In a study that was commissioned by CFP Board, Consumer Federation of America, AARP and other consumer groups, most Americans are confused about which financial professionals must follow a fiduciary standard of care. It also states that about 91 percent believe that financial professionals follow the same standard of care. It is imperative that the consumer understand what is going on with Study 913 and Study 914, understand how their financial planner is getting paid, and understand the mandates placed on financial professionals through fiduciary and suitability standards of care.
For consumers, it is important that they can trust the financial planner with their assets. The CFP Board offers a listing on their website at www.CFP.net—also see the top financial planners within this issue—and all CFP[® professionals] have adopted a fiduciary standard of care.
"People in our industry should be held to the high and consistent standard; and if we could do that, the general public will benefit from that," says [Kenneth] Robinson[,CFP®].
Northern Virginia Magazine