFP Board held its first Education Update Webinar on April 15, 2009. The Webinar, hosted by Ivan C. Roten, CFP®, 2009 Chair of CFP Board’s Council on Education, was designed to update education providers on CFP Board’s activities and key issues related to our education policies. The event provided updates to education providers on new and upcoming changes to CFP Board’s education policies, including the implementation of new registration and reporting procedures, as well as information about the implementation of a Financial Plan Development Course requirement. The program also included announcements about CFP Board’s 2009 Program Directors’ Conference, which will take place August 13-15, 2009 in Arlington, Virginia.

To learn more and view a recording of the Webinar, visit www.CFP.net/teamup/webinars.asp.

CFP Board Releases Consumer Webcast Series Featuring CFP® Professionals

As part of an ongoing effort to position CFP Board and its Web site as the ‘go to’ financial planning resources for consumers, CFP Board has released a Consumer Webcast Series featuring CFP® professionals addressing key financial planning topics. Each webcast discusses a specific area of financial planning and includes practical information and tips that consumers can apply to their personal finances. The topics include Debt Management, Launching a Financial Plan for Young Professionals, Planning for Your Financial Goals and What to Know When Choosing a Financial Planner.

The webcasts are videos recorded during educational workshops that were part of CFP Board’s Financial Planning Clinics in 2008 in Washington, DC and Miami. At those Clinics, hundreds of consumers came away with information and advice on a wide range of financial planning topics. The 50-minute videos are available in English and Spanish and are synchronized with informative PowerPoint presentations for easy viewing.

The severity of the current economic situation clearly indicates that a large number of Americans are in need of financial planning assistance and guidance from CFP® professionals. To help inform consumers of the webcasts, CFP Board will promote the webcasts to consumers through news releases and to outside organizations through online banners and links CFP Board’s Consumer Webcast Series Web site will continue to be updated with new content and is available at www.CFP.net/learn/webcasts.asp.

CFP Board Disciplinary Actions

During April 2009, CFP Board announced that it has taken public action against the following individuals' rights to use the CFP® certification marks:

Public disciplinary actions taken by CFP Board, in order of increasing severity, include letters of admonition, interim suspension, suspension, and permanent revocation. Letters of admonition were issued to Gregory K. Bowser, Edward T. Coda, Robert J. Fortier, William I. Kissinger, James R. Klima, Paul Perino, Jr., and Barry E. Swanson; they retain the right to use the CFP® marks. Interim Suspensions were issued to Shawn Dunn and Rick D. VanVleet. Suspensions of 1 year were issued to Mark R. Miller, and Abigail M. Whittle. Suspensions of 1 year and 1 day were issued to Elliot J. Paul, and Devon A. Wright. A suspension of 2 years was issued to Brian A. Guilliom, and a suspension of 5 years was issued to Kenneth G. Mosbey. Revocations were issued to Nicole Y. Allen, Mark W. Chuckran, Larry Klein, Terrence P. Riely, Alonzo Russell, Craig M. Shine and Carlo J. Sparacino.

The basis for each decision can be found below. Consumers may check on a planner's disciplinary history and certification status with CFP Board at www.CFP.net.

Public Letters of Admonition

CONNECTICUT

Robert J. Fortier (Chester): In November 2008, following a hearing before CFP Board’s Disciplinary and Ethics Commission (“Commission”), Mr. Fortier entered into a settlement agreement with CFP Board pursuant to which he agreed to accept and consent to a public letter of admonition which acknowledged violations of Rules 102, 201, 607, 701, 606(a) and 606(b) of CFP Board’s Code of Ethics and Professional Responsibility. Mr. Fortier also consented to CFP Board’s findings of fact which included a July 2007 Stipulation and Order signed by Mr. Fortier and the Connecticut Insurance Commissioner. Following an appeal, the July 2007 Stipulation and Order was entered into at the Connecticut Superior Court whereby Mr. Fortier was fined $3,500 and had his insurance license placed on probation for two years with certain conditions to be met. The Commission hearing and CFP Board settlement followed CFP Board’s investigation of a 2006 Connecticut Insurance Department investigation that resulted in a finding that Mr. Fortier violated state law when he placed false information on his client’s health care application. Mr. Fortier stated on the application that the client weighed 140 pounds, when the actual weight was 215 pounds; the health care insurer rescinded the client’s health insurance coverage when the false information was discovered. The July 2007 Stipulation and Order directed Mr. Fortier to make restitution to the Client for any unpaid medical expenses resulting from the cancellation of the Client’s health care policy.

GERMANY

Barry E. Swanson (Heidelberg): In July 2008, CFP Board issued Mr. Swanson a public letter of admonition related to its investigation of a Letter of Acceptance, Waiver and Consent he entered into with FINRA. After a hearing, CFP Board’s Disciplinary and Ethics Commission (“Commission”) made several findings, including: 1) Mr. Swanson’s Broker-Dealer’s Web site contained exaggerated and unwarranted claims about its representatives’ expertise and success and misrepresented the number of CFP® certificants employed; 2) Mr. Swanson failed to provide clients material information relevant to the professional relationship, including his business affiliation, address, telephone number, agency relationship of the supervising branch office, and information about six customer complaints and the suspension of his license to solicit sales on a military base; and 3) Mr. Swanson failed to establish, maintain or enforce procedures reasonably designed to ensure compliance with Department of Defense (“DOD”) regulations, failed to establish a system to retain clients’ electronic records, failed to establish an effective supervisory system designed to preclude the above-mentioned violations and consented to findings that he violated several federal securities laws, rules and regulations, and DOD regulations. The Commission found that Mr. Swanson’s conduct violated Rules 101(a), 401(a), 401(b), 606(a), 701 and 705 of CFP Board’s Code of Ethics and Professional Responsibility. Accordingly, the Commission admonished Mr. Swanson publicly with regard to the above-mentioned conduct and ordered that Mr. Swanson ensure that his Broker-Dealer’s Web site accurately reflects the number of CFP® certificants in his organization.

HAWAII

Edward T. Coda (Honolulu): In November 2008, following a hearing, Mr. Coda entered into a settlement agreement with CFP Board pursuant to which he agreed to accept a public letter of admonition. The hearing and settlement followed CFP Board’s investigation of a 2007 United States Department of Justice (“DOJ”) investigation regarding allegations that Mr. Coda and three others promoted a tax fraud program that resulted in losses exceeding $2 million to the federal treasury. In August 2007, the DOJ filed a Complaint for Permanent Injunction and Other Relief against Mr. Coda, three other individuals and two corporations. Following a hearing, CFP Board’s Disciplinary and Ethics Commission (“Commission”) found that by advising and assisting clients to purchase sham business insurance and to transfer monies to sham self-directed individual retirement accounts designed to enable the clients to reduce falsely their reported federal income tax liabilities, Mr. Coda violated Rules 102, 201 and 607 of CFP Board’s Code of Ethics and Professional Responsibility.

MARYLAND

Gregory K. Bowser (Abingdon): In April 2009, CFP Board issued a public letter of admonition to Mr. Bowser following an appeal of a July 2008 decision by the Disciplinary and Ethics Commission. The Commission’s original decision followed an investigation related to a 2007 Consent Order Mr. Bowser entered into with the Maryland Securities Division. The Commission found that: In his capacity as chairman of a charitable organization, Mr. Bowser accepted a donation from a client, who subsequently made a loan to this charity and executed a promissory note. Approximately a year later, another client made a loan to a business with which Mr. Bowser was affiliated; and Mr. Bowser violated the terms of a 2001 Consent Order issued by Maryland by continuing to sell unregistered securities (promissory notes, which Maryland found to be unregistered securities) and continuing to accept loans from clients. The Commission found that Mr. Bowser’s conduct violated Rules 201, 606(a), 606(b), and 607 of CFP Board’s Code of Ethics and Professional Responsibility (“Code of Ethics”). Accordingly, the Commission admonished Mr. Bowser publicly with regard to the conduct. The Commission also reminded Mr. Bowser that by holding the CFP® certification, he is subject to CFP Board’s Code of Ethics at all times, including when conducting investment advisory, financial planning and brokerage services. The Commission also reminded Mr. Bowser to be aware of potential conflicts of interest when dealing with clients. The Commission ordered Mr. Bowser to take an additional three hours of continuing education in ethics within six months. Mr. Bowser appealed decision, which was affirmed by CFP Board’s Appeals Committee.

William I. Kissinger (Cockeysville): In August 2007, CFP Board issued Mr. Kissinger a public letter of admonition related to its investigation of a United States Securities and Exchange Commission Division of Enforcement (“Division”) investigation and enforcement proceeding related to Mr. Kissinger’s sale to clients of Class B mutual fund shares. In July 2006, the Division issued an Order Imposing Remedial Sanctions which ordered Mr. Kissinger to cease and desist from committing any violations of Section 17(a)(2) and 17(a)(3) of the Securities Act of 1933 and to disgorge the amount of $36,170, plus prejudgment interest. Mr. Kissinger and the Division later settled the matter for $29,250. Following a hearing, CFP Board’s Disciplinary and Ethics Commission (“Commission”) made several findings, including: 1) Mr. Kissinger charged a client excessive fees and failed to take advantage of breakpoint discounts which would have been available had the client purchased A shares instead of B shares; 2) the Division issued an opinion that stated Mr. Kissinger acknowledged his failure to make required disclosures to clients regarding the differences between mutual fund share classes, including the differences in cost structure; and 3) the Division’s opinion stated Mr. Kissinger negligently omitted material information to customers, in violation of the Securities Act of 1933. The Commission found Mr. Kissinger’s conduct violated Rules 102, 201, 202, 402(a), 606(a), 606(b), 607, 701 and 703 of CFP Board’s Code of Ethics and Professional Responsibility. Accordingly, the Commission publicly admonished Mr. Kissinger, stating it was important that Mr. Kissinger understand that he is responsible for due diligence and that such activities cannot be delegated because clients come to Mr. Kissinger for his advice, and it is his responsibility to provide that advice in their best interest. The Commission also required Mr. Kissinger to complete an additional four hours of continuing education in ethics prior to his next renewal of CFP® certification.

James R. Klima (Columbia): In December 2007, CFP Board issued Mr. Klima a public letter of admonition following its investigation of a customer complaint to CFP Board related to his failure to notify in a timely manner the issuer of a variable annuity that his client had disclaimed her interest as beneficiary of the variable annuity and was, therefore, not entitled to receive the proceeds of the variable annuity upon her husband’s death. Following a hearing, CFP Board’s Disciplinary and Ethics Commission (“Commission”) made several findings, including: 1) Mr. Klima acknowledged he could have annuitized the existing annuity, which would have been a less costly approach for the client than purchasing a new annuity for each of the client’s children and would have avoided the early withdrawal penalties and taxable income suffered by the adult children; and 2) Mr. Klima failed to disclose the civil law suit with the client on his CFP® Certification Renewal Application as is required. The Commission found Mr. Klima’s conduct in violation of Rules 201, 202, 607, 703 and 606(b) of CFP Board’s Code of Ethics and Professional Responsibility. In arriving at this conclusion, the Commission noted that there needs to be more willingness on Mr. Klima's part to disengage with his client when issues are beyond his level of expertise. The Commission also expressed concern about what appeared to be a narrow focus in recommending annuities as a solution, stating its belief that Mr. Klima potentially sacrificed consideration of alternatives that could have been more beneficial to the clients. Accordingly, the Commission publicly admonished Mr. Klima and required that he complete twelve additional hours of continuing education during the following twelve months, including four hours each in the areas of estate planning, investments and estate distributions.

NEW JERSEY

Paul Perino, Jr. (Vineland): In December 2007, CFP Board issued Mr. Perino a public letter of admonition, following its investigation of a Consent Order (“New Jersey Consent Order”) Mr. Perino entered into with the New Jersey Bureau of Securities. Following a hearing, CFP Board’s Disciplinary and Ethics Commission (“Commission”) found that Mr. Perino’s conduct as indicated in and consented to by Mr. Perino in the New Jersey Consent Order violated Rules 606(a) and 705 of CFP Board’s Code of Ethics and Professional Responsibility. The New Jersey Consent Order stated that Mr. Perino’s broker-dealer employer conducted its annual review of his Office of Supervisory Jurisdiction (“OSJ”) and Mr. Perino received a failing grade for his supervisory responsibilities as a registered principal in 2 of 3 categories measured by the report: Compliance Interview Record Process and Supervision of Compliance Records. The report found that Mr. Perino failed to keep a copy of all financial deliverables on file, failed to review the minimum number of deliverables, failed to sign a Franchisee Financial Advisor’s Compliance Interview Record Report, and failed to intervene when the same Franchisee Financial Advisor charged excessive advisory fees which were listed on a report provided to Mr. Perino. The Franchisee Financial Advisor was subsequently sentenced to three years in prison and ordered to pay $400,000 in restitution. Pursuant to the New Jersey Consent Order, Mr. Perino was barred from acting in a supervisory capacity at any broker-dealer registered with the State of New Jersey through December 31, 2007 (six months) and was required to re-qualify to act in a supervisory capacity at any broker-dealer. Mr. Perino was also assessed a civil monetary penalty of $15,000 which was deferred based on his cooperation and demonstrated inability to pay.

Interim Suspensions

COLORADO

Rick D. VanVleet (Fort Collins): In December 2008, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), Mr. VanVleet was issued an interim suspension of his right to use the CFP® certification marks. CFP Board initiated interim suspension proceedings following Mr. VanVleet’s November 2008 guilty plea to charges of securities fraud for running a Ponzi investment scheme whereby he used money from new investors to pay existing investors, for which he is subject to a sentence of up to 24 years in prison, restitution and a fine of up to $750,000. Pursuant to Article 5.6 of CFP Board’s Disciplinary Rules and Procedures, the Commission found that Mr. VanVleet posed an immediate threat to the public and that the gravity of the nature of his misconduct impinged upon the stature and reputation of the CFP® marks. Under the interim suspension, Mr. VanVleet’s right to the use the CFP® certification marks is suspended pending a full hearing before the Commission.

INDIANA

Shawn Dunn (Highland): ): In December 2008, following a hearing by CFP Board’s Disciplinary and Ethics Commission (“Commission”), Mr. Dunn was issued an interim suspension of his right to use the CFP® certification marks. CFP Board initiated interim suspension proceedings following Mr. Dunn’s conviction on twelve felony counts of tax fraud conspiracy and three felony counts related to his individual tax returns. The convictions followed an undercover investigation by Internal Revenue Service (“IRS”) agents into a scheme to market and sell sham foreign and domestic trusts that led to the indictment of Mr. Dunn and seven other defendants. Pursuant to Article 5.6 of CFP Board’s Disciplinary Rules and Procedures, the Commission found that Mr. Dunn posed an immediate threat to the public and that the gravity of the nature of his misconduct impinged upon the stature and reputation of the CFP® marks. Under the interim suspension, Mr. Dunn’s right to the use the CFP® certification marks is suspended pending a full hearing before the Commission.

Suspensions/Delay of Certification

CALIFORNIA

Kenneth G. Mosbey (Westlake Village): In July 2008, CFP Board suspended Mr. Mosbey’s right to use the CFP® certification marks for five years after its investigation of two NASD arbitration proceedings, a civil lawsuit and a customer complaint alleging that Mr. Mosbey sold clients variable annuities comprised of equity index funds that were unsuitable, given the clients’ risk tolerance and investment needs. Following a hearing, CFP Board’s Disciplinary and Ethics Commission (“Commission”) made several findings, including: 1) Mr. Mosbey failed to disclose fundamental characteristics about variable annuities such as surrender charges, risk of loss of principal, and exposure to stock market volatility in three different client matters; 2) Mr. Mosbey made several misrepresentations to clients about their variable annuities, such as telling them the investment would be insured for the amount invested, regardless of what happened in the market; 3) Mr. Mosbey selected and sold investment products that did not match the investment objectives, risk tolerance and investment experience of the clients; and 4) Mr. Mosbey failed to comply with published standards for displaying the CFP® marks appropriately on his letterhead. The Commission found that Mr. Mosbey’s conduct violated Rules 102, 201, 601, 606(b), 607, 701 and 704 of CFP Board’s Code of Ethics and Professional Responsibility. Accordingly, the Commission suspended Mr. Mosbey’s right to use the CFP® certification marks for five years and ordered that Mr. Mosbey re-take the CFP® Certification Examination as a condition of reinstatement. Mr. Mosbey’s suspension is effective from September 10, 2008 to September 10, 2013.

COLORADO

Devon A. Wright (Golden): In November 2008, following a hearing, Ms. Wright entered into a settlement agreement with CFP Board pursuant to which she consented to accept a suspension of her right to use the CFP® certification marks for one year and one day and acknowledged her violation of Rule 607 of CFP Board’s Code of Ethics and Professional Responsibility. The hearing and settlement followed CFP Board’s investigation of criminal proceedings resulting from Ms. Wright’s felony and misdemeanor convictions related to her involvement in a car accident in December 2006. The accident took place two blocks from Ms. Wright’s home. She left the scene of the accident and walked home with her son, who had sustained a broken nose in the accident. After a hearing, CFP Board’s Disciplinary and Ethics Commission (“Commission”) found that as a result of Ms. Wright’s conviction for leaving the scene of an accident with serious injury, a felony, and driving under the influence, a misdemeanor, she engaged in conduct which reflects adversely on her integrity or fitness as a CFP® certificant, upon the CFP® marks, and upon the profession, in violation of Rule 607 of CFP Board’s Code of Ethics. Additionally, the Commission found that Ms. Wright failed to notify CFP Board of her criminal convictions within ten calendar days, as required by Article 12.2 of CFP Board’s Disciplinary Rules and Procedures. Ms. Wright’s suspension is effective from November 7, 2008 to November 8, 2009.

GEORGIA

Abigail M. Whittle (Roswell): In April 2008, following a hearing, Ms. Whittle entered into a settlement agreement with CFP Board pursuant to which she agreed to accept a one year suspension of her right to use the CFP® certification marks, and consented to the findings of fact and violations of Rules 102, 201, 202, 406, 501(a), 606(a) and 607 of CFP Board’s Code of Ethics and Professional Responsibility. Ms. Whittle consented to the following facts: the hearing and settlement resulted from CFP Board’s investigation of Ms. Whittle’s impersonation of a client over the telephone while facilitating the transfer of the client’s account to Ms. Whittle’s Broker-Dealer. Ms. Whittle’s client completed paperwork to transfer her account, but the client’s new account did not have an account number. Once an account number was assigned to the new account, Ms. Whittle contacted the former Broker-Dealer to provide the account number so that the account could be transferred and was advised that the firm could only take the information regarding the account from the client. Later that day, Ms. Whittle again contacted the former broker dealer and impersonated the client, without the client’s knowledge or consent. Ms. Whittle’s suspension is effective from April 4, 2008 to April 4, 2009.

KENTUCKY

Brian A. Guilliom (Waddy): In December 2008, following review by CFP Board’s Appeals Committee, CFP Board suspended Mr. Guilliom’s right to use the CFP® certification marks for two years. The Appeals Committee heard the appeal of an April 2008 decision by CFP Board’s Disciplinary and Ethics Commission (“Commission”) to issue Mr. Guilliom a two-year suspension. The Commission’s decision followed an investigation of a complaint filed against Mr. Guilliom by the Department of Financial Institutions for the State of Kentucky. The Commission found that Mr. Guilliom and his company violated the Kentucky Securities Act through improper loan arrangements with clients, including: 1) convincing a client to rollover her 401(k) retirement account to his company’s 401(k) plan, depositing the funds in his company’s general checking account, and arranging a loan to the client from funds in that checking account; and 2) convincing a client to use 401(k) retirement account funds to purchase a promissory note reflecting a loan Mr. Guilliom’s company made to a second client, then converting for his personal use funds received from loan repayments made by the second client before eventually depositing the funds in the first client’s IRA account. The Commission found that this conduct violated Rules 102, 103(d), 201, 202, 301, 302, 402, 403, 606(a), 606(b) and 607 of CFP Board’s Code of Ethics and Professional Responsibility and sanctioned Mr. Guilliom with a two-year suspension of his right to use the CFP® marks. Mr. Guilliom appealed the Commission’s decision, which was affirmed by CFP Board's Appeals Committee. Mr. Guilliom’s suspension is effective from December 3, 2008 to December 3, 2010.

NEW JERSEY

Elliot J. Paul (Haddonfield): In November 2008, CFP Board suspended Mr. Paul’s right to use the CFP® certification marks for one year and one day, following its investigation of a Consent Order Mr. Paul entered into with the New Jersey Department of Banking and Insurance. After a hearing, CFP Board’s Disciplinary and Ethics Commission (“Commission”) made several findings, including : 1) in a Consent Order, Mr. Paul consented to findings that he: violated New Jersey regulations by making misleading communications to the public, failing to identify himself as an insurance producer when conducting financial planning seminars at which he discussed insurance products, failing to register his seminar names, offering improper inducement to seminar attendees in the form of a certificate to be used toward a reduced financial planning fee, and failing to submit a branch office registration form before business was conducted from that office; and 2) Mr. Paul made a misleading statement to CFP Board by affirming on his CFP® Certification Renewal Application that he had not been a defendant or respondent in a governmental agency proceeding or a subject of a governmental investigation or inquiry, even though he had signed the Consent Order. In addition, Mr. Paul failed to respond to CFP Board’s Complaint and Amended Complaint and did not participate in the Commission’s hearing. The Commission found that this conduct violated Rules 101(b), 606(a), 606(b), 607 and 612 of CFP Board’s Code of Ethics and Professional Responsibility. Mr. Paul’s suspension is effective from November 7, 2008 to November 8, 2009.

UTAH

Mark R. Miller (South Jordan): In May 2008, following a hearing, Mr. Miller entered into a settlement agreement with CFP Board pursuant to which he agreed to a suspension of his right to use the CFP® certification marks for a period of one year, and consented to CFP Board’s findings of fact and his violations of Rules 102, 201, 606(a) and 606(b) of CFP Board’s Code of Ethics and Professional Responsibility. The hearing and settlement followed CFP Board’s investigation of a criminal proceeding and FINRA investigation. The Disciplinary and Ethics Commission (“Commission”) found that in September 2003, Mr. Miller asked a new client to sign a blank sheet of paper so that Mr. Miller could later transfer the client’s signature to a client account form. For this conduct, Mr. Miller was subsequently terminated by his employer and convicted by the State of Utah of forgery, which was reduced to a Class A misdemeanor. Mr. Miller’s suspension is effective from April 4, 2008 to April 4, 2009.

Revocations

ARIZONA

Alonzo Russell (Gilbert): In August 2007, CFP Board permanently revoked Mr. Russell’s right to use the CFP® certification marks. This action followed CFP Board’s investigation of a Letter of Acceptance, Waiver and Consent (“AWC”) that Mr. Russell entered into with FINRA, wherein, without admitting or denying FINRA’s findings, he agreed to findings that he failed to respond to a FINRA request for documents and information. As part of the AWC, Mr. Russell also agreed to be barred from association with any FINRA member in any capacity. After a hearing before a panel of the Disciplinary and Ethics Commission (“Commission”), the Commission found that Mr. Russell failed to notify CFP Board of his professional bar within ten calendar days as required by Article 12.2 of the Disciplinary Rules and Procedures. This conduct violated Rules 606(b) of CFP Board’s Code of Ethics and Professional Responsibility as well as Articles 3(a) and 3(g) of the Disciplinary Rules. The Commission also found that his failure to respond to FINRA’s request for documents and information violated Rules 606(a), 606(b) and 607 of the Code of Ethics as well as Article 3(a) of the Disciplinary Rules.

CALIFORNIA

Larry Klein (Walnut Creek): In March 2008, CFP Board permanently revoked Mr. Klein’s right to use the CFP® certification marks following its investigation of a grievance filed regarding Mr. Klein’s advertising practices. Following a hearing, at which Mr. Klein declined to appear, CFP Board’s Disciplinary and Ethics Commission (“Commission”) found that: 1) Mr. Klein’s company issued an e-mail that urged certificants to register for a 60-minute teleconference that was to be presented by Mr. Klein, with the e-mail quoting Mr. Klein as saying, “It’s so easy to take business from other advisors when you know the few secrets of competitive marketing.” The e-mail also included the statements: “What to say to a qualified prospect so that he dumps his other advisor like rotten goods” and “Drip marketing that acts like acid to dissolve the relationship with their current advisor.” The Commission found that Mr. Klein’s conduct violated Rules 201, 602 and 607 of CFP Board’s Code of Ethics and Professional Responsibility.

Carlo J. Sparacino (Trabuco Canyon) : In March 2008, CFP Board permanently revoked Mr. Sparacino’s right to use the CFP® certification marks due to his failure to respond to several requests from CFP Board for information related to a FINRA arbitration in which he was involved. Following a hearing, at which Mr. Sparacino declined to appear, the Disciplinary and Ethics Commission (“Commission”) found that Mr. Sparacino’s failure to respond to several CFP Board information requests violated Rule 607 of CFP Board’s Code of Ethics and Professional Responsibility. Mr. Sparacino failed to file an Answer to CFP Board’s Complaint, and therefore, pursuant to Article 7.4 of the Disciplinary Rules and Procedures, the allegations set forth in the Complaint were deemed admitted, and the Commission issued an Order of Revocation.

Craig M. Shine (Monroeville): In November 2008, following a hearing, Mr. Shine entered into a settlement agreement with CFP Board pursuant to which he agreed to the permanent revocation of his right to use the CFP® certification marks, and consented to CFP Board’s findings of fact and his violations of Rules 102, 103(c), 201, 202, 406, 606(a), 606(b) and 607 of CFP Board’s Code of Ethics and Professional Responsibility. The hearing and settlement followed CFP Board’s investigation of forgery allegations, which were also investigated by Mr. Shine’s former Broker-Dealer and FINRA. Following the hearing, CFP Board’s Disciplinary and Ethics Commission made several findings, including: 1) Mr. Shine admitted that he signed several clients’ documents and falsely identified those documents as having been signed by the clients; 2) Mr. Shine charged a client fees for financial services and failed to provide any deliverables to that client; 3) Mr. Shine signed a client’s signature on several firm financial advisory service agreements and mutual fund redemption forms, resulting in unauthorized transfers of approximately $5,000 from the client’s mutual funds to a new account established by Mr. Shine; 4) Mr. Shine violated his Broker-Dealer’s company policy by presenting client documents that had been signed by him, not the client, to his Broker-Dealer for processing; and 5) Mr. Shine entered into a Letter of Acceptance, Waiver and Consent with FINRA whereby he agreed to be barred from association with any FINRA member in any capacity. Mr. Shine failed to disclose that bar to CFP Board within ten calendar days, as is required by Article 12.2 of CFP Board’s Disciplinary Rules and Procedures.

TEXAS

Nicole Y. Allen (Dallas): ): In March 2008, following its investigation of a grievance filed with CFP Board, CFP Board permanently revoked Ms. Allen’s right to use the CFP® certification marks. Following a hearing, CFP Board’s Disciplinary and Ethics Commission made several findings, including: 1) Ms. Allen advised a client to liquidate funds from the client’s 401(k) account and sold the client an interest-bearing promissory note issued by Ms. Allen’s company, misrepresenting to the client that it was an investment in a limited liability company’s interest in a real estate investment venture; 2) Ms. Allen provided no evidence that she had disclosed the risks and conflicts of interest associated with this transaction with the client; and 3) Ms. Allen was terminated by her former employer as a result of offering and selling a financial product she was not permitted to offer, and failing to advise her employer of outside affiliations and business activities. The Commission found that Ms. Allen’s conduct violated Rules 102, 201, 406, 407, 408, 409, 606(b) and 607 of CFP Board’s Code of Ethics and Professional Responsibility. Ms. Allen failed to file an Answer to CFP Board’s Complaint, and therefore, pursuant to Article 7.4 of the Disciplinary Rules and Procedures, the allegations set forth in the Complaint were deemed admitted, and the Commission issued an Order of Revocation.

Mark W. Chuckran (Spring): ): In August 2008, following its investigation of an unsuitable investment Mr. Chuckran sold to an 85 year-old client with whom he entered into a series of improper loans, CFP Board permanently revoked Mr. Chuckran’s right to use the CFP® certification marks. Following a hearing, the Disciplinary and Ethics Commission found that: 1) Mr. Chuckran invested two-thirds of an elderly client’s savings in an unregistered “viatical settlement” investment product that was unsuitable for this client; 2) Mr. Chuckran entered into an agreement with a client to prepare a financial plan for the client, but failed to prepare the plan; 3) Mr. Chuckran borrowed money from his client to purchase supplies and services for himself. The Commission found that Mr. Chuckran’s conduct violated Rules 201,202, 606(a), 606(b), 607 and 703 of CFP Board’s Code of Ethics and Professional Responsibility as well as Articles 3(a) and 3(f) of the Disciplinary Rules and Procedures. Mr. Chuckran failed to file an Answer to CFP Board’s Complaint, and therefore, pursuant to Article 7.4 of the Disciplinary Rules, the allegations set forth in the Complaint were deemed admitted, and the Commission issued an Order of Revocation.

Terrence P. Riely (San Antonio): In September 2008, CFP Board permanently revoked Mr. Riely’s right to use the CFP® certification marks following its investigation of inquiries by FINRA and the Texas State Securities Commissioner (“Texas Commissioner”) that resulted in Mr. Riely being barred by FINRA and being issued a Cease and Desist Order from the Texas State Securities Board. Following a hearing, CFP Board’s Disciplinary and Ethics Commission (“Commission”) found that between approximately January 1999 and June 2001, Mr. Riely advertised and sold securities in the form of promissory notes to investors without being registered with the Texas Commissioner as a securities dealer, agent, investment adviser or investment adviser representative. The Commission also considered that the Texas Commissioner found that Mr. Riely did not disclose to the public that the advertised promissory notes were not registered as securities, and that Mr. Riely was not registered to sell any securities. The Commission found that Mr. Riely’s conduct violated Rules 101(a), 102, 201, 401(a), 401(b), 606(a) and 607 of CFP Board’s Code of Ethics and Professional Responsibility. Mr. Riely failed to file an Answer to CFP Board’s Complaint, and therefore, pursuant to Article 7.4 of the Disciplinary Rules and Procedures, the allegations set forth in the Complaint were deemed admitted, and the Commission issued an Order of Revocation.

Lapel Pins Available to CFP® Certificants

Let the world know you hold CFP® certification by wearing this handsome embossed lapel pin, with a blue and black mark on a silver-colored metal background.

The pins are available for $5.00 each (free shipping). Available exclusively to certificants, who can download an order form from their online CFP Board accounts.   Wear your CFP® marks with pride!

CFP Board Grant Recipient Profile: The Institute for Financial Planning Education

Not long ago, Douglas Rice, CFP®, spent about eight hours at a local hair salon. No, he was not undergoing a particularly traumatic haircut. He was advising the salon’s dozen or so employees on everything from calculating their net worth to planning their retirements. This crash course in financial planning is based on some of the classes Rice teaches at Golden Gate University, and he’s delivered this kind of customized workshop dozens of times at community organizations and small businesses throughout the San Francisco Bay Area. Now, with the help of a grant from CFP Board, he will be able to reach a lot more people by putting videos of his workshop as well as the accompanying workbook online.

“Everyone needs a financial plan, but not everyone can afford it,” Rice says. “The incentives of the financial planning profession push most planners towards clients with high net worth or relatively high income. The low-income, low-net worth demographic is not generally served. Yet this is exactly the segment that needs, and can benefit from, financial planning the most.”

So Rice has adapted a saying from the London Underground as his personal motto: Mind the gap. He intends to bridge the gap between this underserved demographic and the competent, unbiased financial planning information they so desperately need. To do that, Rice will continue to work with community-based organizations to conduct his financial planning workshops. In addition, he will create a Web site featuring audio/video versions of the course through the non-profit Institute for Financial Planning Education (IFPE), which he recently established. Rice currently teaches several online courses at Golden Gate University, including an introduction to financial planning. His expertise in online teaching, together with the combined outreach of community-based organizations, should ensure that the workshop videos reach a wide audience.

“People work on their own numbers in the seminars,” Rice says, “and they apply those numbers to their own situations. They calculate how much they will need in retirement, for example. Once they have some real numbers in front of them, they get a different view of the future.” And, because the IFPE Web site will feature calculators and an interactive discussion forum, users will be able to actively manage and update their plans. “Financial planning is not a thing you do once and it’s over,” Rice says. “It’s a process. Financial plans are live documents that need to be updated, changed, modified. Users can build a plan online, chart their progress, and continually update their plans.”

The Web site, which will serve as both a stand-alone educational tool and as a follow-up for those who have attended Rice’s seminars, works like this. Videos of Rice’s workshop walk users through the process of creating their own financial plans. The video is accompanied by a workbook that shows people how to apply financial planning strategies to their own situations and covers everything from cash flow and insurance to estate planning and saving for retirement. “The idea is to put the video lessons on the Web site so people can follow the seminar online,” Rice says. “By the end, people will be able to explain fairly complicated issues, such as the impact of inflation on savings and the benefits of compound interest.” And they’ll come away with a better awareness of what financial planning is about and why it’s important to work with someone who holds CFP® certification.

“People generally know that they should save more and put more into their 401(k)s,” Rice says. “But how much money should they save? How should they invest it? How should they diversify? Learning the generic rules of the road is good, but it doesn’t help people directly. And most people don’t have the level of understanding they need to prosper. The Web site will help them get more specific, individual help. In my seminars, I see the light bulb turn on over their heads!”

The Web site will also facilitate follow-up with students, to see if what they have learned is actually improving their financial lives. “A huge part of all financial education is, Did we make a difference?” Rice says. “The workshops put people in a mental state of envisioning their futures, of looking at the risks down the road. What this target audience needs are the basic tools to plan for the future. Then they find the motivation to change their behavior. When you’re dying of thirst, you don’t need Evian. Plain old water will do."