Answers questions regarding how to apply the Standards to team practices.
CFP Board wants all CFP® professionals to have a thorough understanding of the Standards of Professional Conduct. Questions not answered in these FAQs may be sent to email@example.com for consideration and possible inclusion in future revisions of this document.
Question 8-1: How do the Standards relate to CFP®professionals who provide services as part of a team arrangement?
CFP Board’s application of the Standards to a CFP® professional who functions as a member of a team focuses primarily on the functions performed by the individual. This includes a determination of the contributions the CFP® professional makes to services the team provides to a client. That determination includes evaluating the overall services the team provides to a client as context for the CFP® professional’s contributions.
A team situation involves a number of variables that affect the context in which the CFP® professional contributes to a team’s services to a client. When determining whether a CFP® professional on a team has provided financial planning services, the following factors may be applicable:
- The client’s understanding and intent in engaging the team, the CFP® professional’s contributions to the team and the CFP® professional’s role with the client;
- The degree to which the CFP® professional’s contributions to the team involved multiple financial planning subject areas;
- The comprehensiveness of the data gathering the CFP® professional conducted as part of the team’s services to the client; and
- The breadth and depth of any recommendations the CFP® professional contributed to the team’s services to the client.
Did This Answer Your Question?
CFP Board welcomes questions about specific aspects of the Standards of Professional Conduct and their application to specific situations.
CFP Board will consider all questions submitted and draft a response where it determines that interpretation of the Standards is needed. For responses that it believes would be helpful to all CFP® professionals, CFP Board will publish its response in CFP Board’s newsletters and on CFP Board’s website.
Send your questions and requests for guidance documents to CFP Board at firstname.lastname@example.org.
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